Property Solutions: Check Scanning

While many residents will choose to take advantage of online rent payment, property managers still process numerous payments made by traditional paper checks each month. ResidentPay™ now offers a Check Scanning solution that allows property managers to scan and post payments made by paper check or money order without time-consuming trips to the bank, or endless data re-entry.

The Check Scanning application was made possible by a law enacted in 2004 This legislation, known as Check 21, was created to enhance innovation and efficiency in check processing. It allows banks to accept electronically created images of any negotiable payment instrument (personal checks, corporate checks, money orders, etc.) as valid original documents.

Check Imaging
With ResidentPay™ Check Scanning, you simply run paper checks through a desktop check-scanning device, which creates an electronic image of the front and back of the document. This image is captured, stored for future access, and instantly routed as an electronic payment to the Federal Reserve’s Automated Clearing House (ACH) for processing.

Hardware
Property Solutions® provides state-of-the-art hardware to reliably scan payment documents. A small desktop device, allows you to scan one check at a time, or load as many as 70 documents into an automatic feeder tray. The scanner captures front and back images in a single pass, reads MICR imprints, and can print a programmable endorsement message on the back of each check.

Float Time
ResidentPay™ offers time saving solutions. With Check Scanning, property managers no longer need to physically take checks to the bank for daily deposits. Funds are generally transferred from the resident`s bank account to your existing bank settlement account within 24 - 48 hours of scanning the check.

Transaction processing times quoted are for regular business days.

Flexible Settlement
ResidentPay™ gives you the flexibility to determine where to direct funds from Check Scanning transactions. You may designate one or multiple accounts for funds settlement based on transaction type. For example, rent payments received through ResidentPay™ may be directed to an operating account, while deposits are directed to a separate deposit account.