Domin-8 Electronic Payments|
Processing payments each month is time consuming and tedious, yet itís critically important to your business. Property management companies are dealing with large volumes of checks and money orders and demands caused by preparing bank deposits, making trips to the bank, etc. can be costly. This is in addition to the risks of fraud, theft or human error and their cost to your business.
Domin-8 Electronic Payments is a fully integrated Remote Deposit solution for processing checks and money orders. Whether the payment is presented in your office, at a central location or received in the mail, Domin-8 Electronic Payments is your single integrated solution. Nearly every paper payment instrument can be scanned and deposited electronically by capturing the instrumentís image digitally and presenting electronically (Check 21 process). All payment types can be deposited including rent payments, security deposits, miscellaneous income or unassociated payments. Rent and security deposit payments are automatically updated in tenant ledger accounts in your Domin-8 software.
Domin-8's Electronic Payments provides users with a number of benefits:
- Tight Integration with your software - While there are other companies that can offer payment services, no other company can tightly integrate these services with your Domin-8 property management software. Imagine scanning a check and the system knows what unit account the payment is for and posts the payment automatically when confirmed. This minimizes errors and eliminates trips to the bank.
- Designed specifically for Property Management Companies - Processing rent payments has its unique challenges compared to typical retail payments. Allocations, split payments, operating and trust accounts, late fees...all are accommodated in the Domin-8 solution.
- Enforces your business rules - Nearly any business rule can be accommodated in your electronic payment implementation, such as not accepting partial payments, restricting payments types, accepting certified funds only, blocking all payments (during legal eviction process), etc.
- Faster Receipt of Funds - Provides faster processing of transactions, and allows the property to receive their funds faster, improving cash flow.
- Supports your business goals - Want to centralize most rent payments to a central or HQ location, we can help...while still allowing remote properties to process ad hoc payments for deposits, application fees, etc. Complex allocations? Thatís why we integrate with your Domin-8 property management software so you can allocate automatically or manually.
Since many residents continue to make rent and other payments via checks and money orders, we offer scanning and remote deposit solutions. Nearly every paper payment instrument can be scanned and deposited electronically using conversion to an electronic funds transfer or capturing the instrumentís image digitally and presenting electronically (Check 21 process)Öall payment types can be deposited including rent payments, security deposits, miscellaneous income or unassociated payments. Rent and security deposit payments are automatically updated in tenant ledger accounts in your Domin-8 software.
Domin-8's Electronic Payments processes any Visa, MasterCard, American Express and Discover transaction. By entering the credit or debit card number, residents can have their payment amount added to their credit card balance or automatically applied to their debit card account. Residents can also set their payment accounts to have their monthly balance automatically processed, eliminating the need to make a monthly payment manually. Lease agents can also scan and process card payments in the office, making accepting credit and debit card payments for deposits, rents and other payments easy. Most important, confirmed payments are automatically posted to the appropriate account in your property management software. And outstanding balances are automatically posted on the payment portal so residents can see their balances prior to payment.
Domin-8's Electronic Payments permits the resident to make a payment from their checking account via an electronic check. By entering the routing number and account number of the resident's checking account, the payment amount is automatically deducted from their account. Residents can also set their payment accounts to have their monthly balance automatically paid via an electronic check, eliminating the need to make a monthly payment manually.