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| Parking Garage Owner and Manager FAQ |
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In an effort to address your particular concerns, Creative Cash Flow Solutions has compiled a database of the most common questions and concerns (see below). If you have any concerns that are not addressed below, or if you wish to address specific questions of your own, please do no hesitate to contact us...
TOLL FREE: 1-866-691-0666
Email: sales@renterchecks.com
Q: How do I convince my tenants to authorize automated payments?
A: Tenants must prefer to use the system. We work alongside you to overcome tenants' most common objections and make this as attractive to them as possible. Most tenants do see the value of
automated systems like this, as it saves them time and effort as well !
Q: What’s the difference between CCFS and the Bank?
A: While your bank may offer some of the same services as ourselves, there are many advantages to outsourcing to CCFS.
Banks, for the most part, are not set up for or proficient at processing ACH payments for businesses. Your Bank’s ACH system is likely to be substantially more complicated and much less user friendly then our system. Only a small number of banks offer Electronic Return Files. (Reports that detail the status of every transaction). CCFS will email these ERF files to one of your designated staff members or, if you prefer, staff can retrieve the ERF files from a secure folder on the internet. We will maintain these files for you, for the lifetime of your account.
Account records can be automatically updated electronically. Since your bank is very unlikely to offer these ERF files to you, you lose a significant advantage of Electronic Payment Processing. Electronic return files can cut the costs of any company by helping to eliminate manual data-entry, reduce human-errors, and speed account reconciliation.
Q: Does my existing bank relationship change?
A: No! All funds transferred on your behalf will be deposited directly into your existing account. There is no need to change banks. You will be familiar with the flow and settlement of funds if you currently outsource credit card processing. Instead of check numbers, your statement will show electronic deposits for the funds. (Each transaction WILL have a unique ID Number and will still be able to be tracked, both by this number and your own ID for the resident.) These records are maintained by CCFS, in a searchable database, for the lifetime of your account with us.
Q: Why should I change my current payment system - it already seems efficient?
A: The two most common misconceptions regarding payment processing are: - that it doesn't take much time to manually process a payment.
- Manual processing is cheap.
ACH processing can cut the time and cost of your payment processing dramatically. To see how dramatically (cost of invoicing)
Q: My tenants will never provide their account numbers!
A: The simple truth is, they already do! Every time you deposit a tenant's check, it has their account numbers on the bottom. The electronic check process changes nothing. There's no new information shared! Electronic check processing actually saves them time, by eliminating the check writing chore. It will also save them from late payments and the fees charged for late payments. Not to mention, the time and money the electronic check process saves you!
Q: How can an Electronic Payment be safer than a Paper Check?
A: ACH payments are much safer then paper drafts because process involves far less people. That fact alone lessens the risk of fraud substantially.
ACH Automated Payments remove eyes and hands from the checks. According to the Federal Reserve, Electronic Check Processing is a safer method of moving money than traditional paper checks.
Several studies conducted by the Fed estimate in the “normal” banking system a single paper check is handled, on average, 6 times. This is 6 sets of hands and eyes on every check -- and 6 real chances for errors or fraud. With an electronic process, the number of times the check is handled is cut to one (at the most) and the information and the money is moved both electronically and automatically.
Q: What happens to my paper checks?
A: In the electronic check age, the paper draft check is eliminated. In fact, in an automated ACH recurring debit process, even the check writer and recipient are eliminated from the process. So, rather than six separate people handling a single check transaction, the human element is removed completely.
This makes electronic check processing more secure and more efficient.
Q: What are Electronic checks?
A: Electronic checks are not checks at all, they are actually ACH (Automated Clearing House) debits.
Q: What is ACH?
A: ACH stands for Automated Clearing House Network. The ACH Network is a highly reliable, efficient nationwide funds transfer and clearing system.
Q: Who are the major players in The ACH Network?
A: The ACH Network serves approximately 20,000 financial institutions, over 3.5 million businesses, and an estimated 115 million individuals. Various types of electronic payments are used every day by institutions, companies, government agencies and non-profit organizations. The ACH network provides a safe, reliable and convenient way to conduct business.
Q: What about accuracy? Are my tenants going think that I will take more of their money than I should?
A: You, the landlord or management company cannot take more than the authorized amount! The “Authorization To Debit” Form protects each tenant from excess debits and the property owner or manager from questions of impropriety. Owners and managers can only debit the account for the amount specified and signed for by the resident and confirmed by you. No unauthorized amounts
can be withdrawn.
Q: Who governs ACH transaction processing ?
A: All ACH transactions are governed by Regulation “E” of the Consumer Protection Act. This is in addition to the protection consumers receive for paper checks. Under this regulation, Consumers have the right to contest any ACH transaction for up to ninety (90) days, just as they can now for paper.
Stop-Payments and Eviction Notices
Q: Can Tenants / Residents stop payment?
A: Yes, the resident or tenant, can stop the payment completely, but only by notifying the property owner or management in writing or by going into their bank. At no time can they change the dollar amount of the debit. (It is all or nothing.)
“My tenants' like Paper Checks.”
Q: My tenants' like writing checks! Why should they change?
A: There persists a perception among many consumers that paper is safer than ‘those new electronic things’. This is untrue. By using an electronic process, the tenant’s information is actually safer and seen by many fewer people. For tenants that are still reluctant, the ACH system we offer does not exclude the traditional method of paper checks or force a change from your current banking relationships. You
can use both methods. |
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