To simplify and automate your property management work, your tenants can easily pay their rent online through DoorLoop. First, you will need to complete several necessary setup steps to receive online payments. Then watch the rent roll in as your tenants pay online and DoorLoop automatically records the lease payments and your bank deposits!
The first step to receive online payments from your tenants is to complete a merchant account application for each bank account you want to receive online payments.
Use these instructions to add more bank accounts if necessary.
Make sure your properties have their default bank accounts set correctly. What you select for your property default operating bank account needs to be the bank account you want to receive online payments for that property.
If the bank account you set as the default operating bank account for a property has not successfully completed the merchant account application process, tenants in this property will not be able to make online payments.
Make sure your tenant portal is set up to allow online payments.
Note that these settings are also where you can allow or disallow partial payments.
If you didn't invite your tenants to their portals when you created their leases, invite them now, or they won't be able to login to their portal to make online payments.
If you want, you can set rent reminder emails to notify your tenants when they are charged rent. These reminder emails have links to the tenant portal for your tenants to use to login and pay their rent. They can also just go to DoorLoop.com and login with their email address and password.
You can also use these settings to remind tenants of upcoming rent, set payment notifications, and set reverse payment notifications.
As soon as one of your tenants pays online, DoorLoop records the payment on their lease. This payment reflects as undeposited funds until the money deposits into your bank account. When this happens, DoorLoop automatically creates this bank deposit for you.
The time between the online payment and bank deposit depends on the ePay funding cycle and whether your tenant made their payment via credit card or ACH.
Your Profit and Loss report will automatically reflect the revenue your tenants pay, and you can review the bank deposits DoorLoop automatically created at any time.
If you want to review the online payments that your tenants made but have not yet deposited to your bank account, use the ePay Deposits Report and review the payments shown in the Undeposited section of the report.
To find this report, go to Reports and find it in the Accounting section.
Now that you've finished the setup to accept online payments, familiarize yourself with the ePay funding cycle so you know how long online tenant payments take to deposit into your bank account.