We are officially launching and making available dedicated merchant accounts to all property managers and private landlords. One of the major benefits of having your own merchant account tied to Rentec EasyPay is being able to pay owners via ACH. But that’s not all. Setting up a merchant account has these benefits too:
- Quicker turn-around on funds. ACH funds typically are in your bank account in 3-5 business days. Credit card funds 1-2 business days.
- Lower per-transaction fees on both ACH and credit card transactions
- Ability to use and process your own ACH authorization forms
- And of course, the ability to pay owners via ACH
Sounds great huh? How To Get Setup. To get setup with your own merchant account, just login and visit Settings, Setup EasyPay. At the bottom of the screen is a link which will provide you a new application to get your own merchant account setup. Once setup, paying owners via ACH is extraordinarily simple. You’ll right click on the owner and choose Send Money. Then fill in their bank account information, the amount, and click Send. It’s as quick and simple as that (see screenshot below)!
We’ve made some recent improvements to the Tenant ACH system which will help both tenants and landlords stay on top of transactions.
- We will now send out automated emails to both the landlord and the tenants 5 days prior to the transaction taking place. This serves as a reminder for the tenant to ensure they have funds in their account prior to the transaction, and a reminder for the landlord to be on the lookout for the deposit into their account. This feature will help solve NSF issues where a tenant may have forgotten a withdrawal was coming out and thereby further improve rent collection simplicity.
- We have also improved your EasyPay interface to include a “changelog” of events. Each time you or the tenant login and make any changes, the change is recorded into the system. You can view all the changes now by entering the EasyPay screen, and click the “xx changes” link in the upper right. You will be presented with a historical view of every change made to the account in descending order. Tip: mouse-over the who entry for a few seconds to determine the IP address of the computer that made the change.
We’re always on the lookout for ways to improve the ACH process and make it simpler for both the landlords and tenants. If you have any ideas, please send them in.