Managing Payment Processing in Rentvine
Rentvine offers a variety of payment processing options to handle tenant, vendor, and owner transactions efficiently. This guide provides an overview of payment methods, setup instructions, troubleshooting tips, and special cases to ensure smooth payment operations.
Payment Methods in Rentvine
Rentvine supports multiple payment methods depending on the workflow:
eCheck/ACH: Payments are processed electronically to the recipient’s bank account. For vendors, ensure their bank details are saved in their contact details.
PayNearMe: Cash payments can be tracked and recorded directly in Rentvine. To enable this feature, sign the activation contract sent by Rentvine. There are no activation fees, and funds typically settle in 10–12 business days.
NACHA: NACHA payments are downloaded from the payment batch in Rentvine if enabled on the bank account and then must be manually uploaded to your bank directly for them to disburse the funds as needed.
Other (Manual): Use this method for payments made outside Rentvine. Add a note describing the payment for clear bookkeeping.
Setting Up and Updating Payment Methods
Adding ACH: Complete the bank application with Rentvine’s supported payment processor (e.g., Forte) to add ACH as a payment method. Future updates should also use this form.
Updating Vendor Payment Methods: Vendors cannot enter their own ACH/bank details. Property managers must update this information in the vendor’s contact under the Payment Information section and set the payment method to eCheck/NACHA.
Owner Contributions: Rentvine advises against storing credit card details for repairs. Instead, owners can contribute funds through their Owner Portal.
Setting Up NACHA Payments:
Navigate to Accounting > Banking.
Select the bank account and click Edit if "Is NACHA Enabled" is set to "No."
Toggle "Is NACHA Enabled" to "Yes" and complete the NACHA Details section with the required fields. Confirm exact values with your bank.
After saving the NACHA details, a "Download Test NACHA File" button will appear. Use this to generate a test file for your bank.
NACHA Field Definitions:
Immediate Origin Name: Your bank’s name or your company name, depending on the setup.
Immediate Origin Number: Your bank’s routing number or an ACH Origin/Company ID assigned by your bank.
Immediate Destination Name: The receiving bank’s name (often your bank).
Immediate Destination Number: Your bank’s routing number (numbers only).
Company Identification (Company ID): Typically your EIN/TIN (no dashes) or a unique ACH Company ID assigned by your bank.
Company Name: Your business name as it should appear on ACH transactions.
ODFI ID: The routing/ID provided by your bank.
Processing Payments
Tenant Payments
Rentvine does not integrate with Zelle or Venmo. Payments made through these services must be recorded manually.
Vendor Payments
Use the global "Pay Bills" option to pay vendor bills and close them against the property’s funds. Avoid using the Manager section’s "Pay Bills" for vendor payments.
Combine parent and child bills (e.g., markup) into a single payment by paying both on the same day.
Owner Payments
Record new owner distributions through the "Pay Owners" workflow. Override payout amounts if necessary, but adjust reserves to avoid mismatches.
Troubleshooting Payment Issues
Declined ACH Payments: Declines with codes like U80 indicate the account is on a Known Bad List (KBL). This occurs due to specific NACHA return codes (e.g., R02, R03). Insufficient funds (R01) do not place accounts on the KBL.
Overdraft Blocks: Increase the portfolio’s balance or adjust the overdraft override setting to process blocked payments.
Voiding Payments: Paper checks can be voided if not yet sent. However, eCheck/ACH payments cannot be reversed once submitted.
Special Cases and Exceptions
Tenant Prepayments: To remit prepayments to a new management company, create a charge to move funds into the operating balance, apply the prepayment, and pay the bill out with your preferred payment method.
Unbilled Management Fees: Check the previous period on the Post Management Fees screen to locate unbilled fees.
By following these guidelines, you can effectively manage payment processing in Rentvine, ensuring accuracy and compliance with system workflows.