Best practice for Stripe accounts for managing others money

[Carl Vidal]

I am on boarding my first property owners, and I will be doing the marketing for them at their properties. For my services they will be paying me a percentage of the rent for each booking.

I currently have a stripe account set up for my own properties. I am looking to now set up a separate stripe account for properties that I manage for others. Ideally I would like every owner to have their own stripe account so I can keep funds separated and never commingle funds between owners. However having multiple accounts seems very complex and time-consuming.

I know stripe has connected accounts or I could essentially have sub accounts under the master but I haven’t figured out how to link this into MYVR.

I am hoping to get best practices from the community here on the best way to set up the accounts for ease of use, and also with financial best practices in mind. I appreciate any feedback that you have.

[Jess Milligan]

Hey @Carl-Vidal ,

Merchant Accounts are linked to Booking Policies, and Booking Policies are tied to properties (in the settings section of a property profile). The good thing about Booking Policies is that you can simply make a copy of an existing one, and change one thing (the bank account it’s tied to), or change many things. See a refresher on them here. Here’s also a link to setting up multiple Stripe Accounts.

Additionally, here’s our Comprehensive Guide to Adding New Inventory page created to help guide you through what to consider when onboarding more properties.

[Joseph Sennish]

Stripe is actually fairly easy to separate. Our Challenge has always been funds coming in from our Strategic Partners Booking Platforms.

The California DRE views everything 31+ days as a Long Term rental and we have had to revise our accounting practices across the board to accommodate those longer rentals.

So, AirBnb, VRBO, etc. have always paid into just one Trust Account. Thats something we would love to get a better handle on.

[Carl Vidal]

@jess-milligan Thank you!

[Carl Vidal]

@joseph-sennish said in Best practice for Stripe accounts for managing others money:

ys as a Long Term rental and we have had to revise our accounting practices across the board to accommodate those longer rentals.
So, AirBnb, VRBO, etc. have always paid into just one Trust Account. Thats something we would love to get a better handle on.

Thank you!