Whether you are making or accepting payments electronically, connecting your payment methods and deposit bank accounts is going to be the first step to complete. Payment methods and deposit bank accounts are what enable your ManageCasa account to have money flowing electronically through the system.
There is a major difference between a deposit bank account and payment method: the former lets you tell the system where to deposit money into, and the latter allows you to make payments out to other users. Connecting a bank account as a deposit method does not automatically connect it as a payment method. If you use the same account to both collect and initiate payments, you must connect it as a deposit account and a payment method to ensure you can use it for both.
Here is a table with some key differences between deposit bank accounts and payment methods:
|Deposit Bank Account
|Must be a bank account
|Can either be a bank account or debit/credit card
|Can only be added by property managers, association users, homeowners, and service pros
|Can be added by any user
|No micro deposits required for manual connection
|Requires micro deposit amounts to be submitted for manual connection
|Company verification required
|No company verification required
|Used for accepting payments
|Used for making payments