Pre-Authorized Debit (PAD)

Property Managers accepting payments through RentMoola’s PAD solution enjoy the benefit of same-day funding through our partnership with Bank of Montreal (BMO). 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.

Note: our PAD solution is only available within Canada and payments are not processed on non-business days.

Contents

1. How it Works
2. Processing Time
3. PAD Refunds

How it works

If you currently are not using RentMoola’s PAD solution and are interested, please contact your account manager or email pmsupport@rentmoola.com.

Onboarding and approving residents for PAD payments is identical to setting up a tenant on standard recurring payments. The only difference with RentMoola’s PAD solution is that the recurring payment date is restricted to the first of every month. If a property manager maintains an existing PAD file for residents, RentMoola can also bulk onboard these residents all at once.

Processing Time  

All PAD payments are processed on the first of the month and funds are deposited same-day into your bank account, given that the first-of-the-month falls on a business day. If the first falls on a non-business day, funds will be deposited into your account on the following business day when the Canadian interbank exchange re-opens (banks do not process during weekends and statutory holidays).

PAD Refunds

PAD refunds are processed once a month. Any PAD refund requests must be submitted in writing to pmsupport@rentmoola.com by the 10th business day of the month. 

For our full Refund Procedure, click here.

Have more questions? Feel free to email us at pmsupport@rentmoola.com