Rotessa Roundup | January 2021

2021: New year, same dependable payments! Our team – well-rested from the holidays – is planning a big year ahead full of partnerships, updates, and growth.

In this month's Rotessa Roundup, we share some education pieces along with an exciting announcement!

1. What are electronic funds transfers (EFT payments)? And how do I create one?

EFT payment for small businesses (electronic funds transfer)

You have probably sent or received EFT payments many times in your life, maybe without knowing it. Authorized your utilities or phone companies to automatically withdraw your monthly payments? That’s an EFT payment! Consumers, businesses, and government agencies use EFTs every day.

Read the full blog to get your step-by-step tutorial on creating agreements and accepting EFT payments.

2. Simplify your payment process with Rotessa and Hawkins & Co

Hawkins & Co. Accounting are some of the oldest friends and partners of Rotessa. Having them contribute to our blog and share their evaluation of us and our product is a true treat!

Over 5 years ago, when H & Co. was in its early years, we adopted Rotessa as the main payment option for our clients. ... Even then Rotessa hit the mark. Five years later and Rotessa continues to meet our needs and function well – in tech years that’s a long time!

Read the full blog with Allison Hawkins and Danielle Ramsten to learn more about them and payments

Something new!

Rotessa Roundup UI Announcement

In January our development team began working on a new Rotessa user interface! While we can’t release too many details yet, we’re confident that the new design will make your experience in the Rotessa app even more enjoyable. Be on the lookout for more new UI announcements in the coming months.

We’d love to hear from you

If you have any comments or feedback about any of our updates or changes, please let us know at support@rotessa.com. Your input helps us continue to make Rotessa better. Stay tuned next month for more exciting news and updates.


Simplify your payment process with Rotessa and Hawkins & Co

At Hawkins & Co. when we review software for clients, we look at key criteria to assess them against. Many criteria on the list are client-specific but there are a few that we consider on every software review we do. The top 3 criteria we always focus on are:

  1. User Interface - is it easy to use? How does it look when you log in? How many clicks does it take to get to what you’re looking for?
  2. Simplification - does it simplify a client’s process? Does it simplify the client’s interaction with their customers?
  3. Integrations - what does it integrate with? How does that integration work? Does the integration work consistently?

When we select software to use ourselves, we run through the same type of list. Over 5 years ago, when H & Co. was in its early years, we adopted Rotessa as the main payment option for our clients. We needed a system that was easy for collecting monthly payments from our clients. Even then Rotessa hit the mark. Five years later and Rotessa continues to meet our needs and function well - in tech years that’s a long time!

Now Rotessa’s even better - let’s rate Rotessa on our top 3 criteria then and now:

Key Aspect 5 years ago Today
User Interface 5 years ago

  • Clear menu options
  • Intuitive layout
  • Easy to read with not too many clicks to get where you’re needed
Today
It’s been refreshed but still carries through the same consistent easy to use interface
Simplification 5 years ago

  • Enabled us to set up a pre-authorized debit (PAD) request on a client by client basis
  • Used templates for us to send out to each individual client
  • Ability to set the dates, amounts and notes on payments in an easy to understand the layout
  • Reports made matching in Xero (our accounting system) easy
Today
Again it’s been refreshed and has allowed us to utilize a standard PAD request to our clients which makes it even simpler to roll out.  Just one link and done! Matching has now been made even easier with a new Xero integration!
Integrations
  • 5 years ago
    None that we were using at that time
Today
Now Rotessa integrates with Xero and we can set up our payments to automatically connect with Xero and match our clients invoicing.  Making reconciliation a breeze!

 

For Hawkins & Co., Rotessa has been a great solution that provides us with consistency and top-notch customer service. Our H & Co. payment process works well for our client payments but each business has different things to take into consideration.

So we wanted to invite Lissi Moffit, Communications Coordinator from Rotessa, to share other ways Rotessa can benefit your business:

At Rotessa, we are big fans of simple. We like to keep payments simple, reliable, and affordable.

