If you are a property management company that is not offering recurring ACH processing, you are leaving money on the table.
Surprisingly, many property managers are still doing business the old-fashioned way by accepting paper checks as payments. And they are still taking paper checks to the bank. What a waste of time and effort.
It’s easy to make an ACH authorization form part of the rental paperwork. Along with the lease, the tenant signs the authorization form which gives permission to electronically debit a checking or savings account each month.
Most tenants are familiar with direct debit and expect to be offered ACH payments as a matter of course. Tenants like not having to make out a check each month. And ACH eliminates the risk of incurring a late fee for overdue rent.
Property mangers receive money quicker with ACH payments. Electronic payments are cleared faster through the Federal Reserve than paper items.
Returned ACH transactions, such as those for non-sufficient funds (NSF) can be re-submitted automatically. This eliminates the time-and effort of trying to collect on paper checks or calling renters' banks every day to determine if there is enough to cover the check.
Automated reporting of electronic payments makes it easy to download data directly into accounting programs. Reconciliation of accounts fast, easy, and accurate.
Fees for processing payments are less than a single first-class stamp. So inexpensive that no property manager can afford not to collecting all rents via ACH payments.
Are you a property manager that wants to automate payments with ACH processing?
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