Adding A New Payment Method To Your Appfolio Account: A Step-by-Step Guide

Appfolio is a powerful property management software that streamlines rent collection, vendor payments, and other crucial financial operations. One of the key features that makes Appfolio so efficient is its ability to handle multiple payment methods. Whether you're a property manager looking to add a new bank account for owner distributions, or a tenant wanting to pay rent from a different card, understanding how to add and manage payment methods is essential.

This guide will walk you through the process of adding a new payment method to your Appfolio account. We'll cover both adding bank accounts and credit/debit cards, ensuring you can manage your finances within the platform with ease. By following these steps, you can avoid payment delays, streamline your accounting, and maintain a smooth operational flow.

Let's dive in!

Adding a Bank Account (For Owners and Property Managers)

Adding a bank account to your Appfolio account is crucial for receiving owner distributions, paying vendors, and other financial transactions. Here's a step-by-step guide:

1. Access the Banking Section:

  • Log in to your Appfolio account using your credentials.
  • Navigate to the "Banking" section. This is typically found in the main menu on the left-hand side of the screen. Look for an icon that resembles a bank or a money bag.
  • If you don't see the "Banking" section, you may need to adjust your user permissions or contact your Appfolio administrator.

2. Initiate the Account Addition:

  • Once in the "Banking" section, look for an option to "Add Bank Account" or "Connect Bank Account." The exact wording may vary slightly depending on your Appfolio version.
  • Click on this button to begin the process of adding your new bank account.

3. Choose Your Verification Method:

Appfolio offers two primary methods for verifying your bank account:

  • Instant Verification (Recommended): This is the fastest and easiest method. Appfolio uses a secure third-party service (often Plaid) to instantly verify your account details. You'll need your online banking username and password.

    • Select the "Instant Verification" option.
    • Choose your bank from the list provided. If your bank isn't listed, you may need to use the manual verification method.
    • Enter your online banking username and password.
    • Follow the on-screen prompts to complete the verification process.
    • Important Note: Appfolio does not store your online banking credentials. The third-party service handles the verification securely.

  • Manual Verification (Micro-Deposits): This method involves Appfolio sending two small deposits (micro-deposits) to your bank account. You'll then need to verify the amounts to confirm ownership.

    • Select the "Manual Verification" option.
    • Enter your bank account information, including the routing number and account number. Double-check these details carefully to avoid errors.
    • Submit the information.
    • Appfolio will send two small deposits to your account within 1-3 business days.
    • Once you receive the deposits, return to the "Banking" section in Appfolio.
    • Locate the bank account you added and enter the amounts of the two micro-deposits.
    • Submit the verification.

4. Configure Account Settings:

  • After your bank account is verified, you'll need to configure its settings. This includes:
    • Account Name: Give your account a descriptive name (e.g., "Operating Account," "Owner Distribution Account").
    • Account Type: Specify the type of account (e.g., Checking, Savings).
    • Default Account (Optional): You can set this account as the default for certain transactions, such as owner distributions or vendor payments.
  • Save your settings.

5. Test the Connection (Optional):

  • To ensure the connection is working correctly, you can perform a small test transaction, such as sending a small payment to yourself or a trusted contact.

Adding a Credit or Debit Card (For Tenants)

Tenants can add credit or debit cards to their Appfolio accounts to conveniently pay rent online. Here's how:

1. Access the Payment Methods Section:

  • Log in to your Appfolio tenant portal.
  • Navigate to the "Payments" or "Payment Methods" section. The exact location may vary depending on your property management company's configuration.

2. Add a New Card:

  • Look for an option to "Add Payment Method" or "Add Card."
  • Click on this button to begin the process.

3. Enter Card Details:

  • Carefully enter the following information:
    • Card Number: The 16-digit number on the front of your card.
    • Expiration Date: The month and year your card expires.
    • CVV: The 3- or 4-digit security code on the back of your card.
    • Name on Card: The name as it appears on the card.
    • Billing Address: The address associated with your credit card statement.

4. Save the Card:

  • Review the information you entered to ensure accuracy.
  • Click "Save" or "Add Card" to save the payment method to your account.

5. Set as Default (Optional):

  • If you want to use this card as your primary payment method for rent, you can set it as the default.

Important Considerations for Tenants:

  • Convenience Fees: Be aware that your property management company may charge a convenience fee for paying rent with a credit or debit card. Check with them directly for details.
  • Card Security: Appfolio uses secure encryption to protect your credit card information. However, it's always a good practice to monitor your account for any unauthorized activity.
  • Accepted Card Types: Confirm which card types (Visa, Mastercard, American Express, Discover) are accepted by your property management company.

Troubleshooting Common Issues

While adding a payment method to Appfolio is generally straightforward, you may encounter some issues. Here are a few common problems and how to troubleshoot them:

  • Incorrect Routing or Account Number: Double-check the routing and account numbers you entered. Even a single digit error can prevent verification.
  • Bank Not Supported for Instant Verification: If your bank isn't listed for instant verification, you'll need to use the manual verification method.
  • Micro-Deposits Not Received: Allow 1-3 business days for the micro-deposits to appear in your account. If you haven't received them after this time, contact your bank to confirm that they haven't been blocked or rejected.
  • Verification Fails Repeatedly: If you're having trouble verifying your account, contact Appfolio support for assistance. They can help you troubleshoot the issue and ensure your account is properly connected.
  • Card Declined: If your credit or debit card is declined, contact your bank or credit card company to find out why. Common reasons include insufficient funds, incorrect billing address, or a blocked transaction.

Conclusion: Streamlining Your Financial Operations with Appfolio

Adding and managing payment methods in Appfolio is a crucial step towards streamlining your financial operations. Whether you're a property manager handling owner distributions or a tenant paying rent, understanding this process empowers you to manage your finances efficiently and effectively. By following the steps outlined in this guide, you can ensure smooth transactions, avoid payment delays, and maximize the benefits of using Appfolio. Remember to double-check all information before submitting and don't hesitate to reach out to Appfolio support if you encounter any difficulties. Happy managing!