How to Send a Payment by ACH to a Vendor

Paying vendors by ach through your Rentec Direct property management software is as easy as posting a check, and funds are delivered more quickly. 

System Note: Each vendor will need to be set up to receive ach payments. Learn more here:  How to Set Up a Vendor to Receive ACH Payments

How to Send a Payment by ACH to a Vendor 

Sending a payment by ACH to your vendor is easy. Below are instructions as well as frequently asked questions and answers. 

In your Rentec Direct account:

1. Click on Properties
2. Right-click the Property and choose Post Expense
3. Select ACH from the Payment Type drop-down options
4. Fill in the remainder payment details as you would normally 
   
   Note: Be sure to include the vendor's invoice number in the Ref # section, and enter a Memo if applicable. 
5. Click on Post Expense

Vendors will be sent an email notifying them of the incoming payment, who the payment is from, the amount, the reference number, and the memo.  This will help vendors identify the payment and post it correctly to the applicable invoice or account. 

Tips:

• Post expense options can be found throughout the software and at the top of each property and bank ledger.
• Multiple transactions can be entered at once using the Batch Income and Expense Transaction Tool

Frequently Asked Questions

How much does it cost to process an ACH payment to a vendor?

Outgoing ACH transactions, such as vendor payments, cost .50 cents per transaction. With current stamp prices, you’ll save money on each payment.

How long does it take to process a payment to the vendor?

Depending on the ACH processing time at the receiving financial institution (the vendor's bank), vendor ACH payments will take approximately the same amount of time as your tenant's online rent payments and outgoing ACH owner contributions. The payment usually arrives in your vendor's bank account within 2 business days. 

How will the vendor know if you’ve sent the payment? 

The vendor will receive an email from noreply@propertymanage.biz when you submit the payment(s) to be processed (see picture above) with all the details of the transaction such as who the payment is from, the amount, the reference number, and the memo. This will help them identify the payment and post it correctly to the applicable invoice or account for their recordkeeping..