Fully Functional Property Management Credit Card Processing
A Property Management Credit Card Processing account is a specialized merchant solution designed to meet the payment processing needs of property management companies. A Property Management merchant account allows property owners to accept various forms of digital payments, such as credit cards, debit cards, ACH, echeck, pay later, bank wire, and subscription payments. This solution efficiently handles the collection of payments for various purposes, including rent, property maintenance charges, common area bills, security deposit, and society charges. Overall, a Property Management Credit Card Processing solution makes the life of property managers easy by reducing the time required to handle manual payments.
Property Management Merchant Services
In today’s fast-paced world, where neighbors hardly see each other even when living in the same apartment building, it becomes extremely difficult for a property manager to chase the residents for monthly payments. Property management merchant services offer a range of tools that allow property managers to ensure that payments are collected on time. These solutions include various methods for payment collection, such as in-person credit card payments, online payments, mobile app-based payments, and automated payment collection. Let’s quickly explore the three most popular property management merchant services solutions.
Online Property Management Payment Processing
This service provides the ability to collect online transactions. Residents can make payments to the property management company by visiting the official website of the property. Property managers can also send invoices with a payment link. Accounting staff can extract reports to manage financial records. With this solution, payments can be collected 24/7 throughout the year. The best part is that people can make online payments from over 100 countries around the world.
Another feature that makes this solution extremely beneficial is the compatible API for the property management mobile app, allowing people to make transactions on the mobile app as well. Additional features include multiple payment methods, automated invoicing, real-time tracking of transactions, integration with various property management software, and point-of-sale systems.
Property Management Credit Card Terminals
These are regular credit and debit card terminals that you see at any business, with some functionalities customized for the unique needs of property management companies. With a retail credit card terminal, property managers can accept in-person payments. The most common type of payments that property managers usually receive with this kind of terminal are security deposits or initial payments made at the management office or reception. After making the first payment, people generally prefer to make subsequent payments through the property management company’s online portal or mobile app.
Our brand-new terminals allow property managers to accept payments by all many modes including credit cards, gift cards, prepaid cards, debit cards, EMV cards, NFC cards, tap-and-pay cards, Google Pay, Apple Pay, and many APM’s. Merchants can easily integrate these terminals with their existing point-of-sale systems. These terminals come in three different types: countertop terminals, mobile terminals, and standalone terminals. Mobile terminals can be used to collect payments on the go. With these terminals managers can easily generate receipts and daily transaction settlement reports.
Property Management Automated Payment Solutions
This solution automates the payment collection process. Property managers can configure it based on their requirements. The customer’s card will be billed on a specific date as per the agreement between the property owner and the customer. Automatic recurring collections can be set up on both cards and the customer’s bank account by utilizing echeck and ACH payment methods.
The automated property management payment solution sends notifications to customers and property managers about upcoming and completed payments. The system intelligently handles failed transactions by retrying or notifying the customer. Property owners can customize the payment plans, including partial payments, late fees, or early payment discounts.
Property Management Payment Solution Fees
For using the online credit card processing services on a property management website or a mobile application, the property management company pays some fees. The amount depends on several factors. Let us look at some fee items that you will see on your merchant processing statement:
- MDR (Merchant Discount Rate): Also referred to as the merchant discount rate, this is a set percentage that you will be paying on transactions.
- Monthly Fee: This is a fixed dollar or euro amount that you will pay each month for using the services of the credit card processing company.
- Return Fee and Chargeback Fee: These are the fees incurred in case you receive a refund or a chargeback request.
Once your application status is fully checked by our underwriting team, they will send you an offer with pricing structure. This will provide you with a clear picture of what you will be paying when you start using our solution.
Supported Properties for Credit Card Processing
Our credit card processing solutions support a wide range of properties. Whether you manage single-family homes, duplexes, apartment buildings, townhouses, residential societies, serviced apartments, mobile homes, ski chalets, or commercial properties, our solution can support your transaction processing needs.
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