Financial Services Addendum
Terms for rent collection, payouts, bank connections and other money movement in TenantLoop.
Version: draft, not yet effective
1. Scope
This addendum adds to the Terms of Service and applies when you use TenantLoop to accept payments, send payouts, connect bank accounts or move money in any other way ("Financial Services").
2. Our partners
Financial Services are provided by licensed payment processors and banking partners [name partners]. TenantLoop is a technology provider and is not a bank or money transmitter. You may need to accept partner terms and complete identity verification before using these features.
3. Verification and eligibility
You agree to provide accurate business and ownership information and documents our partners request. We or our partners may refuse, limit or stop Financial Services to manage risk or comply with law.
4. Payments, fees and timing
Fees for each payment type are shown in the app and on our pricing page. Funds usually reach your account within a few business days, but timing depends on the payment method, the partner and risk review. [Confirm timing.]
5. Returns, chargebacks and reserves
Card chargebacks and ACH returns can reverse payments after they settle. You are responsible for returned and disputed amounts and related fees. Partners may hold a reserve when risk is elevated.
6. Trust accounts and compliance
You are responsible for following the laws that apply to handling rent and security deposits, including trust accounting rules in your state. TenantLoop gives you tools to help, but does not give legal advice.
7. Prohibited uses
Do not use Financial Services for anything unrelated to property management, for illegal activity, or to receive funds on behalf of others without authority.