With a number of automated payments providers on the market, what are the key factors to consider? Here are 10 starter questions get you on the right track.

1. Do you integrate with property management software?
2. What payment types do you offer?
3. Are you PCI Level I and SAS 70 Type II compliant?
4. How can I keep electronic payment processing costs down?
5. What are the key features of your platform?
6. How can I assess ROI?
7. What adoption and measurement tools do you provide?
8. Are marketing support and incentive/promotional programs included?
9. Is payment processing your core area of expertise?
10. How does your company differentiate itself?

See below to learn how PropertyBridge responds to the above questions:

1. Do you integrate with property management software?
   Payments integration cuts down on time consuming tasks that bog down property managers during “Rent Week.” PropertyBridge offers integration with leading property management software, such as Yardi Systems.
2. What payment types do you offer?
   Residents are more likely to use the system if they can choose a payment type and method that works for them. PropertyBridge offers multiple payment types through a single, web-based platform. Residents can pay online, in the office or by phone using credit/debit cards, ACH (automatic bank withdrawal), check scanning and cash payments at retail locations. PropertyBridge boasts over 35,000 retail locations for residents to pay rent, including Wal-Mart and CVS/pharmacy.
3. Are you PCI Level I and SAS 70 Type II compliant?
   Compliance is critical for property management companies. Without it, you put your business and residents at risk. PropertyBridge is has been PCI Level I Compliant and SAS 70 Type II Certified for the longest consecutive span of any multifamily payments processor. Plus, we have consistently passed our annual ACH audit to ensure compliance with all NACHA regulations.
4. How can I keep electronic payment processing costs down?
   
   Look for providers that offer low-cost payment types, such as:
   • Pin-less Debit. Ask if your provider offers PIN-less debit processing, in which payments are processed through debit networks. PropertyBridge analyzes transactions to determine if they are PIN-less debit eligible, which provides a significant savings on processing costs.
   • Automated Clearing House (ACH). ACH payments, automatically withdrawn from a resident’s bank account, are a popular due to their lower processing cost.

   • Check Scanning. If writing checks are a preferred method of paying rent among some residents, check scanners can be leveraged to cover the balance of transactions that are not completed electronically. PropertyBridge seamlessly converts all paper checks (consumer, business, money order and cashiers checks) into electronic transactions as Check 21.

   Also, tailor payment types and channels to meet the unique resident demographics of each community. For instance, to streamline operational efficiencies and reduce fraud at properties that typically receive more money orders, you could offer cash payment services (e.g. resident pays rent at a MoneyGram agent location) at these properties.

   You may pass transaction fees on to residents as a “convenience fee,” but doing so may hamper resident adoption. To get around this, consider charging a fee for high-cost payment types like credit cards, but offer ACH and other low cost payment types for free. PropertyBridge has payment specialists that will work with you to determine the best strategy to meet your goals and requirements.

5. What are the key features of your platform?
   The PropertyBridge Payments Platform includes many convenient features. Here are a few:

   Reporting and reconciliation.PropertyBridge enables easy access to reports for all payment transactions through an easy to use online interface, and allows for data to be exported to property management software in compatible file formats. To make reconciliation easy, PropertyBridge splits the convenience fee from the net payment amount and disburses each amount into appropriate deposit accounts in accordance with customizable disbursement instructions.

   Hold deposits.The primary goal of the leasing process is to close prospects quickly and get them into their apartment. Property managers can use credit/debit card payments as a closing technique. PropertyBridge enables leasing agents to hold a deposit on a prospect’s credit card without “charging” or settling the payment. The prospective resident can pay application fees and move in costs online or over the phone without having to “come back with a checkbook.

6. How can I assess ROI?
   If you are still considering whether an automated payment strategy makes sense for your organization, PropertyBridge offers a free Payments Cost Calculator. A good payments provider will work closely with you to understand your unique business needs before launching a payments program. And, PropertyBridge clients boast some of the highest electronic adoption rates in the industry, equating to a higher return on investment.
7. What adoption and measurement tools do you provide?
   An effective measurement program helps you track performance to specific goals and metrics. PropertyBridge account managers work with each client to identify program goals driven by the organization’s overall business goals, and map those to a measurement strategy. Account managers regularly review client progress, identifying both successes and areas of opportunity, including quarterly adoption reports. Data under review may include percentage of electronic transactions overall, transactions by payment type, percentage of recurring versus one-time payments, total dollar volume, etc.
8. Are marketing support and incentive/promotional programs included?
   Generating awareness of new payment options is critical to a successful program. PropertyBridge provides a full set of free marketing support resources to help you launch your payments program, including customized flyers, letter templates and other marketing materials. The company also regularly offers free contests and promotional programs to help boost payment adoption. For instance, the company’s 2008 Resident Sweepstakes awarded $20,000 to one lucky resident and helped boost adoption levels in participating PropertyBridge communities by 41%.
9. Is payment processing your core area of expertise?
   PropertyBridge focuses on payments, and only payments. We have access to the most competitive rate structures and special incentive rates offered by our financial services partners due to the high volume of payments we process in multifamily. Our core philosophy is that property managers deserve best of breed service providers. That’s why multifamily partnerships are the cornerstone of our business. Website portal developers, utility billers and online leasing providers alike come to PropertyBridge for all their electronic payment processing needs.
10. How does your company differentiate itself?
    PropertyBridge is the payments provider of choice for thousands of properties nationwide, processing millions of monthly payments for residents across the U.S. Property managers large and small choose PropertyBridge because of our depth of payments data integration, unparalleled record in compliance, breadth of payment types, and comprehensive adoption and marketing support programs.