In PendoPay, you can have up to three (3) different types of bank accounts:
- Deposits (Security, Pet, Damage, etc.) – this is the bank account used for tenant deposits. In many cases, this may be a separate trust account. This account type is limited to one bank account.
- PendoPay Fees – this is the bank account used for PendoPay fees, including transaction fees and failed / returned payment fees. This account type is limited to one bank account.
- Payout – this is the bank account used to receive rent and other rental-related payments collected through PendoPay. Payout accounts are managed separately from your default Deposit and Fee accounts.
To set up or update your default Deposit or PendoPay Fee account, click Setting > PendoPay > Add new account.
Follow the prompts to add and verify the bank account. Depending on how the account is connected, verification may be completed instantly or may require a small microdeposit to confirm the account details. Once setup is complete, the bank account will appear in your account list with a status of Approved.
Click on the default account you want to update, then select the bank account you want to associate with it.
- Deposits: this change applies to new deposits received after the update is made. It does not move deposits that were already collected earlier.
- PendoPay Fees: this change applies to future fees once the updated banking information has been saved.
- Payout accounts for rental payments: these are updated separately. Please click here for more information.
If you have any questions, please reach out to Customer Support via live chat.
