corporate payments The financial services company Equity Trust Company and FinTech Onbe are collaborating on a project that, according to the businesses, would modernize how investors pay real estate charges inside of their self-directed individual retirement plans (IRAs).
The companies stated in a news release Thursday (August 25) emailed to PYMNTS that “Expense Pass, managed by Onbe on behalf of Equity Trust, eliminates the need for traditional checks and ACH [Automated Clearing House] and delivers a modern, agile disbursement program via virtual and physical cards, reducing the time to deliver funds for Equity Trust real estate investors.”
In addition, property owners can pay for HOA dues, utility bills, property taxes, insurance, repairs, and renovations using the Expense Pass, as well as make purchases at stores associated with real estate.
A virtual or physical card that is linked to Apple Pay, Samsung Pay, Venmo, or PayPal can be requested by real estate investors and used to pay contractors and other third parties.
According to Tracy Monson, chief product officer of Onbe, “We’re teaming with Equity Trust to bring a frictionless payment experience to their real estate portfolio investors.” Real estate investors may now access their assets more quickly thanks to the Expense Pass program, which reduces the time it typically takes from up to a week.
Onbe in “Expanding Payments Choice” study.
She clarified that her organization makes it easier to manage foreign exchange (FX), cross-border salary access, and payments by facilitating transfers to more than 180 nations.
“These employers stand out because they make sure you have a payment solution and that you have the proper agreements in place to receive payments to individuals in 180-plus countries,” Monson said.
