Creating Your Re-Leased Pay Account

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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. You will do this within Stripe, our payments processing partner. It varies depending on the country you operate in, but 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.

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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