Any PM`s out there using online Direct pay software?

[VerticalProperties]

I have a Property Management company in Winnipeg and am trying to offer our tenants a secure online pay service...does anyone use/have this? It`s readily available in the states and i know Spectra software was coming out with something like it but then they got bought out (again) by a U.S company and i dont think they will be around much longer.... Any advice would be appreciated.

Cheers

Jake

 

[brentdavies]

Our property management division has used electronic banking for many years, and the software is only available from our bank. (Each bank has it own software) We have had systems with Scotia Bank, HSBC, and ATB (Alberta Treasury Branch).

The cost of the different systems have come down in price over the years, and it also depends on your volume of transactions. Currently we can do tenant pre authorized payments, owner payments, subtrade payments and payroll. Debit machine in the main office. We have visa and mc access, but don`t use it due to the big fees.

Talk to your banker`s head office, not the local branch, and they will get you set up on the right system.

Our current accounting software does not interact with the bank`s system.

Hope this helps

Cheers

 

[VerticalProperties]

QUOTE (brentdavies @ Jun 2 2010, 04:30 PM) Our property management division has used electronic banking for many years, and the software is only available from our bank. (Each bank has it own software) We have had systems with Scotia Bank, HSBC, and ATB (Alberta Treasury Branch).

The cost of the different systems have come down in price over the years, and it also depends on your volume of transactions. Currently we can do tenant pre authorized payments, owner payments, subtrade payments and payroll. Debit machine in the main office. We have visa and mc access, but don`t use it due to the big fees.

Talk to your banker`s head office, not the local branch, and they will get you set up on the right system.

Our current accounting software does not interact with the bank`s system.

Hope this helps

Cheers

 

[VerticalProperties]

Thanks Brent,
I may go that route....Can your tenants use these methods online?

 

[fumbrunner]

QUOTE (VerticalProperties @ Jun 4 2010, 09:24 AM) Thanks Brent,
I may go that route....Can your tenants use these methods online?


What about having tenants provide electronic interac payments? Any tenants that use internet banking should have access to that type of service. I use it for the fellow that maintains the lawns at my properties and it works well. You would have to add your own tracking system on your end, but it may be the most cost effective.

 

[Berubeland]

I got the owner to install a debit machine in a building where I worked. It was awesome for part payments and deposits from applicants.

My last pm job we encouraged people to use email money transfer instead of checks. I also use it a lot for rent deposits. For my out of town owners it has also been amazing instead of me mailing them a check I can send up to $3000 per transaction to them wherever they are.

 

[brentdavies]

We don`t allow smaller residential tenants to deposit directly to the trust account for a couple of reasons.

1. Tracking the payments, where what, who?
2. identifiying who the payment came from
3. part of our FINTRAC procedures to make sure the funds are not from money laundering and other illegal activities. We are required to report all suspucious activities to the Authorities.

When you have a 100 properties at the same rent, you have to be able to identify who payed and for what property

Mr Smith is not enough information, if you 15 Smiths who rent from you and 10 of thoses pay the same rent.

Our established commerical tenants are treated somewhat differently.

 

[VerticalProperties]

Yes that is why we havnt adopted email payments and such either(in their current form).....not practical at using a trust account and all the things you described...might be a U.S thing then, cause there is software that can track very specifically tenant payments and both tenants and pm`s can track very easily payments... I used to sell Property Management software and knew of the U.S technology but thought it might be in canada by now...