Property Solutions: Electronic Check

ResidentPay™ allows you to begin collecting rent by electronic check transactions processed by the Federal Reserve’s Automated Clearing House (ACH). Residents enter their bank routing and account numbers from personal checks using your community website. The process is as easy and quick as entering a credit card number. With ResidentPay™, you can begin collecting electronic check payments.

Float Time
ResidentPay™ works with several payment processing engines to ensure the quickest float period possible for transaction processing. When payments are made by electronic check (ACH), money is transferred from the resident`s bank account to your existing bank settlement account within 24 - 48 hours.

Transaction processing times quoted are for regular business days.

Flexible Settlement
ResidentPay™ gives you the flexibility to determine where to direct funds from electronic check transactions. You may designate one or multiple accounts for funds settlement based on transaction type. For example, rent payments received through ResidentPay™ may be directed to an operating account, while deposits paid online are directed to a separate deposit account.

Electronic Check Transaction Expense
Offering an electronic check payment option is an affordable way to collect rent payments from residents. While a credit card transaction fee for a rent payment of $1,000 may be as much as $20 - $30, the same transaction is only a fraction of that cost when processed by electronic check. Many property managers choose to cover the costs of electronic check transactions in order to provide a free payment medium to residents.

Fraud Protection
ResidentPay™ searches a nationwide database of over 120 million checking accounts to protect you from fraud. The service alerts you if your resident has written a bad check and identifies consumer accounts showing an unusually high level of check writing activity.