Direct announces first-to-market payment remittance tool Payout

Thursday 15 November 2018 10:40 CET | News

US-based B2B software startup Direct has launched a new tool called Payout, which allows vacation rental management companies to remit payments.

The Accounts Payable (AP) automation tool allows users to track, adjust, and remit reservation payouts to owners associated with their units, and invoice payments to contractors servicing the units.

It all starts at the property unit level, where managers are able to group units into various portfolios, and then connect their Trust Accounts (escrow accounts where reservation funds flow into) to individual units or portfolios. Property owners, individual contractors, and even vendor companies associated with units are then given access to their own accounts, within which they can add tax information, and connect direct deposit accounts for payouts.

The fintech solution from Direct harnesses the power of Stripe to withdraw funds from the correct Trust Account and process deposits into each payees bank account, either automatically or at the click of a button. From there, statements & notifications are automated, and earnings summaries are updated in real-time within each account.

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Keywords: direct, US, account payable automation, AP automation, payment remittance tool, payout, B2B software startup, B2B payments, Stripe, Trust Account
Countries: World