ACH Direct Deposits (Electronic Payments)

The Automated Clearing House (ACH) is a digital system that manages financial transactions. ACH direct deposits provide property management companies with the tools to efficiently transfer, credit and debit money with ease.

What are some benefits for the property management companies?

Direct Deposit eliminates the need to spend time printing and mailing checks.

Direct Deposit eliminates the need for stamps, envelopes and checks.

 

What are some benefits for owners?

Once you have signed up for ACH Direct Deposit, owners won't have to go to the bank to deposit checks.

Direct Deposit gives access to monies earlier than check deposits. There is no waiting for checks to clear. The owner's money is automatically deposited into their account on time, every time.

Direct Deposit payments never get lost.

Direct Deposit is confidential. Money is transferred electronically and passes through fewer hands than a check.

Protects against identity theft which almost always starts with someone seeing personal financial information on a paper checks, billing statements, or bank account statements. Once electronic payments are set up, the money travels electronically, greatly reducing the number of people who see this personal information.

 

How does Property Genie execute this process?

Property Genie makes it easy to pay owners by using ACH electronic owner payments.

Property Genie contains a screen under the Owner's Accounting Settings where the owner's banking information is entered. From this screen, property managers simply check the box initiating ACH direct deposits. Once initiated, all payments to owners using ACH are paid by uploading NACHA files to the owner's bank account, thus, directly depositing the funds into the owner's bank account.

 

Take a look at the following screen shot. After all the owner's banking information was entered, the check box was checked to initiate ACH payments.

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