If you are a property management company that is not offering recurring ACH processing, you are leaving money on the table. Get smart. Make ACH the method of payment for every new tenant.
Surprisingly, many property managers are still doing business the old-fashioned way by accepting paper checks as payments. And they are still taking paper checks to the bank. What a waste of time and effort.
Make an ACH authorization form part of the rental paperwork. Along with the lease, the tenant signs the authorization form which gives permission to electronically debit a checking or savings account each month.
Most tenants are familiar with direct debit and expect to be offered ACH payments as a matter of course. It is so much more convenient that remembering to make out a check each month and the potential for incurring a late fee if they forget.
Automated reporting of electronic payments makes it easy to download data directly into accounting programs. Reconciliation of accounts fast, easy, and accurate.
Fees for processing payments are far less than a single first-class stamp. So inexpensive that no property manager can afford not to collecting all rents via ACH payments today.
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