You can send distributions via ACH and Check in one seamless process, directly from your SyndicationPro account.


Key Benefits

  • Save time. Payments are integrated directly into the distributions module of each deal, giving you a streamlined way to add distributions and make payments in one simple workflow.
  • Reduce errors. Investor’s can update distribution preferences in real-time and tailored workflows make getting these details from investors a simple one-click process.
  • Provide better customer service. Investors will receive payments quicker than ever before. 
  • Increase transparency. Your team and your investors see real time updates related to the status of each payment e.g. Initiated, Pending, Settled for ACH payments and the Est. Delivery Date along with Date Delivered for Checks. 
  • Specialized workflows. From one page you can view all of your investor’s distribution preferences and with one click send reminders to investors to complete their profiles. Easily send one-off distributions and manage incomplete payments.


Pricing

  • $50/mo(recurring fees) to activate, includes unlimited offerings
  • $0.49 per ACH and $5 per check (printed & mailed with tracking)
  • $10/mo per additional source bank account
  • $3 per ACH reversal
  • $5 one-time account verification fee


Overview




Setup


Step 1: Click on "Payments" from the main menu and then click "Get Started" or "Subscribe"


Step 2: From the Settings tab fill out all of the required details under "Account Details" in order to create your account. Your information will be verified and if required, additional documentation like a picture of your ID will be requested.


If no additional documents are required, then verification will happen within seconds. If additional documents are required it could take 1 to 2 business days to verify and create your account.


Step 3: Once step 2 is complete and your account is "Verified" you will click "Add Bank Account" on the same payment Settings page.


You will receive two micro-deposits to your bank account within 2 to 4 business days. Once you have received these deposits then you will enter the amounts to verify the bank account. Once verified, you are ready to send payments!



 How to Send Payments


With your setup complete, you can send ACH and Check payments directly from the "Distributions" tab of each offering. 


You can import distribution amounts or use our calculator and then click "Continue to Payments"


At this step you review the distribution preferences for each investor and, if required, send an email notification to your investor(s) to add their distribution preferences. 


If an investor has incomplete distribution preferences, you can still submit all payments and pay the investor who does not have these details set at a later time directly from the "Transactions" tab under the Payments page. 


You will also see the option to pay All Investors or choose a Single Investor under the Distributions tab of each offering.


ACH payments take 3 to  business days to settle to the investor's account while checks are typically delivered within 5 business days. 



Payments Status


Both ACH and Checks will display the status of the payment under the Transactions tab of the Payments page. This status will also be displayed to investors so complete transparency is maintained. 


ACH payments display as Pending until Settled. The payment date will be updated to the date that the payment is Settled to the investor's bank account. 

Checks will include an estimated delivery date and then display the delivered date.



How Payments Look


The business name or DBA you use to create your payment account will be listed on the ACH bank line for your investors to reference. We can not customize how this comes across. 


Checks will also have your business name or DBA listed and the memo of the check will include the memo you included when added the distribution in addition to the offering name.


ACH transactions on your funding bank account will come across as "SyndicationPro" and are in batches. For example, if you add a $200,000 distribution to an offering which has 25 investors, then you will see $200,000 drafted from your bank account.



Cancel a Payment 


Upon submitting a transaction you will have 10 seconds to cancel, after which point the payments will be submitted and you will not have the ability to cancel them. For this reason, it is critical to ensure that the transactions you submit are accurate and without errors. 


ACH Reversal

This feature will be coming soon but as of right now you cannot reverse an ACH payment. If you made a mistake and paid an investor too much then that investor will need to issue a payment back to you.


Void a Check

To void a check you can contact your banking institution and provide them the check number so they can issue a stop payment.



Transfer Limits


ACH has a single transfer limit of $25,000. Transactions larger than this will be automatically broken up into multiple transfers. For example, sending $40,000 to an investor would result in one $25,000 and one $15,000 transfer on the same day. This limit will be increased overtime.


The maximum single check size is $1,000,000.


There are no daily, weekly, or monthly aggregate transfer limits.



Miscellaneous


  • In order to support ACH payments to IRA Custodians we will give you the option to add one or more emails to the investor's bank account to receive distribution notifications. This way you can add the custodian's email(s) and they will receive the distribution notification email so they can reconcile the payment correctly. 
  • Currently we allow you to setup one payment account and add up to 6 bank accounts to pay from. We will be launching an enhancement which will allow you to setup a payment account for each of your offerings and therefore can have an unlimited amount of bank accounts. This also means that each distribution payment would come from the offering entity name directly vs. your brand name.