Property Solutions Partners with MoneyGram to Provide Secure Cash Payment Options for Multifamily Communities
January 9 2013
New payment services grant renters safe and convenient cash transactions
Lehi, UT --January 9, 2013-- Property Solutions International, Inc., the largest provider of property management websites and payments, announced its collaboration with MoneyGram, a leading global money transfer services company, to facilitate same-day, guaranteed cash payment services between multifamily properties and "under-banked" residents. These new cash services allow residents to make payments at any MoneyGram location in the U.S., and Property Solutions will electronically transfer the payment to the respective property's account. Seamlessly integrated with Property Solutions' ResidentPay, payments made through this service are automatically reflected within properties' account ledgers and eliminate the need for additional data input and tracking by onsite personnel.
In recent years, multifamily properties have decreased their acceptance of cash payments due to concerns surrounding safety and security. Many properties refuse cash payments altogether and are forced to process money orders or cashier's checks from the roughly 30 percent of residents who either don't have a bank account or prefer cash transactions. Recognizing this trend toward cash-free leasing offices and the need for safe and convenient cash payment processing, Property Solutions and MoneyGram have worked together to accommodate secure cash transactions while eliminating the legwork for properties. "MoneyGram will save our clients both time and hassle," explained John Hanna, Property Solutions president. "It provides a viable cash option to our already stellar payment portfolio and solidifies us as the number one solution for rent payments."
Residents can now make cash payments through MoneyGram by providing a unique code specific to the individual and the property in which they reside, which can be found online through ResidentPortal. MoneyGram provides the resident with a receipt and he/she is able to complete payments in full without having to visit the leasing office. After the payment has been placed, Property Solutions automatically processes and transfers the amount to the property's account.
"When properties retain antiquated payment methods, it can easily become a matter of resident satisfaction," said Jamin Harkness, vice president of Wesley Apartment Homes in Atlanta. "Like most every community, our leasing offices weren't built to accommodate 300-plus anxious residents at the first of the month with money orders, or worse, cash. Half of them are late for work, most of them want receipts, and all are ready to challenge anyone who threatens to delay the progression of this huge line of people running out into the parking lot."
"MoneyGram not only clears the office of the obvious processing burden," said Harkness, "it allows residents to make payments at locations with extended business hours, that they already frequent on a daily basis. With this tool, properties can offer a comprehensive set digital payment options to residents of differing banking preferences."
ResidentPay offers a complete array of payment solutions for credit card, electronic check (ACH), cash/money order, and check scanning. Those interested in learning more about MoneyGram cash services are asked to visit http://propertysolutions.com/property-management-software/resident-pay/.
MoneyGram, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States and Canada through a global network of more than 275,000 agent locations--including retailers, international post offices and financial institutions--in 196 countries and territories around the world. To learn more about Property Solutions at MoneyGram, visit http://www.moneygram.com/ResidentPay.
About Property Solutions
Founded in 2003, Property Solutions International, Inc. is the nation's largest provider of apartment community websites and a leading developer of innovative property management software tools. Currently serving 27 of the NMHC Top 50 Largest Managers, the company offers a variety of web based solutions for leasing, rent collection, and maintenance request processing. Property Solutions' web portals and electronic payment processing tools offer the advantage of full data integration with most widely-used property management software packages. For more information, go to http://www.propertysolutions.com.