Pillars of success for driving electronic payment adoption to 100% The Challenge Experts exclaim that the paper check is dead. The 2013 Federal Reserve Payment Study found that the number of paper checks paid fell at a rate of 9.2% CAGR from 2009-2012 and checks will continue to decline in favor of ACH, credit and… Read more »
Posts Categorized: White Papers
Spoiler alert: Your Bank’s lockbox is giving you more work and costing more money than you realize
Why Bank lockboxes aren’t built for the complexities of Real Estate payments The Challenge Two people live in same unit with one marked “do not accept” because he’s moving out and the other renewing her lease. Check is rejected. Sponsor units with multiple checks and one coupon. Rejected. Payment submitted online through a bank without… Read more »
The Case for Consolidation: Collecting Rent and Other Monthly Real Estate Payments from Disparate Channels is Inefficient & Costly
Introduction Rent checks dropped off with the doorman. Lease payments sent to the office. HOA fees mailed to the lockbox. Mobile payments electronically wired to the bank. Over time, property management owners and firms have amassed a plethora of ways for tenants to pay their rent and other monthly fees like utilities, HOAs, and special… Read more »
Online Bill Payment Trends: Major Shifts in Resident Payment Behaviors Warrant Conversion to ACH eChecks
Introduction: Residents are increasingly paying rent and other monthly charges to Property Managers with electronic forms of payment. One preferred method of electronic payment – online banking bill pay – utilizes the tenants’ banks to process payments to Property Managers. Residents believe they are immediately transferring money directly to their Property Managers, which creates confusion,… Read more »