Setting Up a Dwolla Account for Residential Properties
Setting up a Dwolla Account for Residential Properties
What is Dwolla?
Dwolla is a payment processor that your end user will engage with for payments that are processed with a bank account. Dwolla deposits funds on a per transaction basis into the property's bank account after two business days. Dwolla only accepts payments for charges that appear on the users ledger within the payments feature such as paying for work orders or reservations.
Where can I find Dwolla on the Admin Portal?
Once you are logged onto the Admin Portal, you will select Advanced on the left-hand navigation bar. Once you are in Advanced, you will select Payment Settings. Dwolla Authorization will be the second option in Payment Settings.
How do I set up Dwolla?
Step 1
Log onto the Admin Portal and select Advanced on the left-hand navigation menu. Then select Payment Settings and scroll down to Dwolla Authorization. Select Add Bank Account.
Step 2
Select which verification option you prefer: Instant Verification or Manual Bank Verification. Instant Verification will direct you to Plaid to sign into your bank account. You will be able to instantly verify your banking account information on Plaid. Choosing Manual Bank Verification will have you manually enter your bank account information and then you will need to verify that the information is correct.
NOTE: You do not need to do both verification processes. This article will walk through both Instant and Manual Verification.
Step 3 - Instant Verification
Once you select Instant Verification, you will be taken to Plaid (within Dwolla section of the VTS Rise platform). Select Continue and search for your bank. Select your bank and then Continue. This will open a new window where you will log onto into your bank account. Once you have completed your banking information, you will be taken back to the Payments Settings on the Admin Portal where you will now see your account information under the Dwolla section.
Step 4 - Manual Bank Verification
After you select Manual Bank Verification, the platform will ask you to input several pieces of information. The following fields are common questions we receive on what information to enter:
- Legal First Name = Legal First Name of Authorized Contact on Bank Account
- Legal Last Name = Legal Last Name of Authorized Contact on Bank Account
- Account Holders Email = an inbox that will receive all ACH payment notifications. Rise recommends setting up a separate inbox.
- Business Classification = Services - Other (these come from Dwolla, so this is fine)
- Industry Classification = Real Estate - Other
In 2-3 business days, you will see two deposits of less than a dollar in your banking account. Once you see the deposits, you will need to come back to the VTS-Rise platform, select the three dots next to your bank account information, select Verify, and then input the two transaction amounts that were on your bank statement. This verifies that all your banking account information is accurate. Once verified, your bank account information will display in the Dwolla section of Payment Settings.
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