This guide provides a basic overview on how to set up bank accounts to start collecting payments electronically.
- Processing Requirements
- Setting up a Merchant Account
- Linking your Bank Account
- Types of Payments
- Payment Process
RentMoola works with banking partners to provide electronic payments. When you are ready to set-up your buildings and bank accounts with RentMoola, we create accounts with them known as merchant accounts.
The merchant account is where the funds will be deposited before they are transferred to your bank account.
Setting up a merchant account is similar to setting up a regular bank account. These are done through the banks and require both information about your business and your signing officer. RentMoola collects all necessary business information in our application process including, company information, signing officer and ownership details.
Please contact email@example.com as there is a form you must complete in order to set up or add a new merchant account.
Linking the bank account where the funds will finally be transferred to requires, at a minimum a void check to confirm the institution, transit number (routing number in the US), and the bank account number. It is important that this account allows for both deposits and withdrawals as it will be used for remitting payments and processing refunds, when necessary.
In certain circumstances you may be asked for additional information, such as if the company name on the void check is different than the business name on file. The information we may require is:
Bank letters are required in the case the name on the void check is different than the legal entity name. A sample bank letter is attached below as a reference. Bank Letters must include the following:
- Be typed on bank letterhead.
- Stamped or signed by a bank representative.
- Name of the PM company which should match the Entity Name in RentMoola.
- Name of the building or property owner on the void check.
- Bank account details (account name, routing #, and account #).
Management agreements are required in the case that the Property Manager cannot provide a bank letter because they bank account is managed by the building owner.
- This will only work if the name on the void check is the name of the Building Owner’s company.
- Agreements must be made between the Property Manager and Building Owner.
- Agreements must be signed, dated and specify the duration of the agreement.
Should we require more information or different documentation, a member of the Customer Success team will advise.
Credit Card Payments
When a credit card payment is made, RentMoola automatically verifies the resident has funds available before the payment is finalized. Credit card payments are guaranteed for this reason. It takes up to 3 business days for credit card payments to arrive in the property manager's bank account. Acceptable credit cards are Visa and MasterCard. Property managers can also accept AMEX and China UnionPay credit cards, but this must be set up separately. Please contact firstname.lastname@example.org for more information.
Bank Account Payments
Residents can set up this payment method by adding the account number and the transit (CAN)/routing (US) number of a checking bank account.
Bank Account payments take up to 5 business days to be withdrawn from the tenant's bank account. RentMoola remits funds to the property manager within 2 business days. If the tenant has insufficient funds in their bank account, RentMoola will automatically reverse the funds deposited into the property manager's account. The tenant will also automatically be charged a Non-Sufficient Funds (NSF) fee by their bank.
Pre-Authorized Debit (PAD)
Property Managers accepting payments through RentMoola’s PAD solution enjoy the benefit of same-day funding. RentMoola processes all PAD payments on the 1st business day of each month, and funds are subsequently deposited into your bank account on the same business day. Please note that our PAD solution is only available within Canada and payments are only processed on non-business days.
Property Managers can accept In-Store Cash payments at participating CVS or 7/11 locations in the US, or CanadaPost in Canada. Cash payments are deposited into your bank account within 5 business days. To accept cash payments, please contact email@example.com for more information.
Note: payments only process on business days.
For electronic payments, tenants must log in to RentMoola and select their payment method. Once they make a payment, this information is remitted to our processor to debit the funds from the tenant's payment method. These funds are then deposited into a merchant account before being transferred to the property manager's bank account in an Electronic Funds Transfer (EFT).
For cash payments, in the US, the tenants can visit any participating 7-Eleven or CVS location. In Canada, the tenants make a payment at any CanadaPost location across Canada with cash or a debit card. These funds are then deposited into the property manager's bank account.
The process diagram below is quite standard in the payment industry and hopefully gives you some understanding of the payment lifecycle.
Have more questions? Feel free to email us at firstname.lastname@example.org