Instant eCheck™ for Resident Payments and Vacation Rent
Whether you’re a landlord, tired of trips to the bank to deposit paper checks, or a property manager, renting out to residents and vacationers you’re likely looking for an easier way to process check payments. With Payment21®’s Instant eCheck™ feature, you’ll be able to collect payments securely and conveniently over the Web while you continue the business of managing your property.
Online check payments reduce the cost of processing resident payments
As safe as a conventional check, Instant eCheck™ enable merchants to collect funds electronically from a consumer’s checking account. A growing number of landlords, property managers and real estate investors are moving towards collecting rent electronically. Our solution reduces the costs involved in processing resident payments by up to 80% compared to credit card payments. Using Payment21.com, customers can login and pay monthly rent or vacation rental fees. Payment21®’s recurring payment feature allows renters to enter banking account information to pay rent at a specific date each month. Fees for items such as parking and neighborhood associations can also be set up through Payment21®. Our recurring billing application is specifically designed for periodic payments like rent and monthly dues such as utility costs, parking and storage fees.
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Industry-specific solution caters to landlords, property managers and residents
One of the major benefits of this system is that you won’t need a website to take payments electronically. Using the Payment21® portal, your tenants can pay you by setting up a free account and entering bank information. Payment21® will also make your job easier by sending e-mail reminders and electronic receipts from Payment21.com. Unlike traditional credit card payments, there is no need for any special equipment to allow Payment21® to begin accepting payments from tenants. As long as your renters have bank accounts and Internet access, they’ll be able to use Instant eCheck™. Once you’ve set up a merchant account, you’ll be able to login, view and manage your payments. Payment21®’s report feature will allow you to track payments and discover ongoing issues. Merchants will also be able to communicate with tenants via the Payment21® billing support area.
Residents save money by avoiding credit card interest
Some customers are uncomfortable using credit cards to pay rental fees. Payment21®’s Instant eCheck™ feature works like a real check, allowing your renters to have money removed from their account without racking up credit card interest. An electronic check, or Instant eCheck™ (also referred to as an ACH transaction or Check 21 payment) is an electronic or digital version of a paper check, used to process a payment online.
If you’re using a software product for your business accounting, Payment21® can work with that as well. By implementing data from your existing databases, you’ll avoid spending countless hours entering data. Benefits of Instant eCheck™ include:
• Enables you to offer a unique amenity, to stay competitive in the apartment and home rental markets.
• Residents can pay conveniently without having to deliver or mail a paper check to their landlord.
• Landlords save up to 80% on processing fees.
• Tenants avoid paying credit card interest.
• Enables you to reduce your collections/delinquencies and increase on-time rent payments.
• Enables you to see all electronic payments over your entire portfolio through our easy to use real-time reporting platform.
• Enables you to save time and eliminate data entry errors.
Virtual terminal enables payments to be taken over the phone
Payment21® has a solution for Call Centers as well, allowing large-scale property management companies to take payment information from tenants over the phone, entering the information directly into Payment21®’s virtual terminal.
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Vacation rental payments made easy
For vacation rental property owners, Payment21®’s web portal makes it easy to accept payments from renters, providing the added security you need when dealing with short-term occupants. You’ll also be able to accept security deposits and pet fees using the system. Lodging companies and travel agencies can access our virtual terminal to take vacation payments over the phone or over the counter.
Payment21.com offers flexible rental payment options for your residents. Improve your cash flow with more on time payments and allow your business to grow by accepting Instant eCheck™. Your business’s bottom line will be improved because you’ll spend less time and money dealing with late payments and collections procedures. With more landlords and property owners accepting online payments, savvy property owners know they need to stay on top of the technology. Payment21® allows you to retain your tenants by making payment easy and convenient for them. Landlords, tenants, and the lodging industry can all benefit from the convenience and ease of using our online payment system.