If you ever receive a frantic call from a tenant who made a payment by mistake and need help canceling the transaction, you will now be able to cancel a tenant payment with the new void online payment feature in Rentec Direct. 

The new void online payments feature gives you the option to cancel an online financial payment that was initiated through your Rentec Direct property management software. This void payment feature is a convenient way for you to ensure accuracy in your financial transactions.

A payment void is when a financial transaction is canceled before the funds have been settled by the cardholder’s bank and before any funds have been received by the merchant (that’s you!). For example, if a renter makes an online rent payment in the wrong amount, you can void the transaction before any money has been transferred between your accounts. 

Payment voids are different from refunds, since a void is canceling a payment before it’s been processed. Refunds take place after funds have already been processed by the payee’s bank and distributed to the merchant.  

*Update as of June 4th 2024:*

The void feature has been updated to also now zero out any associated fees related to the transaction being voided. Fees may include convenience fees or property management fees directly associated with the payment. When the void is successfully processed, the transaction and all fees will show a $0.00 amount and show VOIDED in the memo field.

Void Online Payments in your Rentec Direct Account

If a payment is made in an incorrect amount or to the wrong recipient, it’s important to take action quickly. A void should be requested by 4pm pst on the same day the payment was initiated. Remember that a void is canceling a payment before any funds have been transferred. Most transactions are processed by 4pm pst each day, so a void likely will not be possible after that time. Once a transaction has been processed the only option will be to provide a refund to the payee.

Prior to this new feature release, the Rentec Direct Client Success Team would manually assist in voiding transactions.  

Clients now have the option to void the payment, allowing a new one to be processed with the correct information. By voiding a mistaken payment, you can ensure that the correct amount is paid and avoid any potential issues or complications.

This new feature allows you to instantly void different types of online payments, like:

  • Tenant payments
  • Rental application fees
  • Vendor payments
  • Owner disbursements
  • Owner contributions

How to Void Online Payments 

Voiding online payments is extremely secure and quick in your Rentec Direct account. 

The following steps will explain how to perform a void in each of the five scenarios:

How to void a tenant payment

In your Rentec Direct account:

  1. Click on Tenants
  2. Right click on the Tenant and select View Ledger
  3. Right click on the payment and select Edit Transaction
  4. Click on Void Transaction
  5. Approve the notice confirming that you want to void the transaction

If the option to “Void Transaction” is not visible that means the transaction has already been processed and the void window has expired. 

How to void rental application fees

In your Rentec Direct account: 

  1. Click on Properties
  2. Click on Applications
  3. Click on the Application to view the full application
  4. Click on Void next to Fees Received 
  5. Approve the notice confirming that you want to void the transaction

If the option to “Void Transaction” is not visible that means the transaction has already been processed and the void window has expired. 

How to void a vendor payment

In your Rentec direct account:

  1. Click on Properties
  2. Click on View Ledger
  3. Right click on the payment and select Edit Transaction
  4. Click on Void Transaction
  5. Approve the notice confirming that you want to void the transaction

If the option to “Void Transaction” is not visible that means the transaction has already been processed and the void window has expired. 

How to void an owner disbursement or contribution

In your Rentec Direct account:

  1. Click on Owners
  2. Right click on the Owner and select View Ledger
  3. Right click on the payment and select Edit Transaction.  If the transaction is a split transaction, click Edit Primary Transaction to get to the primary transaction first. 
  4. Click on Click on Void Transaction
  5. Approve the notice confirming that you want to void the transaction

If the option to “Void Transaction” is not visible that means the transaction has already been processed and the void window has expired.

Here’s a little more information to help clarify what a void is, who can process a void, how quickly the void occurs, and more helpful details.

What does it mean to void a payment?

  • When an online debit or credit card payment is void this means the payment was stopped before any funds transferring out of the cardholder’s account.
  • Even when a payment has been voided, it may show up as a pending transaction on the customer’s account statement for a short period of time.

Note: For further clarification of what a void is and how it works, click here.

Who can void online payments in Rentec Direct?

  • Any Manager or User with permission to Allow Editing of Transaction Amount can void online payments. 

Note: Click here for more information about setting user permissions in Rentec Direct.

When can voids be processed?

  • Voids can be processed the same day the payment was entered
  • The cutoff time for most voids is 4 pm PST
  • For transactions processed later in the day, the void window may last until midnight.

Pro Tips: 

  • It takes approximately 30 seconds for the void to be in effect
  • If an online payment was entered on a weekend or holiday, the void can be processed the following business day

How to verify a payment was void?

There are a few ways to confirm a payment was void in your Rentec Direct account:

  • The dollar amount of the payment will be changed to “0”
  • The memo in the transaction will indicate “Void”

In Reports

  • Online Payment reports will have an indication of “Voided”

Pro Tips:

  • If management fees are generated from rental income, the fee will need to be manually removed from the property ledger or changed to “0” following these steps in the Rentec Direct knowledgebase
  • If tenants are set up for Send Payment Emails auto notification, you may want to send a clarifying message after a payment has been void. Click here for more information on Sending Email Messages to Tenants, Owners, and Vendors
  • If your selected preference is for application fees to not show on the property ledger, there will be no indication on the property ledger of the void

FINAL THOUGHTS

Our goal is always to make landlords and property managers’ tasks simpler, quicker, and more efficient. One of the ways we accomplish this is by listening to you and your feature requests. If there is anything you would like to see added to enhance your Rentec Direct experience, please send your ideas and suggestions to success@rentecdirect.com.

Rentec Direct is an award-winning property management software serving landlords and property managers across the United States. Features include online rent payments, tenant and owner portals, one of the industry’s largest vacancy listing syndication networks, full property, tenant, and owner accounting, 1099-MISC reporting and more. Rentec Direct was recognized as Real Estate Company of the Year in the 2023 American Business Awards®, and was named in the Most Customer Friendly Companies of the Year in the 2022 Best in Biz Awards, has been named in the Inc. 5000 List of Fastest-Growing Private Companies for seven years in a row, and 2024 one of the 100 best companies to work for in Oregon.

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