Here’s an example of how most businesses get paid; As work gets done, or once the month is over, they send an invoice to their customers and wait for them to initiate a credit card payment or send in a cheque. The problem with this traditional payment process is:

You have no control over when you get paid. “Cash is king,” and everybody knows it. When you don’t have automatic payments set up, you are at the mercy of your customer and are probably waiting on them to pay you. Additionally, the true cost of credit cards is not small-business friendly. I understand that you want to give your customers every opportunity to pay you, but how much does this actually cost you? Most online credit card processors charge 2.9% on every payment.

If you invoice your client for $500 every month, that’s nearly $180 in fees a year for just one customer. Paying a flat rate per transaction, with automatic payments, gives you much better value and could literally save you hundreds (if not thousands) of dollars each month.

With Rotessa, you can integrate your payments with your account software and automatically schedule those bank payments with our feature Auto Sync. QuickBooks Online or Xero users who want to automate their workflow, simplify receivables, and get paid on time need Rotessa and Auto Sync.

We also give you the tools to manage multiple accounts all with one login. This feature is great for property managers, franchisees, daycare groups, bookkeepers, and anyone who is working with different accounts and businesses all in Rotessa.

Having the ability to collect payments easily, on a timely schedule, and with all the convenience of traditional digital payments, Rotessa and PADs help simplify your small business' payment process.


EFT payment transaction method Rotessa

What are electronic funds transfers (EFT payments)? And how do I create one?

What is an EFT payment?

EFT stands for electronic funds transfer. An EFT payment is a bank to bank transfer initiated by a payee when the payor gives the authorization to do so.

These types of payments move money across a network, between banks, and frequently replace paper methods for making payments like cash or cheques.
You have probably sent or recieved EFT payments many times in your life, maybe without knowing it. Authorized your utilities or phone companies to automatically withdraw your monthly payments? That’s an EFT payment! Consumers, businesses, and government agencies use EFTs every day.

Pre-authorized debits and direct deposits are made possible by EFTs

EFT payment example path

Direct deposits are credits sent to a recipient's bank account. Often, paycheques and government benefits are deposited this way. These are all done with an EFT.

Pre-authorized debits (PADs) are payments withdrawn from a bank account. PADs are typically used to charge recurring payments like rent, donations, utilities and more.

Businesses can use EFTs in these ways to send or receive payments from suppliers or clients. Customers can pay businesses faster and more reliably by using an EFT payment options. Sounds great, doesn’t it? Later in this post, we’ll outline more benefits of accepting EFT transfers.

How do businesses get started with EFTs?

If you want to accept EFT payments from your customers, you are legally required to receive authorization (and document it). The Canadian Payments Association is the governing body that outlines and regulates the rules of EFT payments in Canada. It may seem complicated at first, but it’s simple. Your customer agrees to pay you with an electronic funds transfer, and you’re not waiting for another payment ever again!

How to create an EFT agreement and get paid

This is what an agreement looks like for an EFT payment:

 

EFT payment (electronic funds transfer) authorization example

If you follow along with the number guides, here’s an explanation of the 8 requirements of the EFT agreement.

Contact Details - So the payor can get in touch with you.

Pre Authorized Debit Category - Is the payor a person or a business?

Timing - This outlines to the payor when the payments are to be taken out (i.e. weekly, monthly, bi-monthly, annual, on set dates or otherwise.) You also need to explain if each payment is to be triggered by a specified act, event or other criteria. If it’s to be triggered by a specific act, it needs to be clear on what that is.

Amount - So the payor knows how much is being taken from their account. If it’s an open or variable authorization, it needs to be clearly stated.

Authorization Statement - A clear statement that outlines authorization to withdraw funds from a particular account.

Recourse Statement - So the payor understands their rights to stop the agreement.

Cancelation Details - So the payor knows how to cancel the agreement.

Date of Agreement & Signature - If in a physical paper form

The next step is to find a payment processor because, in order to withdraw money from your customers’ bank account, you will need to find a processor who can facilitate the payment. This is typically your bank or a third-party payment processor.

Finding a third party EFT processor

Unfortunately, bank systems are pretty complicated and do not integrate well with your accounting system. Third-party processors usually have integrations and give you a much more competitive rate for lower volume transactions. The user experience is also way friendlier.

