Payment Integration for Check Scanning
Multi-Housing News Daily eNewsletter
June 6 2008
Provo, Utah-- Property Solutions has announced that payments processed through ResidentPay Check Scanning will integrate with most popular property management software. The company has been integrating online credit card and ACH payments for several years. The Check 21 system now allows managers to scan and post payments made paper checks and money orders electronically, reducing data entry and eliminating daily trips to the bank.
"The time savings provided by Property Solutions' Check Scanning is tremendous," says Mary Lundy of KMS Management in St Louis Park, Minn. "By scanning checks and money orders rather than entering payments manually, our test properties reduced rent processing times by as much as 75 percent in the first month." KMS is rolling out check scanning across the entire portfolio this month.
In October 2004, legislation allowing digital images to replace paper documents in payment processing went into effect. Since that time, the law known as Check 21 has enabled businesses and banks to increase efficiency in payment processing by substituting a digital image as the legal equivalent of a paper check. With ResidentPay Check Scanning, property managers can take advantage of this legislation to process and post payments made by paper check electronically.
Founded in 2003, Property Solutions International Inc. offers a variety of Web-based solutions for leasing, rent collection, and maintenance request processing for property management tasks. ResidentPay provides electronic payment processing software and full data integration with property management software.