PropertyBanking™
PropertyBanking allows you to pay your owners and residents through
electronic funds transfer using a interface between PropertyBoss and your bank.
Payments are entered in PropertyBoss and PropertyBoss generates a file that is
uploaded to your bank’s website for processing.
What Are The Benefits?
- No checks to purchase or print
- No postage costs or delays
- No lost or stolen checks to worry about
- Simpler and faster for both you and your owners
Conceptual Overview of Check Processing
In the middle of Electronic Funds Transfer (EFT) is the
Automated Clearing House (ACH).
The ACH is like a dispatcher that handles incoming calls and directs them to the desired
destination. Instead of telephone calls, the transactions are electronic
payments. Each electronic payment is like a paperless check. The
National Automated Clearing House Association
(NACHA) is responsible for the national electronic payment system, the ACH. Through regional
associations and almost 15,000 member financial institutions, NACHA
establishes rules and guidelines for the exchange of commercial electronic
payments through the ACH network and develops marketing plans and educational
programs to promote the use of the ACH system.
How PropertyBanking Works
PropertyBoss has features that simplify these outgoing payments. PropertyBanking stores the
ABA Bank Routing Number (nine digits) and bank
account number (both located at the bottom of a US check). EFT payments
are created using either manually entered transactions or the "Create Payments
to Owners" function; directly eliminating the need to print and mail checks.
PropertyBoss collects the EFT transactions in a NACHA formatted file that meets
your bank’s requirements. This file is uploaded to your bank’s EFT processing
center for processing and payment.
If you are interested in learning more about the PropertyPay suite of services including PropertyBanking and
PropertyWebPay, contact PropertyBoss Solutions at 1-800-562-0661 x4 or via e-mail at solutions@propertyboss.com.
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