Every property manager needs to collect rent from tenants and then send those rent payments – less property management fees and other incidental charges – to the property owners. These fund transfers of collected rent to the property owners are known as “owner proceeds” or “owner disbursements”.
ClearNow has long made collecting online rent payments from tenants easy and automatic. Less well known is that ClearNow has a unique capability in the online rent payment industry: We can also directly deposit owner disbursements to property owners. Automating these fund transfers makes your life as a property manager so much easier and allows your customers, the property owners, to get their funds quickly.
We are happy to announce that we have adapted the same all online process (complete with esignatures and bank document uploads) that our landlords and property managers use to enroll tenants to now apply to property owners. Property owners enroll completely online. There is no need anymore for paper, printers, or delays.
With ClearNow, property managers just log into their ClearNow account, click ‘Add Owners’, provide property owner’s name and email address, and click ‘Send Email.’ The property owner will receive an email explaining how they can provide their information and esign to have rent payments directly deposited to their bank account. As the property manager, you don’t even see the property owner’s bank account information, which provides an extra measure of privacy and security for your property owner customer.
Finally, when the property owner completes their part, you will be able to set up a simple formula that allows you to keep a dollar amount or percentage of rent from a tenant’s online rent payment. The remainder of those funds is directly deposited to your property owner’s bank account three banking days after the tenant’s debit day.
To get started using ClearNow for this valuable feature and learn how affordable it is (hint: $2 a payment!), visit ClearNow.