ACH options?

Original post

We have been successfully using Innago for a while now. We are requiring our tenants to pay via Innago. Which has been VERY helpful in running our business.

BUT we just purchased our first apartments (only single-family before), so we are now dealing with a different type of tenant.

If the tenant doesn't have a normal bank account, how are you handling that? Can they send ACH payments through Cash App, Venmo, Paypal, or another option? I know they can pay via credit card, but the fees are much higher.

Thank you in advance.

Reply by Alex Toffler

Hey Corey!

We are glad to hear that the online payments have been helpful for you so far and hopefully will continue to do so. How are these tenants wanting to pay, do you know?

They do have the ability to add any bank account as a payment method as long as it has a routing and account number, and completely understand if they don't want to pay the higher transaction fees for card payments.

If they want to pay with venmo, paypal, zelle or anything similar they absolutely can but that is between you and the tenant and would have to be done outside of our platform. You would just have to then go and record the invoice as paid manually if it's a payment made outside of Innago. Please note that those other payment facilitators sometimes have the additional fees that need to be paid if you are doing any sort of "business" transaction.

Feel free to reach out with any other questions or anything.

Reply by Lakshan Salgado

One downside of ACH is a bounced payment from Tenant. While Innago puts a 3 business day hold to ensure payment after the first bounced payment. they have no good way to automatically review and put the client back in good standing. ACH bounced can occur for a events out of a tenants control but the impact is brutal for us landlords. ACH deposits are a week to 10 days in length to deposit. They need to implement a better way to revaluate a tenants good history of payments post having an issue.