At Rotessa, for example, we have a tool that creates an authorization form for your EFT payments. You can email customers with a unique and secure link that this tool provides.

Setting up a payment

Once you've signed up with a processor you will get access to an online app. This app will allow you to set up and schedule payments from customers (once you get their EFT agreement). When setting up a payment, you need to outline the amount owing, the schedule and/or frequency of payments, and the number of installments.

Your EFT payments will now be automatically withdrawn from your customer’s account and deposited into yours according to the specified frequency and installment schedule.

EFT-Payment-PAD-ACH-Payment-setup-widget

With EFTs it is important that you remember that when you are scheduling payments, the processing date on your scheduled transaction is the day the money will be withdrawn from your customer’s account. With most processors, you will receive the settlement of funds a few business days later. Therefore, make sure to schedule accordingly.

On the settlement day, your payment processor will provide a settlement report of the EFT payments. With Rotessa, you get those reports for free and you can integrate them with your accounting software to reconcile those settled payments.

Four reasons to collect payments with EFTs

Reason 1: control

Most businesses receive payments by sending the customer an invoice and waiting for a credit card transaction or a cheque. This payment workflow can be a problem because it gives the customer the prerogative to initiate the payment. An EFT payment workflow, on the other hand, gives the prerogative to the business by allowing them to initiate payments from the customer.

As a business, you have no control over payments with credit cards and cheques. When you don’t have EFT payments set up, you are at the mercy of your customer and are probably waiting on them to pay you. You already provided your service, why should you allow your customers to choose when they pay for it? With EFT payments, you decide when payment is withdrawn from your customer’s bank account.

Reason 2: cost of credit cards

The true cost of credit cards is not beneficial to small businesses. Yes, you want to give your customers every opportunity to pay you, but how much does processing credit cards cost? Most online credit card processors charge 2.9% on every payment. So, if you invoice a client $500 you'll be paying almost $15 just to process one payment!

EFT processors don't charge a percentage fee (depending on which one you choose). With Rotessa, for example, that $500 invoice could cost as low as 30¢ to process! Businesses can save tens, hundreds or thousands of dollars every month with EFT payments.

Reason 3: timeline of cheques

Each time a customer sends you a cheque, you have to deposit it and reconcile it with your accounting platform. This is a time-consuming task that could be better spent on growing your business. With automatic EFT payments, you can schedule those payments in advance with no need to leave the office.

Reason 4: customer relationships

For many businesses, getting paid with other payment methods can create strained customer relationships. Not only is payment chasing frustrating, it can cause awkward confrontational interactions with customers. When a business and customer use an EFT they both agree on a processing date and an amount for the payment.

EFT payment for small businesses (electronic funds transfer)

EFT payments give you the ability to collect payments easily, on a timely schedule, and with all the convenience of traditional digital payments. Want to give EFT payments a try? Simply set up a free Rotessa account!


Rotessa: 2020-in-Review

2020 was a year that no one could have predicted. Throughout the new obstacles of working remotely, coming back together, and then working remotely again, there were also amazing opportunities for growth.

rotessa, 2020

In the summer of 2019, we announced we were building our new office building. By the start of 2020, we were settled into our new work-home! We already have so many fond memories of team lunches, foosball tournaments, and collaborative meetings held within those walls.

In January we also began our feature of Rotessa customers, starting with Amy Howe of Howe Fit. Gym owner and coach Amy Howe has used Rotessa since the beginning. The ability to avoid high credit card fees and use that money to build the business has been “way easier” for Howe Fit.

In the clouds, Rotessa, 2020
In the clouds | Cloud accounting docu-series from Rotessa

By February we had launched our first episode of In The Clouds. This project examined and connected us with the cloud accounting profession. Cloud accountants are accounting professionals who have seized the opportunity offered them by cloud-based tech to work remotely from anywhere, at any time. At Rotessa we often partner with accountants and bookkeepers who do just that. In hindsight, this series is more relevant than ever as we all had to become remote workers nearly a month after the first episode's release.

