To provide Direct Banking (Payment Pad) services to your residents, Property Management Companies (PMCs) must complete a merchant onboarding process. Property Vista has partnered with Dream Payments, a registered Money Service Business (MSB), to power these transactions.
This guide explains the regulatory requirements, the roles of each party, and the documentation needed to activate your account.
The Partnership Structure
It is important to understand the legal relationship established during onboarding:
- The Merchant Agreement: This contract is a direct agreement between Your PMC (The Merchant) and Dream Payments (The MSB).
- Property Vista’s Role: Property Vista acts solely as a software facilitator. We provide the interface for you to submit your information and for residents to initiate payments, but we do not possess funds or hold the merchant contract.
Why is so much documentation required?
Because Dream Payments is an MSB, they are regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). They are legally mandated to perform "Know Your Customer" (KYC) and Anti-Money Laundering (AML) checks. This requires verifying the identity of the business and its "Beneficial Owners."
Required Documentation Checklist
To ensure a smooth onboarding process, please have the following documents ready for your Dream Payments application:
1. Articles of Incorporation / Business Registration
- Purpose: To verify that the PMC is a legally registered entity in Canada.
- Requirement: A clear copy of your provincial or federal incorporation papers.
2. Beneficial Ownership Information
- Purpose: Regulatory requirement to identify individuals who own or control 25% or more of the corporation.
- Requirement: Full name, home address, date of birth, and occupation for all qualifying owners. In some cases, a piece of government-issued ID may be requested for verification.
3. Pre-Authorized Debit (PAD) Agreement & Void Cheque
- Purpose: To establish the bank account where Dream Payments will disburse your rent collections.
- Requirement: A void cheque or a bank-stamped account verification letter for the corporate account where funds should be deposited.
4. Signed Merchant Agreement
- Purpose: The formal contract between the PMC and Dream Payments outlining processing fees, settlement times, and MSB terms.
The Onboarding Workflow
- Application Initiation: Your Property Vista Account Manager will provide you with a digital link to the Dream Payments application portal.
- Document Submission: Upload the required documents listed above directly into the secure portal.
- Review Period: Dream Payments' compliance team will review the application. This typically takes 3–5 business days.
- Configuration: Once approved, Dream Payments provides the Merchant ID (MID) to Property Vista. Our team then enables the "Direct Banking" option in your Resident Portal.
Key Operational Notes
- Fund Settlement: Unlike standard EFTs, Direct Banking funds are processed by the MSB (Dream) before being disbursed to you. Typical settlement is 2–3 business days from the date the resident initiates the payment.
- Facilitator Status: Please remember that Property Vista cannot override compliance denials or speed up the MSB's verification process. All inquiries regarding the status of your merchant contract should be directed to the Dream Payments onboarding team.
Once your account is active, please refer to the Administrator Guide: Managing Direct Banking Refunds for instructions on managing resident payments and bank traces.