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Expense Pass, managed by Onbe on behalf of Equity Trust, gives real estate investors faster access to the funds they need for realty-related expenses
CHICAGO and PHILADELPHIA and CLEVELAND, Aug. 25, 2022 /PRNewswire/ — 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, visit www.TrustETC.com/lp/expense-pass.Â
Equity Trust Company is a financial services company that enables individual investors and financial professionals to diversify investment portfolios using alternative asset classes such as real estate, tax liens, private equity, cryptocurrency, and precious metals. Equity Trust Company evolved from a predecessor brokerage firm founded in 1974, to a directed custodian today with over 45 years of experience and more than $34 billion in assets (as of 8/31/21). To learn more, visit www.TrustETC.com. .
Equity Trust Company does not provide investment, tax or legal advice concerning your investments and is not liable for any tax consequences for your use of the Prepaid Mastercard. Please contact your tax consultant or professional for any questions concerning your use of the Prepaid Mastercard and your account assets. Equity Trust Company account owners are in no way obligated to enroll in or use the Prepaid Mastercard. This option is available as a convenience only for those wishing to take advantage of this opportunity. Equity Trust Company is not affiliated with the card issuer/bank vendor. Please refer to the terms and conditions you receive with the Prepaid Mastercard concerning additional disclosures concerning the use of the card.
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Rachel Cain
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With more than 25 years of industry experience and offices in Chicago, Philadelphia and London, Onbe is a fintech that manages and modernizes customer and workforce disbursements for corporate clients ranging from mid-market to the Fortune 500. Onbe’s team of experts and technology platform offers clients a turnkey solution to offload their entire B2C payment operations, relieving them of the cost, complexity and risk that come with orchestrating these payments in-house. Backed by top-tier investors, Onbe delivers on today’s consumer expectations for instant, digital and seamless payments. To learn more, visit www.onbe.com and follow us on LinkedIn.
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Joseph Netto
Marianne Dempsey
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