ACH Payments for Property Managers
Collecting payments is the first step in a long process. Once rent is collected, the payment has to be matched against the proper account. You have to secure any cash until you can make a deposit -- the same with checks and money orders. Then you or your staff has to find the time to make the deposit. Depending on the size of the property, processing payments could take hours. VCI's ACH payment processing solutions can help. Whether you manage apartments or homeowner's associations, our ACH processing streamlines the payment process so you can spend more time addressing customer needs.
1. Reliable Cash Flow
With ACH processing, your tenants can set up recurring payments that allow funds to be withdrawn directly from their accounts on a set schedule. No one has to chase down payments. Instead, employees can address critical maintenance issues and address tenant questions. Ultimately, this improves customer satisfaction.
On the authorized date, the system withdraws funds from the homeowner’s or tenant’s bank account and deposits them into your account. It completes this transfer automatically. The only thing you need to do is check your bank balance! ACH processing can relieve the stress on the part of property management personnel that comes from inconsistent cash flow. It also provides peace of mind to customers, who know their payment will be made no matter where they are.
2. Transaction Transparency
Bank statements may not provide the level of detail you require. With our merchant console, you can view transaction details. You can generate transaction reports for review. Using the console, you can manage customer payments and see transactions in real-time.
Transaction information is available 24/7 through the online interface. No software is installed locally, giving you the flexibility to manage transactions from the office or your home. Our ACH solution gives you and your tenants the convenience of electronic payments.
3. Compliant Data Security
We ensure that payment information is secure. All transaction and customer information is stored in a PCI-compliant database. That means you don’t need to wonder about whether you are in compliance with financial regulations for electronic transactions. When you use the merchant console to manage and view transactions, the data is taken from the secure location and displayed on the remote device. No information is stored locally. In addition, all transaction details are displayed in accordance with PCI guidelines.
4. How ACH Works for Property Management
ACH is a U.S.-based financial network that facilitates the electronic transfer of funds. You may not realize it, but you use ACH processing if your paycheck is direct deposited or you have your tax refund deposited to a bank account. The ACH network has been a part of the American payment system since 1974. Here’s how it works for property management.
A tenant has set up a recurring payment. On the specified day, VCI’s ACH processing creates a withdrawal request for the payment amount in the ACH-required format. The request is forwarded to the ACH network where it is sent to the tenant’s bank for approval. Once approval is received, the authorization is sent back through the ACH network, and the funds are deposited into your account. The payment was collected while you were addressing customer requests!
VCI also provides custom interfaces (APIs) that allow simple integration into existing software, making for a complete digital solution. If you’re ready for a reliable cash flow solution, contact us for a free cost analysis to see how we can help your business thrive.
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