If you prefer to retain the rental application fees as part of your property management income, a new feature in your Rentec Direct property management software allows you to select your preferred bank account when collecting online rental applications. By offering safe, efficient, and customizable online payment options, these systems have set new standards in the real estate industry.
Rentec Direct understands that accepting online rental applications and application fees is indispensable for efficient property management. We also understand the importance of managing online fee payments efficiently for accurate accounting.
In your Rentec Direct property management software, you can select a default Income Account for each property. This means that all property-related online payments are automatically deposited into the correct account, ensuring accurate accounting and smooth account reconciliation. Previously, clients managing application fees in a separate account were required to take an extra step: transferring funds from one account to another and documenting the transfer in their Rentec Direct account. This additional step exposes your account to possible manual entry errors and the risk of forgetting to document the change, which may result in discrepancies during monthly reconciliations.
We have great news for clients who manage application fees in a separate bank account. The new Account Selector for Application Fee Deposits enables you to choose which bank account the application fees will be deposited into. Once selected, all online application fees will be automatically deposited into your chosen account, ensuring accurate accounting and saving you time.
Selecting the Deposit Account for Application Fees
The Account Selector for Application Fees is just one more convenient customization option in your Rental Applications settings. The following steps walk you through selecting which Deposit Account you would like to receive your Application Fees.
In your Rentec Direct account:
- Click on Settings
- Under Program, click on Rental Applications
- Under Application Fees, use the dropdown menu to select the account for ‘Which account will the application fee credit to?’
System Note: When selecting an account, only bank accounts with an active merchant account for credit card processing will be displayed.
- Click on Save Changes
Learn more: Online Applications, Fees & Screening Reports
Suggest a Feature
Most software updates result from valuable feedback and input from our awesome clients. If you have ideas for a new feature or enhancement that you would like to see added to Rentec Direct, we want to hear from you! Please share your thoughts with us at success@rentecdirect.com and help us shape the future of Rentec Direct.
About Rentec Direct
Rentec Direct is an award-winning property management software serving landlords and property managers across the United States. Features include online rent payments, tenant and owner portals, one of the industry’s largest vacancy listing syndication networks, full property, tenant, and owner accounting, 1099-MISC reporting, and more. Rentec Direct was recognized as Real Estate Company of the Year in the 2024 American Business Awards®, and was named the Most Customer Friendly Companies of the Year in the 2023 Best in Biz Awards, has been named to the Inc. 5000 List of Fastest-Growing Private Companies for seven years in a row. www.rentecdirect.com