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Set Up Outgoing Payments - Powered by Checkbook.io and Plaid

You can now set up outgoing payments with your merchant account.

Samuel avatar
Written by Samuel
Updated over a month ago

Overview

From DoorLoop, you can easily pay your vendor bills, distribute money to your owners, and refund your tenant's deposits or overpayments using our integration with Checkbook.io to send payments.

After an initial setup, all you have to do is send money, and your payees decide how they want to receive it. No more using multiple apps, coordinating with the recipient, or writing and sending checks!

To send payments, you will need to set up a merchant account to receive payments. You can read more about setting up a merchant account by reading the Merchant Account Application article.

Note: Sending payments through Checkbook.io is not available to Starter Plans. Consider upgrading to the Pro or Premium Plans to access this feature.

The Steps

Setting up outgoing payments with a merchant account already set up

  1. If you already have a merchant account set up and you want to set up outgoing payments for it, click Accounting > Outgoing Payments on the main menu.

  2. On the Online Outgoing Payments page, click the Payment Account Setup tab. Then, find the bank account you want to send outgoing payments from and click Connect on the right side, under the Actions column.

  3. On the new "Send Payments In Just a Few Clicks" window, check that the bank account you want to be able to send outgoing payments from is correct. Then, click the checkbox to accept the terms and conditions, followed by the Connect Bank button.

  4. After, you will be directed to connect with Plaid to connect your account. Click Continue to proceed.

  5. From here, you will have two options to proceed:

    1. Enter a phone number to log into Plaid. (If you have logged into Plaid before.)

      • This will log you into your Plaid account. From this point, continue with the Plaid prompts where you'll need to select the bank account you want to connect outgoing payments to, and you'll need to log into your bank's online portal to confirm.

      • If everything goes smoothly, and your bank account linked with Plaid matches the bank account you are attempting to link for outgoing payments, then you should be good to go now.

    2. Click Continue as Guest. (If you don't have an account with Plaid yet or are unsure if you do or not, we suggest clicking Continue as Guest.) This will also present two options for you:

      • Instant - You will need to go through Plaid for this. From this point, continue with the Plaid prompts where you'll need to select the bank account you want to connect outgoing payments to, and you'll need to log into your bank's online portal to confirm.

      • Manual - Manual verification requires that you enter your bank account and bank routing number. You will also be required to verify the account using a small micro-deposit. This will take 1-2 days to verify the account.

Note: You must select the same bank in the setup process that you use as your payout bank on your merchant account. If not, you will encounter a Bank Mismatch error and will need to start the process over again. For more information on the Bank Mismatch error, read: Bank Account Mismatch Error When Setting Up Outgoing Payments

Once you have completed the setup process for your outgoing payments, you can begin to send payments through DrooLoop to your tenants, vendors, and owners.

Tip: Once outgoing payments is set up and you have created your first payment, you can use these instructions to send your payment: Send an Outgoing Payment to a Tenant, Vendor, or Owner. The receiver of the payment will receive their payment email after 24 hours in their inbox.

Setting up outgoing payments without a merchant account set up

If you don't have a merchant account set up yet, you will not be able to use outgoing payments until one is set up. You can set up your merchant account first and then go to the Outgoing Payments section to set up the outgoing payments, or you can do it all at once. For these instructions, we are going to set both at once.

  1. To set up your outgoing payments, if you haven't set up your merchant account yet, click Accounting > Outgoing Payments on the main menu.

  2. On the Online Outgoing Payments page, click the Payment Account Setup tab. Then, find the bank account you want to send outgoing payments from and click Connect on the right side, under the Actions column.

  3. Because you have not set up a merchant account yet on this bank account, you will need to first set up the merchant account for it. Click the checkboxes to accept the terms and conditions, and then click Apply Now. (For complete instructions on how to set up a merchant account for a bank account, read the article: Set Up a Merchant Account to Accept Online Payments - Powered by Stripe.)

  4. Once your merchant account is set up, you can follow the instructions from the section above: Setting up outgoing payments with a merchant account already set up.


Next Step

Once you have your outgoing payments set up, you can create outgoing payments by creating an expense or by creating a bill/bill payment. If you are sending a payment to a tenant, you can issue a refund - payment or deposit.

If you need to increase the sending limit for your outgoing payments, read: Outgoing Payments Limit Increase.

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