Published on Fri Dec 15 2023 11:30:00 GMT+0000 (Coordinated Universal Time) by Kenny Horn

Introduction

Managing multiple properties and tenants can be complex, especially when it comes to rent collection, paying contractors, and distributing owner profits. Traditional methods often involve multiple bank accounts and payment systems, leading to confusion and inefficiency.

By using Virtual Accounts, property managers can streamline all financial transactions into one centralized system, making property management smoother and more transparent. Virtual accounts enable the easy allocation of funds, use of ACH for rent payments, and the ability to track transactions in real-time.

How It Works

1. Create Virtual Accounts for Tenants
   Each tenant is assigned a unique virtual account, making rent collection easy and efficient.

2. Automated Rent Collection with ACH
   Rent payments can be automatically deducted from tenants’ accounts via ACH wire transfers. These transfers can be scheduled for regular intervals, ensuring timely payments.

3. Track Expenses and Profits
   Use Virtual Accounts to manage and allocate funds for maintenance, utilities, and other property expenses. Payments can be made via RTP, and the entire process is automated and transparent.

4. Payout to Property Owners
   Once rent payments and expenses are processed, owners can be paid using RTP or ACH wire transfers.

Benefits

• Efficiency: Automated payments and tracking make property management easier.
• Transparency: Track all transactions in real-time.
• Customizable: Easily configure accounts for each tenant, contractor, and property owner.

Learn more about Property Management with Virtual Accounts on Property Management.

Written by Kenny Horn