Multiple Deposit Accounts for ACH and Credit/Debit Card Payments

Streamline your payment processing by easily linking multiple deposit accounts to merchant services in your Rentec Direct account. Receive tenant tenant payments via ACH and credit/debit cards, plus application fees via credit/debit card, all automatically deposited into their designated accounts.

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

• How having multiple merchant deposit accounts work
• What it costs
• How to get started
• How to ensure payments are deposited into the correct account
• Frequently Asked Questions

How do multiple merchant deposit accounts work?

Rentec Direct offers the option of multiple merchant accounts through our funding partner, csgForte.

Each Rentec Direct client has the option of applying for multiple merchant accounts with each one pointed towards a different bank account. Once the merchant accounts are approved, setting the Income Account in each property to the bank account will result in funds automatically be routed properly.

What 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
• Accounts managing less than 200 properties, this is no fee for the first merchant account
• Additional accounts may be added at $15/each per month

(If you are on an older (pre-2016) subscription plan, you’ll need to update to a modern plan first. When you follow the instructions below, it will prompt you to update your subscription.)

How do I get started?

If you already have a merchant account and would like to add additional accounts, the following steps will guide you through adding additional merchant accounts.

In your Rentec Direct account: 

1. Click on Banking
2. Right-click on the Bank Account and select Edit Account
3. Under Account Numbers, verify the Account and Routing numbers are correctly entered
4. Under Online Payment Processing, click on the Apply Now link
5. A page will be displayed titled "Secondary Merchant Account". Review the form for important details that will be helpful in completing the application
6. Click on Continue to Application

How do I ensure payments deposit into the correct bank account?

To ensure online ACH payments from your tenants deposit into the correct bank account, assign the bank as the Income Account on the property using the following steps: 

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 Income Account (If you will be paying Vendors, Owner Disbursements, or Management Fees via ACH, the Expense Account will also need to be selected)
4. Click on Update Property - Update Primary and Subunits for multi-unit properties

Important Note: If an Income Account is not configured on the property, the system will deposit the funds into the Primary Income Account that you have set up in Settings under Online Payments. 

Frequently Asked Questions

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

A) It's useful to have multiple deposit accounts when

1. Managing multiple apartment buildings and each building has 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?

A) Merchant accounts provide several functions in 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