Multiple Deposit Accounts for ACH and Credit/Debit Card Payments

Rentec Direct software is designed to accommodate multiple merchant accounts, automatically depositing tenant payments and application fees into designated accounts for accurate accounting.

This article reviews the following helpful information about having multiple merchant accounts:

• How to add Additional Merchant Accounts
• How to Ensure Payments are Deposited into the Correct Account
• Frequently Asked Questions

How to add Additional Merchant Accounts

Each merchant account is added in two easy steps.

1. Add the Bank Account
2. Apply for a merchant account

Step 1: Add the Bank Account you want to use for the merchant account.

In your Rentec Direct account: 

1. Click on Banking
2. Click on +Add Account
3. Under Account Information
   1. Enter the bank account information

   2. Check the box to Link an Unrecorded Funds Account.

      Tip: Hover over the ? or click here to learn more about Unrecorded Funds 

4. Complete the rest of the bank information, verifying the Account and Routing numbers are correct
5. Click on Add Account

Step 2: Apply for online payment processing.

In your Rentec Direct account:

1. Click on Banking
2. Right-click on the Bank Account and select Edit Account
3. Under Online Payment Processing, click on the Apply Now link
4. Secondary applications will display a page titled "Secondary Merchant Account". Review the form for key details that will help you complete the application.
5. Click on Continue to Application

How to Ensure Payments are Deposited into the Correct Bank Account

To ensure online ACH payments from your tenants are deposited into the correct bank account, assign the bank as the Income Account for the property using the steps below.

In your Rentec Direct account: 

1. Click on Properties
2. Right-click on the Property and select Edit Property (for multi-unit properties, be sure to edit the Primary Property)
3. Under Financial, use the dropdown to select the Unrecorded Funds Account for the Income Account
4. Click on Update Property (Update Primary and Subunits for multi-unit properties)

Frequently Asked Questions

Q) When is it useful to have multiple deposit accounts?

It's helpful to have multiple deposit accounts when

1. Managing multiple apartment buildings, each with its own bank account. You can direct all inbound (and outbound if necessary) funds directly to the property-specific bank account. No more transferring funds!
2. You are a property manager and receive funds into separate bank accounts for each owner. You can now receive those funds directly into the appropriate account
3. To deposit online application fees

Q) What can merchant accounts be used for in Rentec Direct?

Merchant accounts provide several functions in the Rentec Direct software

1. Receive tenant payments via ach, credit/debit card
2. Receive online application fees via credit/debit card
3. Pay vendors via ach
4. Pay owner disbursements
5. Receive owner contributions
6. Pay Management Fees

Q) How much does it cost?

• Rentec Direct accounts allow up to 5 merchant accounts at no additional cost to current Pro and PM subscriptions that manage 200+ properties
• For accounts managing less than 200 properties, there is no fee for the first merchant account, and additional accounts may be added at $5/each per month

Important Note: As of September 2025, the monthly fee for additional merchant accounts changed from $15 to $5 for accounts on a current subscription plan. If you would like to add additional merchant accounts at the $5 rate and are on a pre-2024 subscription plan at a lower rate, your subscription will need to be updated to a current plan first. Go to Settings > Your Account and Subscription > Modify.