By ET Bureau - August 26, 2022 3 Mins Read
Onbe, a leading corporate disbursements fintech company, and Equity Trust Company, a technology-enabled financial services company that empowers individual investors to diversify investment portfolios using alternative assets, announced their recent partnership to modernize how investors pay real estate expenses within their self-directed individual retirement account (IRA).
Expense Pass, managed by Onbe on behalf of Equity Trust, eliminates the need for traditional checks and ACH, and delivers a modern, agile disbursement program via virtual and physical cards, reducing the time to deliver funds for Equity Trust real estate investors. The Expense Pass virtual and physical cards offer property owners fast access to funds to improve their real estate properties or to pay property bills, including condo fees or utilities. Additionally, they can be linked to investors’ mobile wallets and are accepted at retail stores across the country.
“We are excited to offer payment disbursement choices to our self-directed IRA investors that make managing their real estate investments easier,” said Rachel Cain, senior manager, client experience and product at Equity Trust. “We’re partnering with Onbe to ensure our real estate investors have access to the funds they need to pay real estate bills or to improve their properties – delivering these payments seamlessly and quickly.”
The Expense Pass can be used to pay a variety of expenses including HOA fees, utility bills, property taxes, property insurance, property repairs and renovations, or for property-related purchases at retailers. Real estate investors can request funds that will then be disbursed via virtual or physical cards, which can be linked to Apple Pay, Samsung Pay, Venmo, or PayPal and used to pay third parties like contractors. The cards can also be used anywhere a debit card is accepted, making the funds easily accessible.
“Equity Trust’s ground-breaking Expense Pass program is transforming how real estate investors access their funds to improve their properties and manage expenses,” said Tracy Monson, chief product officer at Onbe. “We’re partnering with Equity Trust to deliver a seamless payment experience to their real estate property investors. The Expense Pass program cuts down the time it takes to access funds from up to a week to a day or two, giving real estate investors faster access to their funds.”
Equity Trust and Onbe completed a successful pilot program and are offering the program to investors that hold real estate in an Equity Trust IRA. Equity Trust real estate investors can register through the myEQUITY online account management system and gain quicker access to their funds with a more convenient payment method. To learn more about the Expense Pass program,
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