Rentec Direct’s property management software welcomes a feature update for online ACH rental payments.
The tenant payment screen has been expanded to support instant ACH debits to your tenant’s bank account. Once you have linked your tenant ach merchant account, you will have a new payment type option when posting a payment labelled “ACH”. You’ll be presented with fields to enter the routing and account number of your tenant’s checking account (this is pre-filled if the tenant is already setup for EasyPay).
Next, just enter the payment amount and the funds will be deducted from your tenant’s checking account electronically and added to yours. Successful transactions will be recorded in the tenant’s ledger as well as show on the Complete EasyPay report within the reporting area.
If you are a Rentec Pro or PM user and have additional user accounts, by default this feature is off for sub-users. You can add this feature to any sub-user by toggling the “Post Tenant ACH Payments” permission.
So, if they are set for reoccurring payments in Easy Pay do I need to worry about this? Is it faster than the 5 business days it takes now to get to my account? Now, I have to manually change each Easy Pay transaction to reflect the date the money actually gets to my bank account. The system only puts the date the transaction was initiated.
The good news is, if your tenant is already setup for recurring payments in EasyPay, you do not need to make any changes.
This new feature simply allows you to initiate a one-time ACH payment for a tenant without entering all of their information into the EasyPay settings. All the new feature does is initiate the payment, unfortunately it does not speed up the time it takes to process the transaction.
When a payment is initiated, that is the date that you will see in the program. If you want it to show the date that the payment was deposited into your account, you will need to continue to manually change them.