Questions About the New Payment Provider
Our system has partnered with Stripe to improve the Online Payments experience for all our users. Online Payments has made some significant advancements with Stripe, including:
- Easier setup and less time onboarding new payment methods
- Faster payments (Next Day Funds Available)
- Multiple entities setup for LLCs, partnerships, and C-corps
- Multiple bank accounts are available per entity
- Separate deposit accounts per property or select property groups
- No transaction fees for owner distributions
- No transaction fees for internal transfers
- Bank reconciliation (coming soon)
- A new tenant opt-in for rent reporting to credit bureaus
We have compiled a list of the most frequently asked questions about transitioning to Stripe:
What if I still have pending payments or a balance in my Dwolla account?
Your account cannot be switched if there are pending payments or a current balance. We monitor your account during your scheduled or requested date and make the switch as soon as pending payments and balances have cleared.
How will I know when to set up the new Stripe for Online Payments?
You will receive an email confirming your account is ready to be transferred. Your tenants and any relevant owners will also receive an email with instructions on how to set up their accounts and what they need to do.
What will happen to my Dwolla account?
Your Dwolla account will continue to transfer any remaining balance to your assigned bank account and then close.
Will I be able to accept ACH, credit cards, and debit cards with the new Online Payments by Stripe?
Yes. After a quick setup of your new account, you will be able to accept all three forms of payment.
Can tenants continue to use autopay on their accounts?
Yes, auto-pay will still be available; however, tenants will need to turn it back on after they have been transferred and set up their new account.
Will my tenants need to do anything after I switch?
When they next submit a rent payment, they will be prompted to add their payment method, that’s all.
Feb. 09, 2023