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New feature announcement: Owner contributions

Buildium Software News

We’re excited to announce that rental owners can now make contribution payments online. Owners are able to immediately send money for repairs and capital expenses through their online portal.

Here’s a closer look at how owner contributions work:

1. To request a contribution from an owner, head to the ‘Tasks’ menu. Select ‘Rental owner request’ from the ‘Add task’ button. You’ll then need to enter the details of the request. You can track these requests separately from other tasks by selecting the category ‘Contribution request.’ Owners can also send funds without being requested to do so, as long as the bank account being used is enabled for ePay and the owner is enabled to send funds.

Owner Contributions | Buildium Software Feature Updates

2. After clicking ‘Save and share,’ the request will be shared automatically with the owner in their portal. They will receive an email with the details of the request, as well as a link to log into their portal. When an owner logs into their portal, they will see a ‘Send funds’ button on their financials, ledger, and requests pages.

Owner Contributions | Buildium Software Feature Updates

3. Once the owner clicks ‘Send funds,’ they will begin a three-step process to submit their payment electronically. These steps are similar to the resident portal payment process. After the owner finishes their submission, the transaction will automatically begin funding into the default operating account of that property.

Owner Contributions | Buildium Software Feature Updates

4. After the owner submits their contribution electronically, they will receive an email confirmation. The contribution will also be included in the ePay daily summary email, so all staff members on this email list will be notified that the contribution has been initiated.

Owner Contributions | Buildium Software Feature Updates

5. Additionally, you can set up distinct EFT and credit card convenience fees for your owners. Owner convenience fees are charged on a per bank account basis. To add convenience fees for owners, head to the ‘Accounting’ menu and click ‘Banking.’ Then, select the bank account enabled for ePay. From there, click the ‘ePay settings’ tab to set your convenience fees. Once your account is set up for ePay, you can enable and disable EFTs and credit cards for all of your owners who use that bank account in one click from the ‘ePay settings’ page.

Owner Contributions | Buildium Software Feature Updates

Adding owner contribution payments will close out a 500+ vote item on Buildium’s Suggest a Feature page. We’re very excited to hear your feedback! Leave us a comment below, then be sure to subscribe to our blog for more feature updates and industry news.

Jessica Schanzer

Jessica Schanzer

Jessica Schanzer is a Product Marketing Manager at Buildium. Outside of work you can find her playing video games or trying a new restaurant.

  • Matt Kastner

    Able to locate settings and have activated the feature for all owners. But when I try to send a request it just says “Oops, something went wrong during this request” no matter what I do.

    • Buildium

      Hi Matt – this is a known issue that we are working on. We will have it resolved as soon as possible!

    • Buildium

      Hi Matt, this issue has been resolved. Hope you enjoy the new feature!

      • Matt Kastner

        Just tested and it is indeed working. This will be helpful, but I can see a number of problems coming up with the formatting. The contribution request task is just a standard task and there is no link to the “send funds” system that accompanies this task nor way to precreate any of the information that will actually appear in the payment for the owners. I can really see issues with owners not applying funds to the right property (even if clearly instructed) and would prefer the ability to create an invoice of sorts that makes payment for them easier.

        Similarly, I don’t see any means to be able to allow the owner to pay to more than one epay account. Specifically, I’m thinking of when we take on a new property and the owner hands over deposits, I would prefer to be able to have them send funds directly into that account as it makes bookkeeping easier.

        We will still use this system, and I appreciate the upgrade, but these changes would improve usability dramatically.

        • Buildium

          Hi Matt, thank you for your honest feedback! We always appreciate it, especially when it comes to new releases. In regards to connecting the task functionality to the contribution payment, this is something we’ve been looking into, so stay tuned regarding any updates. As for splitting payments into multiple ePay accounts, the functionality currently works as our tenant payments do – the default operating account for each property will be the account the money will fund into. As a workaround for when you do get a new owner, if your security deposit account is set up for ePay, you can set it as the default temporarily, receive the funds, then change the operating account to the default for rents.

  • KcBizz

    This is a much needed improvement!

    • Buildium

      Thanks so much!

  • Brian Flounders

    GREAT! Thank you!

  • Glenn Russell

    Brilliant! we have needed this capability. well done!

  • http://www.rentcentralpa.com Glenn Lehman

    So can an owner send funds without us sending them a request through buildium?

    • Buildium

      Hi Glenn, yes – owners can send funds without being requested to do so. The bank account being used must be enabled for ePay and the owner must be enabled to send funds.

      • http://www.rentcentralpa.com Glenn Lehman

        Thanks I missed the need to set that up the bank accounts. I should have read the above all the way to item 5.

  • Janice MacMillan

    Have been waiting for this since signing on. Fabulous!

  • STST

    Glad to see something like this get prioritized vs. just another add-on service to increase Buildium’s revenue. Shows you actually care about your customer’s needs and not just your own. Thank you.

  • Shawn Empson

    Marvelous… This is a biggie!
    Thanks

  • Monica

    Fantastic !