Pay Owner Disbursement with Owner Payment Wizard

Rentec Direct's Owner Payment Wizard makes paying one or all of your owners easy.

This article reviews:

Paying Owner Disbursement

Setting Payment Preferences for owners

How You Can Automatically Notify Owners of Payment

Frequently Asked Questions

The following steps will guide you through issuing an owner disbursement. 

In your Rentec Direct account: 

1. Click on Owners
2. Click on Pay All Owners
3. Check the Owner box in the header to select All Owners, or check the individual boxes next to each owner that a disbursement is to be issued to
   1. If payment is only for specific properties owned, click on the dropdown next to the owner's name to indicate the amount per property.
4. The Payment Type will default from the owner's settings, but can be modified by clicking the dropdown and changing the selection.
5. Click on Submit Payments (or Save Draft to finish later)

Tip: Track payments with the Owner Payment Wizard Report. Learn more here

Setting Payment Preferences for Each Owner

The following steps will walk you through setting or changing each owner's default payment preferences. (Preferences can also be selected at the time of disbursement)

In your Rentec Direct account:

1. Click on Owners  
2. Right-click on the Owner and choose Edit Owner  
3. Under Payment Info 
   1. Payment Method
      1. ACH -  indicates you are electronically distributing the disbursement by ach using your merchant account
      2. Print Check -  indicates you are printing a check through your Rentec Direct account
      3. Check -  if disbursement was made by check or other means outside of Rentec Direct
   2. From Account - Use the dropdown to select the bank account payments are to be made from. If disbursements are to be made via ach, be sure to select an ach enabled bank account.
   3. Bank Routing # - Verify deposit routing number on deposit slip as it may be different than routing number on a check 
   4. Bank Account # - Verify on void check or deposit slip
4. Click on Save Changes

Note: If you don't have a merchant account and are interested in receiving rent, paying vendors or owner disbursements online, click on this link for more information: Payment Processing Setup | Enrollment

Automatically Notify Owners of ACH Payments 

Set your defaults to automatically email owners when a payment has been issued via ach. 

In your Rentec Direct account:

1. Click on Settings
2. Under Program, click on Program Defaults 
3. Under General Preferences, check Yes to Email property owners notifying them that distributions are sent by ACH
4. Click on Save Changes

FAQs

Q) When will owner disbursements be documented?

• All Print Check and Check payments will be posted to the applicable bank ledger within 30 seconds.
• All outgoing ACH electronic payments will be processed within 60 seconds, transmitted to the owners, and entered as such on the Property, Bank, and Owner ledgers.

Q) Is there a fee to pay owner disbursements via ach?

Yes, there is a small transaction fee of $0.50 for each outgoing ACH payment

Q) Can I cancel an owner disbursement paid via ach?

If an error is discovered, the transaction can be VOID within a limited time frame and then issue the correct disbursement. Click this link to see time limts to Void Online Payments

Tip: Alternately you can pay owners one at a time using any of the following methods:

• Click on Owners, then right-click on an owner and choose Pay Owner
• Pay all owners associated with a specific default bank account by going to Banking and right-click on the bank account and choose Pay Owners