We’re excited to release Stessa Cash Management—the banking product purpose-built for real estate investors.
There are many benefits to having a dedicated checking account for your real estate portfolio, like simplified income, expense tracking, and prevention of commingling of assets. But with checking accounts through Stessa Cash Management, both businesses and sole proprietors can enjoy competitive cash-back and annual percentage yield (APY) rates, no account maintenance fees, no hidden fees, and seamless integration with Stessa’s financial tools. With Cash Management, investors can also set up online rent payments through Stessa and automate the entire rent collection process.
Individual real estate investors account for 74.4% of rental properties in the U.S., and many manage their properties completely on their own. Manually collecting rent checks and tracking expenses gets complicated quickly, and the more properties an investor owns, the more disparate critical data can become.
Stessa Cash Management helps investors remedy the often-clunky banking and money management experience. Investors can set up property-specific checking accounts and debit cards linked to those accounts for complete control over expense tracking and make easy transfers and wires between Cash Management and external accounts. Plus, all transactions flow seamlessly into Stessa, which means generating real-time reports and preparing for tax time is even easier.
Built for beginning investors, LLCs, and everyone in between
Whether you open a Cash Management account as a sole proprietor or as a business, the process can easily be completed online. All accounts offer the same competitive interest rates and include:
- Physical and virtual debit cards with unique account numbers for each property or portfolio to make record-keeping easy
- Unlimited free sub-accounts (to organize finances by property, security deposits, etc.)
- 1.1% cash back
- $5 wire send fee, with no wet signature needed
- 0.85% national APY
- No minimum balance requirements, no maintenance fees, and no inbound wire fees
- Integration with Stessa’s real-time insights and key financial reports
“Many incumbents in banking are unable to cater to the unique needs of modern real estate investors,” said Gary Beasley, CEO and co-founder of Roofstock. “By building meaningful integrations specifically designed to meet the needs of investors, we have eliminated complex money management as yet another pain point for investors, offering a true one-stop shop for our users to buy, sell, and manage single-family rentals.”
“Investors focused on scaling their portfolios require specialized solutions to manage their assets, whether it’s one property or a hundred,” said Heath Silverman, vice president of retail product at Roofstock. “Stessa Cash Management offers a simple, purpose-built experience for growth-oriented investors, all seamlessly integrated with Stessa’s financial management solutions that hundreds of thousands of investors already know and love.”
Put rent collection on autopilot
With Cash Management, investors can further streamline their property management with online rent collection. It allows investors to automate the manual parts of collecting rent, like depositing rent checks, and tracking payments for financial reporting. Soon, tenants will be able to set up recurring payments so they can avoid late fees and ensure they pay on time, every time.
Today’s peer-to-peer (P2P) payment tools are becoming increasingly problematic for rent collection. Not only do they pose threats to landlords—such as through the inability to block partial payments in the case of an eviction—but some prominent P2P payment platforms also prohibit users from using free consumer accounts to collect rent, since rent payments are considered commercial transactions. Instead, landlords must use business accounts, which charge fees per transaction. Because these tools aren’t purpose-built for landlords collecting rent, they require extra work when it comes to accounting.
With Stessa, landlords have complete control and can disable rent payments with one click, revoking tenant access immediately. And, there are no fees for tenants or landlords. Stessa has robust security measures in place to keep tenant payment information safe and secure, so everyone has peace of mind.
Stessa Cash Management allows even beginning real estate investors to better understand their portfolio’s status and growth potential with intuitive, easy-to-access analytics and information, as well as access to other valuable tools and resources directly within Stessa. With its fully integrated platform encompassing buying, managing, and selling investment properties, Stessa enables anyone to achieve their unique investment goals.
- Account holders can earn 1.1% cash back on debit card purchases. Cash back earned each month will be credited to your account by the next month’s statement cycle. ATM transactions, the purchase of money orders or cash equivalents, loan payments, and account funding made with your debit card are not eligible for cash-back rewards. No minimum opening deposit and no minimum balance requirements.
- Annual percentage yield (APY) of 0.85% is effective as of 5/18/2022. This is a variable rate, and it may change after the account is opened. Fees could affect earnings on the account.
Stessa Cash Management is a financial technology company, not a bank. Banking services provided by Blue Ridge Bank N.A., Member FDIC.
The Stessa Cash Management Visa® Debit Card is issued by Blue Ridge Bank N.A., pursuant to a license from Visa U.S.A. Inc., and may be used everywhere Visa debit cards are accepted.