We also got the chance to connect with a long-time friend of Rotessa, Georgette Packaging. Based in Kitchener, Ontario, this woman-owned business supplies packaging for some of the most notable social media influencers, beauty and food brands. They are also carbon neutral.

By using Rotessa for their PADs, rather than credit cards, “We’re able to give that three percent usually taken by the credit card companies back to the customers.”

In March we released more customer stories with non-profit BCYPAOC and dance studio Dancer Edge, and new features in our app: an updated transaction timeline and two-factor authentication.

Greg gives a toast

Mid-March we hosted the grand opening of our office building for friends and family. There wasn’t much of a formal program, and we won’t confirm, or deny, that some happy tears were shed, but it was a great reminder of the amazing community we are surrounded by.

The next week we were out of the building and all working from home. This way of working is something our team was unfamiliar with at the time. We reached out to some old-pros – who also happen to be Rotessa partners – who work from home for their tips, tricks, and resources to help those scrambling to adapt their business.

As we adjusted to a new work-life home balance in April, we also gave our QuickBooks Online and Xero integrations a facelift. We released new tutorials to go along with these integrations as well.

In May we connected with 1UP Digital Marketing. Phil Caines and his team are experts in digital marketing and come to each job with the intention of supplementing and strengthening an organization’s marketing needs.

Episode 2 of In The Clouds was released in June and with a different style than before. We met up with our cloud accounting experts virtually, just as they had always been doing in their accounting and bookkeeping practices.

In June we had also begun featuring our Rotessa Bookkeeping and Accounting partners with co-authored blog content.

Kerry Smithies gave us an in-depth tutorial on the QuickBooks Online bank feed. Andrew Royer penned an article for small business owners who are considering whether or not it was time to hire for their growing business.

The summer is usually slower months for us as different team members go on holidays, but this year we had nowhere to go!

In July, we announced several property management partnerships – Condo Control Central, Rent Portal, and Askforfix – and released a new video series: Five Aside.

We are so lucky to work with and be surrounded by entrepreneurs and experts in their field. How could we not share them and their advice with you?

Auto Sync

July was also the release of Auto Sync. QuickBooks Online or Xero users who want to automate their workflow, simplify receivables, and get paid on time need Rotessa and Auto Sync. Want a one-on-one walkthrough of Auto Sync and our integration with QuickBooks Online or Xero? Schedule a demo or send our support team an email.

We hosted our first ever Rotessa Partner Cocktail Party in August.

Since launching our Accountant and Bookkeeper Partner Program in November 2019, we’ve gained nearly 100 partners – and friends – of Rotessa.

Wish you had joined us or gotten an invite? No worries! Feel free to mix a drink up and watch the party like you were there when it happened.

Rotessa Roundup summit

This fall we hired a new developer, Jeff, and held our annual Rotessa Summit at home in our office building. Our friend, Dave Rogenmoser, from Proof gave us a virtual seminar on the growth of his company and he gave us some awesome encouragement. We’re lucky to learn from him and his experience at Y Combinator, building Proof, and focusing on the customer experience.

A new energy filled the office and we are so excited to work towards the goals and values we have laid out for ourselves – all in hopes of making Rotessa an even better app for you and your clients.

In October and November, we had more co-authored content from our friends. Shawn of Simplify Accounting made this awesome video giving an explanation of Rotessa and how small businesses can utilize us.

Mike of Upside Accounting wrote on the importance of collecting payments effectively as a small business. It may seem so simple: you do a service, your client pays you and you’re done. But, more often than not, it’s not so simple. This is a great, instructional blog for those looking for ways to control their cashflow.

The team at TruNoth accounting found a way to hack and automate Practice Ignition, Xero and Rotessa to automate their engagement letters, invoices, and payments.  Resources like these blogs show the value of having bookkeeping and accounting partners.

As we look back and review this year we have seen the ways we've grown as a team, how we have learned from our partners and friends, and worked towards making pre-authorized payments the best way for you to get paid.

We can't wait to see what 2021 holds for all of us and you.

Happy New Year from the Rotessa team!


