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Rental Wallet Overview

This article outlines a redesigned Rental Wallet experience that replaces the previous version. Existing customers will be migrated starting in April, ensuring access to the latest improvements.

If you are interested in enabling this feature, please contact Customer Success. 

In This Article

Rental Wallet Overview

The DepositLink Rental Wallet allows rental companies and agents to park payments in a secure account during the tenant approval process. Payments in the wallet can be disbursed to your company, a landlord, or returned to a payer. 

  • Incoming payments clear into the wallet in 3 business days
  • Outgoing payments from the wallet clear in 1 business day
  • Limit per payment: $250,000
  • Tenants pay an $18 fee to use the Rental Wallet

  • Reminder emails: After 48 hours in the wallet, the requesting agent receives reminders every 24 hours until the payment is forwarded or returned

Agents can request a rental deposit from tenants and choose where the funds go:

  • Rental Wallet – hold securely until forwarded/returned

  • Company Bank Account – deposit into office account

  • Another Recipient – send directly to landlord or designated party

Requesting a Rental Payment to the Rental Wallet

If your account is enabled for the rental wallet, this option can be selected as part of the choose payment destination step.

For more information on requesting payments for rentals, see: Requesting Payments: Rentals (Agents).

Disbursing Payments from the Rental Wallet

Once the payments have cleared into the rental wallet, the funds will become available to disburse. Payments in the wallet can be disbursed to your company, a landlord, or returned to a payer.

  • Step 1: To disburse funds - Click Send Funds from Balance

  • Step 2: Select an option for the number of recipients

    • Option 1: Send Full Balance to One Recipient: The full amount will be sent to one party
    • Option 2: Send a Partial Payment: The balance can be split and sent to multiple parties
    • Step 3: Select your destinations, depending on your scenario:
      • Sending to the Company’s Bank Account (Fees & Commissions)
      • Forwarding to Another Recipient (Landlord/Property Manager)
      • Returning to the Payer(s)

    Sending to the Company’s Bank Account (Fees & Commissions)

    When sending to the company’s bank account, confirm the preferred bank account with your administrator. 

    • Step 1: Select Company Bank Account as the destination.
    • Step 2: Select a desired Company Bank Account, and click Continue.
    • Step 3: Review and confirm, click Send Payment. 

    Forwarding to Another Recipient (Landlord/Property Manager)

    Payments should not be forwarded unless you have the tenant’s acceptance in writing.

    • Step 1: Select Another Recipient as the destination
    • Step 2: Enter the third party's contact information, and click Continue.
    • Step 3: Review and confirm, click Send Payment. 

    The third-party recipient will receive an email to accept the payment. Once the third-party recipient accepts the payment, you, as the agent, will receive an email to approve the transactions. Please review the information, and if everything looks correct, click Approve to finalize the payment. 

    Returning to the Payer

    Payments should not be returned to a tenant unless you have the landlord's rejection in writing and approval from your broker.

    • Step 1: Select Return to Payer as the destination
    • Step 2: Select a payer from the list provided, and click Continue.
    • Step 3: Review and confirm, click Send Payment. 
    The tenant will automatically receive an email. The payment will be returned to the same bank account from which the tenant made the payment.

    If you are unable to return a payment, likely, the receiving bank account is no longer connected. Please work with the recipient to reconnect their bank account. For more detailed information, please see: Bank Setup & Verification.

    Returning a Payment to the Rental Wallet

    If a disbursement was made to your company bank account, it can be returned to the wallet.

    Disbursements made to third parties or returned to payers can not be recalled to the wallet.

    To return a disbursement to the wallet:
    • Step 1: Select Return to Wallet
    • Step 2: Review and confirm, click Return to Wallet Balance. 
    Once completed, the returned disbursements will display below the disbursement section.