Creating Your Re-Leased Pay Account

  • Updated

Ready to streamline your payment process with Re-Leased Pay? This article will guide you through the simple steps to set up your Re-Leased Pay account. Learn how to seamlessly integrate payment solutions into your property management operations.

Check out our self-guided learning video for an interactive demo: How to activate Re-Leased Pay

 

Initiating Your Re-Leased Pay Account Setup

Account setup is exclusive to Administrators, but completing it is the business owner's responsibility. There is no cost to creating a Re-Leased Pay account. Note that tenants or your business can incur a transaction processing fee upon making a payment depending on how you set-up the fees.

Let's dive into setting up your Re-Leased Pay account:

  1. Navigate to the Accounting tab within Re-Leased.
  2. Select Re-Leased Pay in the menu.
  3. If you’re setting up for the first time, click on Setup Account.
    1. NOTE: Make sure you have selected the correct Company using the Company selector at the top of the Pay menu
  4. Begin the process by selecting Create Account.

 

Follow the on-screen prompts to provide the necessary information for your account. 

What to expect during verification

Stripe will guide you through a secure onboarding form to collect the details needed to verify your business and identity before payouts can be sent to your bank account.

What happens next

  • You'll be redirected to a Stripe-hosted form to set up your payments profile and connect your bank account. This page is secure and tailored to your country and business type.
  • Stripe is legally required to collect and keep certain "Know Your Customer" (KYC) information about you and your business to help prevent fraud and comply with financial regulations.
  • You'll be asked for key details such as your business information, your own details as the account representative, and in some cases information about business owners or controllers.

Important to know

  • It depends on the country you operate in, but generally you will need the following information to complete this step:

    • Your contact details and identification documents
    • Business details - Legal business name, business number, registered address and phone number
    • Business ownership and director details, including their contact information
    • Bank account to connect with Stripe and receive funds (you can set-up multiple accounts)
    • Form of ID to upload and verify your identity
    • Note that you can save and come back to complete set-up later.
  • Make sure the information you enter is accurate and kept up to date, as missing or outdated details can delay verification or temporarily pause payouts to your bank account.
  • Requirements can vary by country and may change over time, so Stripe might occasionally ask you to review or update your information to keep payouts and payment processing running smoothly.
  • Your information is securely transmitted and verified by Stripe, our payments partner. We never store sensitive ID numbers.

Note that you can save and come back to complete set-up later.

Finalizing Your Re-Leased Pay Account

After inputting all required details, we'll start the verification of your account which could take up to 24 hours. In the meantime, you can continue to set-up your Re-Leased Pay account.

Bank Account set-up

Why Can't I Select a Bank Account When Onboarding?

If your Bank Account select list is empty during the onboarding process, it's probably due to the absence of a Chart of Account designated as "Bank" in your system. Make sure to set up this Chart of Account to proceed with the Re-Leased Pay onboarding.

  • Choose whether this account should be your default account for unallocated properties:
    • With a default account: Payments from properties not yet allocated to a specific Pay bank account will be deposited into this default account
    • Without a default account: Only properties explicitly allocated to an account will have an option to pay online - providing greater control and reducing the risk of funds being deposited into incorrect accounts
    • More information on the Default settings for your Re-Leased Pay bank account can be found here

NOTE: It is possible for connected accounting customers to allocate payments to a different chart of account like 'Undeposited funds'. Read the help center article here to find out more.

Property allocation

  • Allocate specific properties to the new account so only funds from these properties will be received
  • The Property allocation screen shows which properties are allocated and unallocated, helping you identify properties that need attention

Configuring your settings

Once your account is set-up, continue to configure additional settings:

  • Invoice Payment Recognition - Control when invoices are marked as paid after a tenant payment
  • Fees and Payment Methods - Configure which payment methods are available and how fees are allocated

Invoice Payment recognition

  • Set when invoices should be marked as 'paid'. This will depend on your preferred accounting processes.
    • At time of tenant payment (default setting) - this will show the invoice as paid as soon as the tenant pays that invoice via Re-Leased Pay. The invoice is marked as 'Paid' before funds are received in your bank account
    • At time of funds received - Payments are processed on invoices and marked as paid once the payout is paid and funds are deposited into your bank account
    • Manually - Payments are processed on invoices and marked as paid once you’ve confirmed them, usually when reconciling bank statements

Payments and payment method configuration

  • Set fee allocations and payment methods
    • Choose to segment your properties by Company or Property usage type
    • Choose either the tenant or you as the Property Management company to cover the transaction fees across all available payment methods
    • Enable or disable payment methods as required (e.g. switch off all payment methods for mixed property types)

Invoice and Communication Set-up

  • Update your invoice templates to include a 'Pay Online' option
  • Prepare a tenant communication email advising them that you now offer online payments

An email notification will be sent to all Administrators in your business once your Re-Leased Pay account is active and ready for you to use for transactions.

Best Practices for setting up multiple Pay accounts

When setting up Re-Leased Pay with multiple trust/client accounts:

  1. Consider not setting a default account initially - this prevents payments from being deposited into incorrect accounts before all properties are properly allocated
  2. Allocate properties to accounts systematically - work through your portfolio in batches to ensure each property is linked to the correct payment account
  3. For UK mixed portfolios - use the property usage type settings to disable payment methods for residential properties where charging fees is not permitted
  4. Monitor unallocated properties - regularly check the Payment Accounts list for accounts showing "None allocated" to ensure all active properties have payment accounts assigned

If you have difficulty setting up Re-Leased Pay or have questions, request to be contacted here. 

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