How to manage multiple accounts in Rotessa

At Rotessa, we are big fans of simple.

Our newest feature allows you to toggle between several of your accounts, all with one login. This will be your email and password - no more need for usernames! The set up is easy and will allow you to manage all your Rotessa accounts seamlessly.

First, you must be a user of all the accounts you wish to use. If you are an accountant for a small business who uses Rotessa, you will need their account admin to add you as a user. It’s as easy as sending an email.

Second, once you are a user for all necessary accounts, you will see them available to toggle in the upper right-hand corner. By switching to each of your accounts, you can see their specific customers, transaction schedules, and reports.

Additionally, you can add a new business to Rotessa in the upper right-hand corner.

If you are not already using multi-user, this is a great time to start managing all of your accounts with one simple login. This feature is great for property managers, franchisees, daycare groups, bookkeepers, and anyone who is working with different accounts and businesses all in Rotessa.

Have questions? Send our support team an email.


Rotessa Roundup | October 2020

October is a spooky season, but the only thing scary about our month is the number of sign-ups! October's been Rotessa's best month ever for sign-ups.

We believe it's all thanks to our new focus on our digital advertising and word-of-mouth referrals from our amazing partners. So, this month's roundup is dedicated to our partners and new initiatives!

1. How to hack your apps: the ultimate Practice Ignition, Xero, and Rotessa integration

Rotessa Roundup Matt and True North

Matt Peterson, CPA, from True North Accounting has found your ultimate automation workflow for your proposals, invoices, and payments.

"It saves us time by automatically triggering the payment when our client accepts a proposal, so we aren’t having to make those awkward collections phone calls," says Matt.

Read the full blog to get your step-by-step tutorial on accepting pre-authorized debits with Practice Ignition and stop paying 2.7% for credit cards.

2. Free Webinar: How to collect automatic bank payments

You're probably familiar with this process: add customers, get permission, get paid.

Do you have friends in your network who could be using pre-authorized debits (PADs) for their business? Send them our free webinar.

in 10 minutes, they can learn what bank payments are, why they can save them money with PADs, and how to set them up.

Watch and share the webinar now.

3. Rotessa Partner: Shawn Gander and Simplify Accounting

Rotessa Roundup Shawn

Born and raised in Alberta, Canada, Shawn Gander, CPA has over 10 years of business and accounting experience, including working for publicly traded companies and a national accounting firm.

He loves to help small business owners reduce their accounting headaches so that they can focus on what's important to them. Shawn spends most of his time outside of work with his wife and two daughters. He enjoys snowboarding, cycling, camping and a variety of other hobbies.

Shawn is also a member of the Rotessa Accountant and Bookkeeper Partner Program. He gets a 30% discount on all transactions and a promo code to share with clients and friends that he refers to Rotessa. We also partner together on content, promotions, and more.

Are you an accountant or bookkeeper, but you're not a partner yet? Sign up today.

We’d love to hear from you

If you have any comments or feedback about any of our updates or changes, please let us know at support@rotessa.com. Your input helps us continue to make Rotessa better. Stay tuned next month for more exciting news and updates.


Automatic bank payments webinar

Hi! I’m Lissi. In this video, we’re going to learn why automatic bank payments are awesome, how they work, and how you can set them up for your business today. You could be saving hundreds or thousands of dollars right now, just by collecting your payments differently. Collecting automatic bank payments are going to save you time, money, and facilitate a better customer relationship.

Automatic bank payments are also referred to as Pre-Authorized Debits (PADs).

Just so we are on the same page, a pre-authorized debit is a bank to bank transfer initiated by the payee (you or your business) when the payor (your customer) gives permission to do so. Simple as that. So before we jump into the exact process of how you get paid, let’s talk about why you should be setting up these automatic payments for your small business.

