What is The Payment Solution?
Why the Payment Solution?
Why should I use The Payment Solution?
Does The Payment Solution process payments for condominium associations as well as apartment buildings?
Who benefits from using your service?
Some of my residents use Web banking, isn't that the same thing?
Why should I use your service?
Is using The Payment Solution safe?
How long does it take to enroll with The Payment Solution?
How do I enroll with The Payment Solution?
Do I have to sign a long term contract with The Payment Solution?
What if my resident does not have permanent checks or only has a savings account?
Can commercial tenants use The Payment Solution?
How much does it cost?
How do I get my residents to use The Payment Solution?
Do residents need to have email access to use The Payment Solution?
What happens if a resident does not have enough funds in their bank account?
What happens when rent or association fee amounts change?
What happens if my resident or tenant changes banks?
What happens if I change banks?

What is The Payment Solution?  Top

The Payment Solution is a payment processing service used by apartment managers, property managers, and residential (condominium and single family) association managers to easily and automatically collect and deposit rent and homeowners dues directly into their bank account electronically every month.


Why the Payment Solution?  Top

TPS Regulates Rental Collections by automating reoccurring payments scheduled on your terms. TPS Increases Cash Flow Management by providing reassurance that your monies will be in your account instead of your mailbox. TPS increases on-time payments by 72% by giving tenants the convenience to pay by check, savings or credit cards.TPS eliminates NSF bank fees from return checks, which saves you money. TPS provides control by having your tenants chasing you if they will be late instead of you chasing them.


Why should I use The Payment Solution?  Top

Using The Payment Solution saves you the time and expense related to paper check handling and processing. It helps you gain faster access to funds with no mail delays or checks sitting around not deposited while providing your residents with an ultra-convenient payment method. Additionally, you will receive faster insufficient funds notification, in days versus weeks with checks, and eliminate checks, along with the possibility of check fraud and misplaced checks.


Does The Payment Solution process payments for condominium associations as well as apartment buildings?  Top

Yes. The Payment Solution service will benefit condominium associates, community associations, cooperative apartments and rental apartments. In fact smaller condo associations will greatly benefit because most rely on volunteers to serve on the board who are also responsible for all of the back office requirements including association fee collections and processing.

Who benefits from using your service?  Top

Both the property manager and the resident benefits from using The Payment Solution. For the property manager, the rent or homeowner's dues are dependably available on the agreed upon date. For the residents, they no longer have to wonder when the check is going to clear because they know exactly when the funds are withdrawn from their account.

Some of my residents use Web banking, isn't that the same thing?  Top

No. Web banking still requires the bank to send a paper check. It is essentially the same as if your resident mailed the check themselves. Also, when a resident uses Web banking, they still retain all of the control as to when they will release the funds to you. With The Payment Solution, you decide when the payment should be withdrawn from the resident's account. The control is completely in your hands.

Why should I use your service?  Top

The Payment Solution allows you to automatically withdraw rent and homeowner's dues in a recurring and timely manner. The funds are collected efficiently and automatically and you will no longer have to chase down late payments, send out collection notices or late payment reminders. All payments are deposited into your account and ready to use within 72 hours of withdrawal thus improving your cash flow and allowing you the funds on hand to do what you need.

Is using The Payment Solution safe?  Top

Yes. Nothing is more important to us than our ability to serve as a trusted partner to our customers. The Payment Solution will safeguard you and your resident's personal and financial information. The Payment Solution abides by all Federal and local laws related to privacy and financial data security and follows all NACHA (National Automated Clearing House Association) rules and regulations as put forth by the US Federal Reserve Bank. We will never sell your information to third party companies.

How long does it take to enroll with The Payment Solution?  Top

A completed enrollment agreement should be submitted to The Payment Solution at least 10 days prior to the first resident withdrawal. Within two business days after receiving your enrollment, The Payment Solution will contact you with an account number. Shortly after, we will contact you to discuss residential enrollment promotion options to help you get the word out.

How do I enroll with The Payment Solution?  Top

We make property manager enrollment easy. And, we give you the flexibility of when you want your deposit. Simply send us an email or call us at (877) 856-TPS1, with the following information. Name address and property information - rental, condominium, co-op, or student housing. Number of residents you represent. What day or days you want your residents to pay. We will email a Property Management Enrollment agreement for you to complete and return with a voided check from your property management account. There is a one time $50.00 set-up fee due at sign-up.  Within 10 days after receiving, you're ready to receive payments directly into your account.

Do I have to sign a long term contract with The Payment Solution?  Top

No. We do not require any term contracts when signing up with The Payment Solution. Actually, if you are not completely satisfied for any reason, you may cancel at any time with no obligation and no cancellation fees.

What if my resident does not have permanent checks or only has a savings account?  Top
Your resident can still sign-up with The Payment Solution. However, they will need to submit a completed Resident EFT Authorization with a letter (typed on the bank's letterhead) from the resident's bank that confirms the following: Resident's name, bank routing number, bank account number and type of account (checking or savings).


Can commercial tenants use The Payment Solution?  Top
Yes. The Payment Solution does provide Auto Pay services for commercial tenants. Please call us for details.

How much does it cost?  Top

Charges vary based upon selected services. The Payment Solution doesn't require any financial applications or underwriting processes. Call for a free consultation (877) 856-TPS1.

How do I get my residents to use The Payment Solution?  Top

First, tell your residents that The Payment Solution is free, safe, and ultra convenient. With The Payment Solution, your tenants will not forget to pay their rent, need to write a check or pay for postage! Plus, residents that do provide an e-mail address will receive from The Payment Solution notification of the exact date and amount that was withdrawn from their bank account. Second, if you can provide The Payment Solution with a mailing list of your residents, The Payment Solution will administer a complete mailing campaign that provides information and sign-up forms to all of your residents free of charge. Third, The Payment Solution will provide you with a promotion package including brochures, sign-up forms and information regarding our service. Fourth, offering an incentive for residents to sign-up is also an effective way of promoting the service.

Do residents need to have email access to use The Payment Solution?  Top

No. Residents are not required to have an email address nor do they need a computer. Those residents that do provide an email will receive a monthly payment reminder.

What happens if a resident does not have enough funds in their bank account?  Top

The Payment Solution will notify you via e-mail of residents who failed their debit via The Payment Solution. The Payment Solution will not attempt to re-debit for that scheduled payment. The resident will need to make his or her payment directly to you in a form such as a check or money order. Failed payments are reflected in the payment report that is e-mailed to you. The Payment Solution may assess a fee to you for failed payment.

Contact The Payment Solution by email or call (877) 856-TPS1 to change a resident's debit amount. Debit amount changes must be requested at least 12 days before the resident's scheduled debit day. The Payment Solution will contact each resident that is affected by this change via email prior to their scheduled debit day.

What happens if my resident or tenant changes banks?  Top

Simply have your resident submit a new Resident EFT Authorization (making sure to note "Bank Account Change") along with a voided check (of the new bank account). Bank account changes must be requested at least 12 days before the resident's scheduled debit day. The Payment Solution will contact the resident via email once the new banking information has been verified and is active prior to their scheduled debit day.