Managing payouts to multiple homeowners with varying payment requirements can be a daunting task. However, with Clearing, the process becomes effortless. In this article, we will guide you through the simple steps of setting up hassle-free payments to your rental property homeowners from Clearing. But first, let's explore the benefits of embedded homeowner payments.
Benefits of Embedded Homeowner Payments:
Save Time with Embedded Homeowner Payments: By embedding payments to homeowners into your trust accounting software, Clearing for example, you save valuable time. Say goodbye to navigating multiple systems and complex payment processes. With Clearing, payments happen within seconds.
Disburse Mass Payments to Homeowners: Clearing allows you to effortlessly set up mass payments to all your homeowners, all at once. Instead of individually processing each payment, you can pay all your homeowners with just one click, ensuring efficiency and accuracy.
Simultaneous Payments to Multiple Vendors and Homeowners: Clearing goes beyond simplifying homeowner payments. You can also make payments to multiple vendors during the same process. This means you can complete all associated payments in one task, enhancing your workflow and streamlining your financial management.
Comprehensive Transaction Tracking: Clearing provides a centralized platform to view all your transactions. Categorize, comment on, and reconcile payments effortlessly. This helps gives you a clear overview of your business's financial health, enables efficient payment management, and allows you to address any issues promptly. With all the data at your fingertips, finalizing homeowner payouts becomes easier than ever.
By leveraging Clearing's homeowner payout capabilities, you can keep your homeowners happy, save time, and ensure timely and accurate payouts. Now, let's dive into the step-by-step process of setting up homeowner payments within Clearing.
Setting Up Homeowner Payments within Clearing
Step 1 - Login to Clearing and Navigate to “Make a payment”
After you’ve logged into Clearing, click on the “Payments” button in the left menu of your screen.
Step 2: Click "Make a Payment"
Once you are in the payment section of Clearing, click the "Make a Payment" button to start the process.
Step 3: Pay a Homeowner
If your recipient has received a payment through Clearing before, and was saved as a recipient, you can click the “To Account” form entry field and find that recipient that you’d like to send funds to - recipients tend to be at the bottom of the list of accounts to send money to.
If this is your first time paying this recipient, you can add a new recipient directly through the form below - you will find a button to add a recipient in the top right of the form for payments - click this and add the recipient.
Fill in the homeowner information as shown below - you will need their first name, last name, email, and bank account information in order to proceed.
If the recipient is already in your system, there is no need to re-add the homeowner.
Instead, you will complete the rest of the form fields to indicate the amount, any notes, asset the payment will be tied to, and category that it falls within. When completed, you can click “Review & confirm” to proceed to the last step! Simple right!
Please note: There is a limit of $10,000 USD per individual transaction but you can send as many individual transactions as you’d like. So for a $30,000 USD transactions, simply create three $10,000 USD transactions.
Step 4: Pay Multiple Homeowners by Clicking “Add another transfer”
If you wish to make multiple payments at once, you will select “Add another transfer” from the form options. You will be able to create multiple line items that represent each payment to each homeowner (or vender).
Select the account, recipient (if saved in the system), and amount to start the process. Also, since each payment will likely involve it’s own asset, category, and notes, you can specify these items as per each payment line item here as well!
Similar to single homeowner payments, you can also add new recipients through the form by clicking the “Add a New Recipient” button. The same form - as previously shown before in step 3 - will appear, so you can fill this out and add the recipient to your saved recipients, if desired.
Once the recipient is added, they can be selected in the “Recipient” section of the mass payment form. Fill in as many payments as you’d like, adding all the homeowners that will be part of this mass payout.
When completed, you can click “Review & Confirm” to proceed with the last step.
Step 3: Review and Confirm the Payment Details
Before you process the payment, make sure to review the details. Read them carefully and confirm each part of the payment details. This includes, the names of the recipients, account numbers, amounts, notes, assets and categories. If there is an issue with any part of the payment, you can always click to go back and make the desirable adjustments.
Prior to completing the payment, you will receive a verification code to your email (assuming you have the permissions needed to move money), which you can use to finalize the payment review form.
If the information has been entered correctly, and you are happy to process the payments that have been reviewed, add the verification code and click on the “Send Payments” button.
Step 4: Additional Info - Transactions
From the main menu, click on “Payments” to see all the transactions that you have made. Here you can also find the details for all the payments you have completed.
Step 5: There You Go!
Congratulations!
You now have all the tools and knowledge needed to establish a seamless payment system for your Vacation Rental, Short-Term Rental, or Long-Term Rental homeowners.
Rest assured knowing that your homeowners will be paid on time, with minimal time and effort invested into completing the transactions yourself!
With homeowner payments, you now have an efficient method for paying homeowners, moving money related to property management commissions, and any other transactions associated with your real estate investor group. With less time spent on the administration associated with payments, you can spend more time building your relationship with these homeowners, and provide excellent owner experiences. This will be well worth the effort, as happy owners can certainly lead to more referrals!
With homeowner payments, Clearing makes managing homeowners a breeze allowing you to focus on your business’ growth.
So… connect those accounts! Your stress-free financial management life awaits!
To learn more about Clearing, please contact us or visit our knowledge base.
To book a demo, use this link.
Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.