How to Set up Hassle-Free Payments for Homeowners - A Complete Guide
Learn how to set up hassle-free payments for homeowners with Clearing. Automate homeowner payments, disburse mass payments, and track transactions easily.
June 27, 2023
Michelle
Managing payments to multiple homeowners with varying payout requirements can be a daunting task. However, with Clearing, the process becomes effortless. In this article, we will guide you through the simple steps of setting up hassle-free payments to your rental property homeowners from Clearing. But first, let's explore the benefits of automating homeowner payments.
Benefits of Automating Homeowner Payments:
- Save Time with Automated Homeowner Payments: By automating payments for homeowners, property manager commissions, and other recurring costs, Clearing saves you valuable time. Say goodbye to navigating multiple systems and complex payment processes. With Clearing, payments happen within seconds.
- Disburse Mass Payments to Homeowners: Clearing allows you to effortlessly set up mass payments to all your homeowners. Instead of individually processing each payment, you can pay all your homeowners with just one click, ensuring efficiency and accuracy.
- Simultaneous Payments to Multiple Vendors and Homeowners: Clearing goes beyond simplifying homeowner payments. You can also make payments to multiple vendors during the same process. This means you can complete all associated payments in one task, enhancing your workflow and streamlining your financial management.
- Comprehensive Transaction Tracking: Clearing provides a centralized platform to view all your transactions. Categorize, comment on, and reconcile payments effortlessly. This gives you a clear overview of your business's financial health, enables efficient payment management, and allows you to address any issues promptly. With all the data at your fingertips, finalizing homeowner payouts becomes easier than ever.
By leveraging Clearing's homeowner payout capabilities, you can keep your homeowners happy, save time, and ensure timely and accurate payouts. Now, let's dive into the step-by-step process of setting up homeowner payments within Clearing.
Setting Up Homeowner Payments within Clearing
Step 1 - Login to Clearing and Navigate to “Move Money”
After you’ve logged into Clearing, click on the “Move Money” button in the top right of your screen - you’ll find here four options: “Pay someone”, “Transfer between accounts”, “Ledger transfers”, and “mass payments”. “Pay someone” can be used to pay one homeowner, whereas “Mass payments” can be used to pay many at the same time.
Step 2.1: Pay one Homeowner
If you select “Pay someone”, you will start the process of paying one homeowner. If your recipient has received a payout before and was saved as a recipient, you can click the “To” form entry field and find that recipient that you’d like to send funds to. If this is your first time paying this recipient, you can add a new recipient directly through this form. Next to the “To” field, you will find a button to add a recipient - click this (as shown below).
If the recipient is already in your system, there is no need to re-add the homeowner. Instead, you will complete the rest of the form fields to indicate the amount, any notes, asset the payment will be tied to, and category that it falls within. When completed, you can click “Review & confirm” to proceed to the last step! Simple right! Please note that there is a limit of $10,000 USD per individual transaction.
Fill in the homeowner information as shown below - you will need their first name, last name, email, and bank account information in order to proceed.
Step 2.2: Pay Multiple Homeowners by Clicking “Mass Payment”
If you wish to make multiple payments at once, you will select “Mass payment” from the menu options in step 1. You will then be brought to a different form, and be able to create multiple line items that represent each payment to each homeowner. Select the account, recipient (if saved in the system), and amount to start the process. Also, since each payment will likely involve it’s own asset, category, and notes, you can specify these items as per each payment line item here as well!
Similar to single homeowner payments, you can also add new recipients through the form by clicking the “Add a New Recipient” button. The same form - as previously shown in Step 2.1 - will be appear, so you can fill this out and add the recipient to your saved recipients if desired. Once the recipient is added, they can be selected in the “Recipient” section of the mass payment form.
Fill in as many payments as you’d like, adding all the homeowners that will be part of this mass payout. When completed, you can click “Review & Confirm” to proceed with the last step.
Step 3: Review and Confirm the Payment Details
Before you process the payment, make sure to review the details.
Read them carefully and confirm each part of the payment details. This includes, the names of the recipients, account numbers, amounts, notes, assets and categories. If there is an issue with any part of the payment, you can always click “Go Back” and make the desirable edits.
If the information is entered correctly, and you are happy to process the payments that have been reviewed, click on the “Send Payments” button.
Step 4: Additional Info - Transactions
From the main menu, click on “Transactions” to see all the transactions that you have made. Here you can also find the details for all the homeowner payments you have completed.
Step 5: There You Go!
Congratulations!
You now have all the tools and knowledge needed to establish a seamless payout system for your Vacation Rental, Short-Term Rental, or Long-Term Rental homeowners.
Rest assured knowing that your homeowners will be paid on time, with minimal time and effort invested into completing the transactions from you!
With homeowner payments, you now have an efficient method for paying homeowners, property management commissions, and any other transactions associated with your real estate investor group. With less time spent on the administration associated with payments, you can spend more time building your relationship with these homeowners, and provide excellent owner experiences. This will be well worth the effort, as happy owners can certainly lead to more referrals!
With homeowner payments, Clearing makes managing homeowners a breeze allowing you to focus on your business’ growth, and take a permanent vacation from bookkeeping.
So… connect those accounts! Your stress-free financial management life awaits!
Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.
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