To understand how payments work, we have summarised the two key payment flows below.
Tenant Paying Rent
When a tenant pays rent or a tenant invoice, the funds are collected from their payment method (BPAY, Direct Debit or Credit Card) and sent directly to the landlord's preferred bank account.
As the transaction is being processed, the funds are split, so the agency fees are taken off the top. 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 users and you can expand a payment to see the breakdown in your profile.
How does this comply 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 processing a bill in the app, the required funds will be held back in their wallet so the bill can be paid. They will receive the net amount in their bank account.
Nominate a Credit Card: If an owner chooses a Credit Card, upon the agency processing a bill in the app, the funds will be paid from that bank account 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.
Other helpful articles: How to pay a biller, How to pay a tradie, the Smart Wallet