The DepositLink Rental Wallet feature allows rental companies and agents to park payments in a dedicated and secure account during the tenant approval process. Payments can be forwarded from the wallet if a tenant is approved, or quickly returned if a tenant is rejected.
Important Notes:
The dollar limit per payment is $250,000
Tenants pay a non-refundable $15 fee to send payments to the wallet (added on to requested amount).
There is no cost to you, your company, or a landlord to request/receive a payment from a tenant.
Payments clear into your company's secure rental wallet in 2 business days.
Payments returned to tenants from the wallet will clear in 1 business day.
Payments forwarded from the wallet will clear in 1 business day.
Step 1
Request a Payment for Rental and select Rental Deposit.
Step 2
Choose Rental Wallet as the payment destination.
Step 3
When the tenant makes the payment, you will receive an email and see Rental Deposit Pending as the payment status.
Step 4
The payment status will change to In Rental Wallet when the payment clears after 2 business days.
All parties involved will receive an email with a receipt attached.
Step 5
You can now either forward the payment to a landlord, return the payment to the tenant, or send the payment to your company's bank account.
Option 1: Forwarding a payment to a landlord from the wallet
Payments should not be forwarded unless you have the tenant's acceptance in writing.
To forward a payment to a landlord from the wallet, go to the deal page, select Send to Destination next to the payment you would like to forward, and choose Another Recipient as the destination.
Enter the recipient's contact information. The recipient will receive an email to accept the payment, and you will receive an email to approve the payment as the last step.
Option 2: Returning a payment from the wallet
Payments should not be returned to a tenant unless you have the tenant's rejection in writing and approval from your broker.
To return a payment from the wallet, go to the deal page and select Return Payment next to the payment you would like to return. The tenant will automatically receive an email and the payment will be returned to the same bank account the tenant made the payment from.
Option 3: Forwarding a payment to your company's bank account
Payments should not be forwarded unless you have the tenant's acceptance in writing.
To forward a payment to your company's bank account go to the deal page, select Send to Destination next to the payment you would like to forward, and choose Company Bank Account as the destination.
If your company has more than one bank account assigned to this workflow, be sure to select the correct account.
Reminder emails when a payment is in the wallet for more than 48 hours
You (the agent who requested the payment) will receive reminder emails from DepositLink every 24 hours after a payment has been in your company's rental wallet for 48 hours. Payments in the wallet should be forwarded or returned to the payer.
