Error Message | Outgoing ACH
Your online payment processing allows outgoing payment processing using ACH. Common outgoing transactions include:
- Paying vendors for work performed, such as repairs and maintenance
- Owner Disbursements for Rentec PM clients
More information for online payment processing can be found here Online Payment Processing | Overview
If you receive this error message, the vendor or owner will need to provide a bank and routing number from a different institution. (see below for more information)
Ensuring Security for Online Transfers
While most banks are supported for outgoing ACH transfers, to keep your account and funds secure, there is a short list of banks that are not supported for outgoing ACH funds transfers.
If you've received this error message and have been referred to this article, the routing number you've entered is not from a full-service bank that supports ACH funds transfer and may instead be one of the following:
- A point-to-point money transfer app such as Cash App or Venmo
- A prepaid debit card (often issued by convenience or big-box stores)
- Another banking service that does not validate the identity of their accounts as required by US law
Point-to-point services and prepaid debit card providers have a proven track record of failing to perform KYC (know your customer), a form of identifying and verifying their customers, and as a result, their customers also fall prey too easily to identity theft. As such, it is very risky to ever transfer money to an account held at one of these institutions because the money may not be going to who you intend it to.
Learn more about KYC (Know Your Customer) here: What is KYC? Financial regulations to reduce fraud