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Property Automation Software Corporation announced that Tenant Pro 6.0`s e-Pay Plus module will soon make deposit slips and trips to the bank obsolete.
The process is called virtual electronic check truncation and is a new feature of the e-Pay Plus module, which automates the tenant billing process.
Virtual electronic check truncation is the same as electronic check truncation, but without the use of an expensive and bulky check reader. Property managers simply find the tenant`s information using the e-Pay Plus module and enter the cheek number, which automatically deposits that tenant`s rent virtually in the bank.
Transactions are posted to the bank account within 24 to 48 hours, comparatively sooner than the four to five days needed when manually deposited. All transactions automatically record into Tenant Pro, eliminating errors.
E-Pay Plus now provides property managers with a complete payment solution. By electronically scanning all checks and auto-debiting tenants` accounts, rent collection software becomes streamlined for property managers, saving more than $2,000 annually for a property with 100 units.
Tenants no longer have to remember writing their monthly rent check, meaning saved late fees and ensuring that payments are always processed on the same day, rather than taking days to come out of the tenant`s bank account.
Property managers need to notify residents that all checks sent to the office or presented in person will be processed electronically.
By partnering with Payment Servicing Network (PSN), Property Automation Software becomes the leader in streamlining rent collection software with all payment information integrating seamlessly into Tenant Pro 6.0. Property managers who decide to begin using this new system will simply need to register with PSN and will then receive 20 minutes of free phone support to ensure error-free transactions.
"More than a decade ago, when we first introduced Tenant Pro, we revolutionized the way property managers handled their business,`; said Jacob Garza, president and CEO of Property Automation Software Corporation.
"We helped eliminate much of the cumbersome paperwork previously needed to run an efficient business. So it should be no surprise that we are now changing the way our Tenant Pro 6.0 users process payments. The savings in processing time alone makes our E-Pay Plus module essential."
The e-Pay Plus module is an addition to Tenant Pro 6.0 and costs $300.
This add-on eliminates data entry and improves cash management, by completely automating the tenant billing process.
Nine other add-on modules are available for Tenant Pro 6.0, including Regaccess Applicant Screening, Yahoo! Online Vacancy Listing, Payroll for Windows by Checkmark and Checks and Forms.
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