ClickPay Enhances Features to Automate Compliance in Response to Updated NYC Rent Regulation Laws
Richardson, Texas (March 24, 2020) – ClickPay, a leading provider of comprehensive payment solutions for the multifamily, HOA, condominium and co-op segments of the real estate industry and a division of RealPage, Inc. (NASDAQ:RP), announced new functionality to automate New York rent regulation compliance. With its roots in New York City, ClickPay was natively built to handle the complexity of its local rent regulations.
In June of 2019, Governor Cuomo signed the Housing Stability and Tenant Protection Act of 2019 (“the Act”) into law, providing new regulations for Property Management Companies operating buildings in New York. ClickPay swiftly responded by collaborating with clients to develop new features to ensure compliance with the regulations.
One requirement of the Act relates to provisioning resident receipts for paper payments, such as checks and money orders, if requested. Currently, whether site staff scan checks in the office or residents mail checks to a lockbox, Property Management Companies do not typically provide receipts, nor do they have a process in place to provision paper payments. Responding to clients’ challenges, ClickPay developed an innovative Receipt Warehouse.
Fully compliant with the new rent regulation requirements and available at no additional charge to all clients, ClickPay’s Receipt Warehouse allows Property Management Companies to access current and past transactions for all payment types and send receipts directly to residents within the ClickPay portal. Customers can provide receipts for any form of payment, including electronic, paper, and cash payments, and select to email or print legally compliant receipts for residents.
“Nobody responds faster to rapid legislative changes in the NYC market than ClickPay,” says Matt Davis, SVP of Financial Services at RealPage. “The new regulations are burdening our customers with new tasks such as manually sending receipts and increasing their requirements for record retention. Innovations like our Receipt Warehouse automate the provision of electronic and even paper check payment receipts and ensure compliance with record retention obligations, which is very welcomed by our clients.”
ClickPay’s best-in-breed platform enables Property Management Companies to easily collect all forms of payment, including paper checks, money orders, and cash payments at retail locations streamlining integrated receivables into a single workflow so they can grow profitably. New York clients also gain feature-rich functionality to handle rent regulations and NYC-specific business requirements in order to drive operational efficiencies.
New York customers can also rely on ClickPay to access and provide past and current receipts to residents, removing an otherwise manual and burdensome task from site staff. In addition to this important service addition, the award winning ClickPay platform is now integrated into RealPage’s On-site Manager and ActiveBuilding resident portal delivering a compelling suite of prospect and resident-facing experiences.
As the industry-leading platform for automating real estate receivables, ClickPay accepts all payment methods, including paper checks, e-checks (ACH), cash, and credit and debit cards. ClickPay delivers integrated print and e-bill presentment and payment services to increase operational efficiencies and enable profitable growth. Shaping the future of real estate billing and payments with innovative products and services, ClickPay provides property management companies with customizable solutions to connect with their tenants, residents, and homeowners. ClickPay is part of the RealPage family. To learn more, go to https://www.clickpay.com.
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency in asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 18 million units worldwide from offices in North America, Europe and Asia. For more information about RealPage, please visit https://www.realpage.com.