Vendor Payments

• Payments·Vendor Payments

  How much time does moving to online rent payments actually save?

  Operators who move tenants onto pre-authorized debit or Interac e-Transfer save roughly ten hours a week per property in back-office time, because the collection, the deposit and the ledger entry stop being three separate manual tasks. On the payables side, paying a supplier by EFT rather than cutting a cheque saves two to three dollars per payment once postage, cheque stock and the handling time are counted. Both numbers scale with the size of the portfolio.

• Payments·Vendor Payments

  Can I pay owners their net proceeds through Kompas?

  Not yet — Kompas collects rent and pays vendors electronically, but owner distributions and net-proceeds payouts are not something you can execute in the platform today. Your owner statements and entity-level financials are there to determine what is owed, and the payment itself has to be made through your bank.

• Payments·Vendor Payments

  What do I need from a vendor before I can pay them by EFT?

  You need their banking details or a void cheque, and that is the whole setup. Once the vendor record carries valid account information, every EFT payment you send is accompanied by an automated remittance email showing which invoices were paid, the reference number and the settlement date. Canadian accounts require a transit, institution and account number; US accounts require SWIFT or ACH details. Payments outside North America are not supported.