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CHICAGO, Nov. 14, 2018 /PRNewswire-iReach/ -- Direct™ announced last month at the VRMA International Conference in Las Vegas its new tool called "Payout," which allows vacation rental management companies to effortlessly remit payments to property owner clients, housekeepers, and maintenance staff.
The first tool of its kind in the space, the Accounts Payable (AP) automation tool, which is native to Direct™, allows users to securely & easily track, adjust, and remit reservation payouts to owners associated with their units, and invoice payments to contractors servicing the units.
"We've been in the industry for close to a decade, and when it comes to paying out our clients and contractors it has always been a headache...writing checks, copy/pasting dollar amounts into our ACH system--we've always been in search for a better way," said Wes Smithe, Direct™ CEO and Co-Founder. "Thanks to recent advances in web technology, and a some innovation on our part, suppliers using our unified system can do away with the laborious month end reconciliation process, and vendors can be paid promptly, not necessarily 30 days out. This provides real-time cost of business. We're very excited to share this with the market."
So how does it work? 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 state of the art, custom fintech solution from Direct™ harnesses the power of Stripe to automatically withdraw funds from the correct Trust Account and instantly process deposits into each payee's 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.
The tool is made more powerful by "Maintain," a fully-integrated vendor workflow tool the company also announced at the trade show.
"Maintain allows our users to manage maintenance of their entire portfolio with our proprietary Computerized Maintenance Management System (CMMS)," said Chad O'Farrell, Direct™ CBDO and Co-Founder. "In conjunction with Payout, property managers can automatically or manually issue work orders to contractors, fully-automate the work report and invoicing process, and easily keep tabs on jobs in progress."
Founded in 2017, Direct™ is a next-gen enterprise property management system (PMS) with a proprietary channel manager, website builder, automated staff workflows, integrated payouts, and much more. By providing everything managers need to succeed in one sleek package, the company, which has roots in vacation rental property management and B2C marketplaces, aims to allow professional vacation rental managers to save money, get more organized, increase operational efficiency, and focus on what matters most: generating more revenue, growing portfolio size, and providing great service.
Learn more about Direct™ - https://www.getdirect.io
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Media Contact: Press Inquiries, Direct™, 1-312-878-4576, [email protected]
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