Within Baselane, you can either open Baselane Banking accounts or connect existing External Accounts to collect rent and manage your banking and bookkeeping.
When you choose to add an External Account, you have two options for how you would like to connect your account:
Adding securely with Plaid: This option will give the most functionality for that External Account across Baselane’s Rent Collection, Banking, and Bookkeeping features. This option provides the ability to:
Collect rent into the External Account
Add funds to a Baselane Banking account from the External Account
Send funds from a Baselane Banking account to the External Account
Show balances on the External Account
Import transactions from the External Account to enable a holistic view of your books
Adding manually: This option has limited functionality, and is recommended as a back-up if you are unable to connect your External Account securely with Plaid. This option provides the ability to:
Collect rent into the External Account
Send funds from a Baselane Banking account to the External Account
We always recommend connecting your own External Accounts securely with Plaid, reserving the “Add manually” option for accounts that cannot be connected with Plaid.
If you would like to read more details on how to add an External Account, please consult this FAQ.