Managing ACH and eCheck Payments in Rentvine
Rentvine provides robust tools for processing ACH and eCheck payments. However, there are specific rules and best practices users should follow to ensure smooth payment operations. This guide outlines key principles, common scenarios, and troubleshooting steps.
Overview of ACH and eCheck Payment Rules
Irreversibility of Payments: Once an ACH or eCheck payment is submitted in Rentvine, it cannot be stopped, modified, or reversed. Payments are immediately sent to the payment processor upon submission. If a payment is submitted in error, you may need to wait for the funds to settle and then coordinate with the recipient for a refund.
Returned Payments: If a payment is returned (e.g., due to incorrect account details), Rentvine will automatically update the payment status. Returned payments are not processed as successful later.
Handling Common Scenarios
Reissuing Payments
Security Deposit Refunds: To reissue a refund after an ACH return, cancel the move-out, void the deposit release credit, update the ACH information, and reissue the refund. Ensure any charges added during the move-out are re-added after cancellation.
Lost Vendor Checks: Void the original check, reissue the payment for the full amount.
Owner Payouts: To resend a payout electronically, void the original check, update the owner’s payout method to ACH, and re-create the payout.
Troubleshooting Payment Issues
Incorrect Account Details: If an ACH payment is sent to the wrong account, wait for the banking system to return the payment. Update the recipient’s bank information and resend the payment.
R03 Payment Failures: Verify the payer’s bank account details and ensure the account can accept ACH debits before resubmitting the payment.
FAQs
Can I cancel an ACH payment after submission?
No, ACH payments cannot be canceled, modified, or reversed once submitted.
What happens if a payment is returned?
Returned payments are automatically updated in Rentvine, and they are not processed as successful later.
Can I release an owner’s final payment by check instead of ACH?
Yes, you can select "Check" as the payout method when processing an owner payout. By following these guidelines, Rentvine users can effectively manage ACH and eCheck payments, handle errors, and ensure accurate financial records.