Direct Debit for Tenants
One of the rent payment methods available to tenants is the ability to do a direct deposit. This is where your company send up to the bank for the tenant money and then pull it back down.
You will need the tenants written permission for this.
Setting up the Tenant
You can do two types of Direct Debits, one for rent and others and one just for Tracked Invoices. There are a few things to set up in Palace first
- Payment Type
- Payment Details
- Bank Account
- Edit the tenant
- Click on the drop down arrow next to the Payment Type - Select Direct Deposits
- Now click on Drop down arrow next to Payment Details - Fill in the amount, the days frequency and you must put a date that the direct deposit is due
- Fill in any other field that you may need. ie Invoices (not for the tracked ones)
- Click on Bank accounts ... Enter in the tenant bank account details
- Click Save and then Save the tenant record.
Note: You can also send up a DD file for just tracked Invoices. You do not need to set up anything extra for this, this will just look for the Invoices that are Overdue and bring down the amount accordingly.
Sending the file to the bank
Palace created a CSV file from the Direct Deposits due for you to send to the bank, Once the bank receive it they process it and the tenant rents are then shown on your bank statement the next morning. Receipt as normal.
- You must have set up the ability to do Direct Debits/Deposits with the bank.
- You can either send up the Direct Debits file or the Direct Debits Tracked Invoices file.
NOTE: If a payment is dishonored i.e Bank not being able to take the money then it will show by.....