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Requesting Payments: Rentals (Agents)

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

  • Payments clear into the wallet in 3 business days

  • Forwarded/returned payments 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 Deposit

For existing deals, start on Step 3.

  • Step 1: Click the Request a Payment for Rental button and select Rental Deposit.
  • Step 2: Enter/Select the Property address and select your role in the deal (listing agent or tenant’s agent), and click Continue.
  • Step 3: On the Payment Information screen, enter the amount you’d like to request, the deadline of the payment, and the payment destination, and click Continue.
  • Step 4: Select whether you want to Request through the Tenant's Agent or Directly from the Payer.
    • If you are sending through the Tenant's Agent, the next screen will allow you to enter their email address and related information. 
    • If you are sending Directly to the Payer, the next screen will allow you to enter the Payer's information. 
  • Step 5: If everything looks correct, click Request Payment.
The tenant has now received an email to complete the payment. Once they submit the payment, you will receive an email and see Rental Deposit Pending as the payment status. The landlord will receive an email to accept, and the transaction will be in a Sent status. 
 

Forwarding & Returning Payments from the Rental Wallet

Once funds clear into the wallet, you can forward them to their final destination.

Forwarding a Payment to a Landlord

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

  • Step 1: On the Deal tab, select Send to Destination next to the payment you would like to forward.
  • Step 2: Choose Another Recipient as the destination, enter the landlord's contact information, and click Continue.
  • Step 3: The landlord will receive an email to accept the payment.
  • Step 4: You will then receive an email to approve the payment to finalize.

Forwarding to the Company’s Bank Account

  • Step 1: On the Deal tab, select Send to Destination next to the payment you would like to forward to.
  • Step 2: Choose Company Bank Account as the destination, and click Continue.
  • Step 3: Review and confirm, click Send to Destination. 

Returning a Payment from the Rental Wallet

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

  • Step 1: On the Deal tab, select Return Payment next to the payment you would like to return.
  • Step 2: Click Yes, Return Payment.
The tenant will automatically receive an email. The payment will be returned to the same bank account that the tenant made the payment from.

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.

Redirecting a Payment Request (Rental)

Redirecting allows payments to go directly to a landlord, management company, or another third-party recipient instead of the wallet.

  • Step 1: On the Deals tab, click the Request Payment for Rental button and select Rental Deposit.
  • Step 2: Enter/Select the Property address and select your role in the deal (listing agent or tenant’s agent), and click Continue.
  • Step 3: On the Payment Information screen, enter the amount you’d like to request, the deadline of the payment, and select the Another Recipient tab.
    • Please include the recipient's email address, first and last name, company name (if applicable), and phone number. Click Continue.
  • Step 4: If you created the deal as a listing agent, you’ll have the option to send the request through the tenant’s agent by selecting the Request through tenant's agent option, or if you’d like to send the request to the tenant directly, choose the Request directly from payer option.
    • If you created the deal as the tenant’s agent, enter the tenant’s information (only email is required) to send the request to, and click Continue.
    • Optional: add additional parties to receive a copy of the cleared payment receipt through the Payment Notification section and/or add reference information. 
  • Step 5: If everything looks correct, click Request Payment.
The tenant has now received an email to complete the payment. Once they submit the payment, the landlord will receive an email to accept, and the transaction will be in a Sent status.
 
Once the landlord 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. Once approved, the payment will move into a Pending status and will be updated to Cleared in 3-4 business days.
 

Requesting a Commission

For existing deals, start on Step 3. 

  • Step 1: On the Deals tab, click the Request Payment for Rental button and then click Commission/Fee. 
  • Step 2: Enter/Select the property address and select your role in the deal (listing agent or tenant's agent).
  • Step 3: On the next screen, select the payment amount and click Continue. 
  • Step 4: Select the type of payer from the dropdown and enter their information.
    • If you want a title company to pay the commission, enter the info for the person who will be handling the payment on their side and click Continue.
    • If you'd like to add a memo to include more information, you are able to do so on this step. 

This payment will automatically be deposited into the default commissions account assigned to the agent's office.

  • Step 5: Review and confirm the information, then click Request Payment. 
    After the request has been sent, the payer will receive an email to complete the payment.