We’re excited to announce a significant update to RentRedi’s payment account verification process! Landlords can now verify their payment accounts instantly with our new Instant Manual Verification feature, bypassing the previous Stripe verification step. This streamlined process allows landlords to enter their routing and bank account numbers directly, without having to wait 24-48 hours for Stripe's micro-deposit confirmation.
This update improves the setup process, enabling landlords to start receiving payments faster and with less hassle.
What’s New in the Verification Process?
RentRedi now offers three options for verifying bank accounts when setting up payment accounts:
Stripe Verification (Current Method)
Automatic Verification: Stripe verifies the bank account by connecting directly to the financial institution. This process can take time and may require additional steps from your bank.
Manual Verification: Users manually enter their bank account details and receive a verification code via email. To complete the process, users must input the code from the microdeposit.
RentRedi Verification (New Instant Verification)
Instant Verification: The new Instant Manual Verification option allows landlords to skip the wait for micro-deposit verification. Simply enter your routing and bank account numbers, and the system will verify the account instantly—no additional steps needed!
Key Features of Instant Manual Verification
No Verification Code Required: The process eliminates the need for a verification code sent by Stripe via micro-deposit.
Instant Setup: Landlords can complete their payment account setup immediately by entering their routing and account numbers.
Streamlined Process: Once the account details are entered, the system verifies them in real-time, so there’s no need to wait for confirmation.
No Follow-Up Steps Needed: Once verified, the account is ready to receive payments right away—no additional steps required.
This updated verification method offers landlords a faster, more efficient experience, enabling them to start receiving payments immediately.
How to Use Instant Manual Bank Account Verification
To use the Instant Manual Verification feature, follow these simple steps:
Step 1: Log into the RentRedi Dashboard
Log into your RentRedi account and navigate to the Payment Account Page.
Step 2: Go to the Bank Info Section
In the Bank Info section of the Payment Account page, you’ll find the “Manually Verify Bank Account” option.
Click on this option to begin the verification process.
Step 3: Enter Your Bank Account Details
You will be prompted to enter the following information:
Full Name: The name of the account holder.
Routing Number: Your bank’s routing number.
Bank Account Number: The number of your bank account.
Account Type: Select either Checking or Savings.
Account Registration Type: Choose Individual or Business based on the type of account you have.
Note:
If you select Individual, ensure the name provided matches your personal account name (e.g., Jane Doe).
If you select Business, ensure the name entered matches your official business name (e.g., Main Street LLC).
Step 4: Instant Verification
Once you’ve entered the required details, the system will instantly verify your bank account. A green confirmation pop-up will appear, indicating that your bank account has been successfully verified.
Important Notes
Successful verification of your bank account does not mean that your payment account has been fully approved. It only confirms that the bank account has been successfully linked to RentRedi.
If additional review is required for your account, RentRedi's underwriting team will contact you to request more information or clarification.
Benefits of Instant Manual Verification
Faster Setup: You can complete your payment account setup immediately without waiting for micro-deposit verification.
Simplified Process: The elimination of the Stripe verification step reduces friction and speeds up onboarding.
Improved User Experience: Landlords no longer have to wait or take extra steps to confirm their payment details, making the process quicker and easier.