Pay Owner Disbursement with Owner Payment Wizard

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

This article reviews the following options: click on the link to jump to that section.

• Paying Owner Disbursements
• Setting Payment Preferences for Owners
• How to automatically notify owners of payments
• Frequently Asked Questions

Paying Owner Disbursements

The following steps will guide you through the process of paying 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 box next to individual owners
4. Click on Pay Owners

Tip: Track payments with the Owner Payment Wizard Report.

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 which of your bank accounts the owner's disbursements are to be made from. If disbursements are to be made via ach, be sure to choose an ACH-enabled bank account.
   3. Property Owners Bank Routing # and Account # - Verify the deposit routing number on the deposit slip, as it may be different from the routing number on a check. 
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 

You can automatically set your defaults to email owners when a payment is 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 recorded 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 the time limits for 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, right-clicking the bank account, and choosing Pay Owners.