Why small business should set up this payment method

Here’s an example of how most businesses get paid; As work gets done, or once the month is over, they send an invoice to their customers and wait for them to initiate a credit card payment or send in a cheque. I’m sorry to say but this model is broken. Don’t worry though because automatic payments can make your life a whole lot easier. The problem with the traditional payment process is:

  1. You have no control over when you get paid. “Cash is king,” and everybody knows it. When you don’t have automatic payments set up, you are at the mercy of your customer and are probably waiting on them to pay you. You already provided your service, why should you allow your customers to choose when they pay for it? With automatic payments, you decide when payment is withdrawn from your customer's bank account.
  2. The true cost of credit cards is not small-business friendly. I understand that you want to give your customers every opportunity to pay you, but how much does this actually cost you? Most online credit card processors charge 2.9% on every payment. If you invoice your client for $500 every month, that’s nearly $180 in fees a year for just one customer. Paying a flat rate per transaction, with automatic payments, gives you much better value and could literally save you hundreds (if not thousands) of dollars each month.
  3. It isn’t worth your time. Each time a customer sends you a cheque, you have to deposit it and reconcile with your accounting platform. This is time-consuming work that could be better spent on growing your business or teaching new skills to your employees. With automatic payments, you set it and forget it.
  4. It doesn’t facilitate beneficial customer relationships. Not only is chasing down late payments the worst item on your “to-do” list, but I’m sure it takes away from your customer relationship -- or even makes things awkward. With automatic payments, you agree on a date for that money to sent to you ahead of time and then never have to talk about it again.

So then, I want to show you how, instead of creating an invoice and waiting for your customers to initiate payments, you actually initiate the payment directly from your customer's bank account.

How to automate bank payments

Let’s dive into exactly how to automate payments.

  1. The first step is to Find a processor because, in order to withdraw money from your customer's bank account, you will need to find a processor who can facilitate the payment. This is typically your bank or a third-party payment processor like Rotessa. Historically, bank systems are pretty complicated and do not integrate well with your accounting system. Third-party processors usually have integrations and give you a much more competitive rate for lower volume transactions. The user experience is also way friendlier. So once you have signed up with a processor, you will be given access to an online portal that allows you to set up customers and schedule payments from those customers.
  2. Next, you will collect authorization from your customers. This is an agreement that outlines agreement outlines the payment terms, gives you the proper authorization to initiate payments and tells you what account the customer will be paying you from.

Requirements of a pre-authorized debit form

Payments Canada, the governing body that regulates pre-authorized debits, has outlined what is required in a pre-authorized debit agreement to ensure both parties are on the same page. Let’s quickly review the required elements:
Rotessa Pre-Authorized Debit Agreement example for set amounts gym

  1. You’ll need contact details for both parties – so you can get in touch with each other.
  2. The PAD type defined if the payor is a person or a business.
  3. Timing outlines, to the payor, when the payments are to be taken out. Some businesses do weekly, monthly, annual schedules or just on specific dates. You also need to explain if each payment is to be triggered by a specified act, event or other criteria. If it’s to be triggered by a specific act, it needs to be clear on what that is clarified.
  4. Obviously, you need to determine the amount your customer will pay, so they know how much is being taken from their account. Make sure to clearly state if this is an open or variable authorization.
  5. The Authorization Statement is where the payor agrees to the money being taken out of the account outlined above.
  6. Recourse Statement explains the payor’s rights when it comes to stopping the agreement.
  7. Cancelation Details explains how to cancel the agreement for the payor.
  8. If you are having the payor sign this agreement in person, you’ll need the date of the agreement and their signature.

Pre-authorized debit agreements can actually be completed both in person or online. Here’s an example of what an electronic PAD agreement looks like in Rotessa. We provide our users with a unique and secure link to email over this form to their customers in the event they don’t see them in person.

Now that you’re Pre-authorized debit is in place with your customers, you are now ready to take control and start scheduling payments. Let’s dive into a couple of real-life examples from Rotessa to best show you how this works.

Real small business example

Let’s say you’re a fitness center, we’ll call you: Gym for Muscles. John Smith is your latest customer. When John signed up for his membership, you included a pre-authorized debit agreement that included his banking info and allows you to take $55 from his account on the first of each month for 12 months.

You simply add John into Rotessa like this:

  1. Start on the Customers page.
  2. Select Add Customer, then Manually Enter in a New Customer.
  3. Input the customer’s name and their banking details.
  4. Select Save Customer to add them to your account.

