You can apply for online payments for rental properties you own or manage from right within Buildium through ePay.
If you have a single trust account where all of your rent deposits go into, you need to apply for ePay for that bank account. If your rent deposits go into multiple accounts, you’ll need to apply for a separate merchant account for each bank account you want to set up for online payments.
Once Forte Payment Systems has your application and all supporting documents needed, approval should take 5-7 business days.
In this article you’ll learn how to:
To apply for a merchant account for rental properties you own or manage:
- Navigate to Accounting > Banking, then click into the bank account you want to sign up for online payments.
- Select the Epay settings tab, then click Apply for epay account.
- The first page of the application asks for context about who you are and how the merchant account will be used. Select Rental properties I own or manage.
- Once you’ve chosen who the ePay services will be used for, click Next: Company information.
- Choose the company type, then fill out the company information.
- Then, click Next: Company owners.
- On the Company owner page, fill out the form for the company owner, who will be the guarantor on the application. All fields are required, including the last 4 digits of the owner's social security number. Forte Payment systems requires a guarantor for any merchant account they approve, so a SSN needs to be provided in order to run a credit check.
- When you complete the owner information, click Next: Account information.
- Enter your unit information and rent amounts collected, from low to high. You will get an error if you enter $0 in the low box, so enter an actual monetary amount.
Once you’ve entered unit and rent amount information, Buildium will automatically populate limit recommendations based on the information you entered. If you think you need higher limits than what Buildium has populated, click into the limit box to override the information.
- When you’re satisfied with the amounts, scroll to the bottom of the page and click Next: Review Application.
- Review the entered information to make sure everything is correct. You’ll have the ability to make any updates right from this page by clicking Change next to the section you want to edit.
- Once you’ve reviewed the details, click Submit application.
When you apply for an epay account, Forte Payment Systems will send a few micro transactions to your bank account to make sure that everything is working properly. These transactions are typically less than a dollar. There's usually one deposit and one withdrawal. You’ll get an email informing you of these transactions with instructions on how to confirm them.
After you confirm the transactions with Forte, you want to record that these micro transactions happened in your bank account in Buildium.
To record the micro transactions in Buildium:
- Navigate to Accounting > Banking.
- Click the bank account the micro transactions hit.
- Select Record other transaction and complete the form.
If the bank account is a trust account, your property management company will most likely be responsible for the transactions and you’ll want to record these transactions hitting your company’s books.
If you’re not comfortable using the bank fee expense account for both the incoming and outgoing micro transactions, you can create your own equity account to use for this specific situation in the chart of accounts.