To understand how payments work, we have summarised the two key payment flows below.
Tenant Paying Rent or Invoices
When a tenant pays rent or an invoice, the funds are collected from their payment method (BPAY, EFT, Automated Direct Debits from a Bank Account or Automated Credit Card debits) and sent directly to the landlord's preferred bank account by our payment platform.
While the transaction is processed, the management fees are split off and disbursed to the agency's account with the balance going to the owner. There is no admin required from the agency for this process.
- No daily downloads
- No uploads into trust software to do reconciliations
- No ABA files to make disbursements to landlords
- No BPAY Batch Files to make disbursements to creditors
- No handling of funds whatsoever
- No such thing as End Of Month
All transactions are recorded on reports in real-time, receipts are issued to tenants via email, notifications can be sent to owners and you can expand a payment to see the dates, amounts, and payment methods in the app.
How does this comply with legislation? If an agency receives funds on behalf of a landlord, those funds must be held in a Trust Account HOWEVER with our payment system, you never receive funds. Think of it like a self-managed landlord collecting rent directly from the tenant and paying bills themselves.
Owner Paying a Bill or Tradie
When an expense arrives, owners have several options on how to pay for the expense:
Pay from rent: If an owner chooses to pay for expenses using rental income, upon the agency scheduling a bill in the app, the required funds will be withheld from rent and kept in their property wallet until the bill is due to be paid. They will receive the net rent amount (rent less upcoming bills) in their bank account.
Nominate a Credit Card: If an owner chooses to pay expenses via Credit Card, upon the agency processing a bill in the app, the funds will be paid from that credit card directly to the creditor.
Nominate a bank account: If an owner chooses a bank account, upon the agency processing a bill in the app, the funds will be paid from that bank account directly to the creditor.
All transactions are recorded on reports in real-time, receipts are issued to owners and the creditor via email and you can expand on a payment to see the breakdown including how it was paid.