 

Now that John’s profile is complete, you can create the payment schedule to reflect the pre-authorized debit agreement:

  1. Set the amount to $55
  2. Set your first process date to Oct 1
  3. With a monthly payment frequency
  4. His membership (and agreement) is only for 1 year, so set 12 for the number of installments.
  5. If he signed up for a special offer or package, you can add that in the comment section. (Add “Gold Plan” as the comment.)

That's it, John is all set up. Based on the schedule you entered, the money will be withdrawn from John’s bank account and sent to yours. You never have to wait on John to send in payments!

So your gym and John were an example of a fixed, recurring schedule, but now let’s go over another example with variable amounts.

Another small business example

Remote working and working alone in light of COVID-19 Coronavirus Photo 3

In this case, you are now Betty’s Bookkeeping. Imagine: You work for other small businesses in your area and invoice them each month based on the number of hours you work — no two invoices are the same. One of your clients, Sams Storage, filled out and gave you an open authorization when they signed up for your services. This authorization allows you to withdraw your fees from their bank account regardless of the amount.

Same as before: start by entering Sams Storage details as a customer. Once their profile is set up, you can create a payment in Rotessa based on billable hours. For the month of October, Sam’s invoice is $357. To create the single payment in Rotessa:

  1. Set the amount to $357
  2. And set the process date for October 15
  3. The payment frequency this time is just “once”
  4. For our records, we’ll put in “Invoice 2343” as the comment

That’s it! Now on October 15th, $357 will be pulled from Sams Storage account and settled to yours. It’s that easy!

In both situations - the gym and the bookkeeper - you should remember that when you are scheduling payments, the processing date on your scheduled transaction is the day the money will be withdrawn from your customer’s account. You’ll receive the settlement of funds 4 to 5 business days later. So make sure to schedule accordingly.

On that settlement day, your payment processor will provide a settlement report. With Rotessa, you get those reports for free. In the event of a declined transaction, their reasons will be easily displayed and you can resolve that one-on-one with your customer.

Here’s a pro tip: If you use Quickbooks Online or Xero for your real-life business, Rotessa has integrations that allow you to automatically create payments in Rotessa based on invoice totals and due dates created in those accounting softwares. Feel free to check out our support pages for more details or reach out to us for a demo to learn how to set that up.

So, just like that, we set up two businesses with an automatic, easy, and inexpensive way to get paid!

Need more information or have questions? Feel free to reach out for a one-on-one demo or send an email to our team.


Rotessa Roundup | September 2020

The month of September flew by for us at Rotessa. We had our #RotessaSummit, hired a new developer, and have been working on a lot behind the scenes. It's all in the Rotessa Roundup!

1. Rotessa Summit

Rotessa Roundup summit

Once a year we have the Rotessa Summit. On Friday, September 25, we set aside the day to celebrate our accomplishments in the past year and, most importantly, look ahead to our goals for the upcoming years of Rotessa.

We shared drinks, ideas, and a few laughs of course.

Rotessa Roundup and Proof

Our friend, Dave Rogenmoser, from Proof gave us a virtual seminar on the growth of his company and he gave us some awesome encouragement. We're lucky to learn from him and his experience at Y Combinator, building Proof, and focusing on the customer.

A new energy has filled the office and we are so excited to work towards the goals and values we have laid out for ourselves - all in hopes of making Rotessa an even better app for you and your clients.

2. Five Aside: Sarah Thomas of Georgette Packaging

Where better to gain more wisdom than from the experience of entrepreneurs and founders, all with just five simple questions.

With our latest video project, Five Aside, we’re reaching out to these experts to hear their stories and share them with you!

This episode is with Sarah Thomas of Georgette Packaging. They are a carbon-neutral packaging company in Ontario who work with some of the biggest influencers, restaurants, and coffee shops in North America.

Do you know an entrepreneur or founder who has tips to share? Are you a boss with plenty of experience? Reach out to our team to be a part of the next Five Aside.

3. New team member: Jeff Loewen

Jeff has been a welcomed addition to the development team this month!

He and his wife have moved to Steinbach, Manitoba to join us in building your favourite payments application. He's been learning the ins-and-outs of Rotessa these last few weeks and already has some great ideas to implement.

A few fun facts from Jeff:

  1. I've been to 3 continents.
  2. I like cooking, hiking, and games.
  3. In high school, I was in a band that was featured in the Moose Jaw Herald (a newspaper).

We’d love to hear from you

If you have any comments or feedback about any of our updates or changes, please let us know at support@rotessa.com. Your input helps us continue to make Rotessa better. Stay tuned next month for more exciting news and updates.


Rotessa Roundup | August 2020

August is gone and September is here. Fall at Rotessa means we are getting focused after a busy summer, tightening up some loose ends, and starting on new projects. It's all in the Roundup!

1. Rotessa Partner Cocktail Party

Rotessa Roundup cocktail party

Since launching our Accountant and Bookkeeper Partner Program in November 2019, we've gained nearly 100 partners – and friends – of Rotessa.

On Thursday, August 20, we shared drinks, ideas, and a few laughs. It was such a pleasure hearing from our friends who could join us that afternoon.

Wish you had joined us or gotten an invite? No worries! Feel free to mix a drink up and watch the party like you were there when it happened.

2. Five Aside: Tessa McLoughlin of KWENCH

Where better to gain more wisdom than from the experience of entrepreneurs and founders, all with just five simple questions.

With our latest video project, Five Aside, we’re reaching out to these experts to hear their stories and share them with you!

This episode is with Tessa McLoughlin of KWENCH. They are a full-service work & culture club for creative, ambitious thinkers & doers who seek community.

Do you know an entrepreneur or founder who has tips to share? Are you a boss with plenty of experience? Reach out to our team to be a part of the next Five Aside.

3. A word on the status of our integrations

Rotessa Roundup integrations

We are always working on improving our product and with that comes our integrations with QuickBooks Online and Xero. In August we received a few support emails about disconnections with the integrations. This has, obviously, been a tedious task for our users who have had to connect and reconnect your integrations.

Our developers committed their time to this issue in August and are confident they have addressed the issue.

Now, you should experience fewer disconnections, increased reliability, and improved performance for connecting customers and invoices.

We also updated how we identify customers during the import process so that you can clearly see who will be new to Rotessa, who matches a customer in Rotessa, and who is already connected and is available to sync.

We’d love to hear from you

If you have any comments or feedback about any of our updates or changes, please let us know at support@rotessa.com. Your input helps us continue to make Rotessa better. Stay tuned next month for more exciting news and updates.


Ask for Fix and Rotessa

Rotessa is the newest way to collect rent with Ask for Fix. Improve efficiency and reduce cost with, "the most innovative property management software on the market".

Ask for Fix manages your maintenance request and rent or fee payments. Additionally, they minimize paperwork and ensure contract accuracy with automated record keeping of the complex tenant process from onboarding to move-out.

The partnership allows landlords to start collecting rent payments using pre-authorized debits.

An Automated Clearing House (ACH) or pre-authorized debit (PAD) is an electronic payment method that allows you to withdraw money directly from your tenants’ bank accounts. Rotessa provides a secure, simple and quick way to schedule recurring PAD payments.

Ask for Fix members receive a 20% discount on Rotessa’s flat-rate transaction fees. The fees are strictly transaction-based. So, if you have no transactions, there are no fees!

Using Rotessa within Ask for Fix automates the payment and collection process. So then, rent just flows in, month after month, with no action required by either the landlord or tenant.

To collect rent using ACH or PADs with Rotessa, Ask for Fix users can sign up for a Rotessa account. For a limited time, Ask For Fix is offering a 3-month free trial for first-time users. Onboarding is free of charge, with no contract, and they guarantee a "no-questions-asked" cancellation policy.

The ability to withdraw funds from residents' bank accounts completely eliminates the wasted time usually spent chasing and asking for a cheque.

Already use Rotessa but want more information on Ask for Fix? Visit their website, read their blog, or contact their sales team.