Entrata inked a strategic alliance with Visa to introduce an improved payment and authorization program to the multifamily industry. The resulting program introduces a lower cost payment method for Visa debit card holders and reduces the number of steps it takes to authorize and process rent payments.
Entrata says high, restrictive fees and cumbersome processing methods have traditionally kept renters from using cards to pay rent and made it challenging for operators to have an efficient method of payment processing.
In processing more than $18 billion in payments over the last 12 months, Entrata found the average adoption rate for transactions by card was four percent.
A 10-month pilot of a new program for ResidentPay customers using the outlined framework showed increased card adoption by more than six times for many of the participants like Trinity Property Consultants and Wasatch Property Management.
The new framework for the program eliminates phone authorizations and several fee restrictions for credit and debit card payments and has reduced debit card fees to as low as $4.95 for participating properties.
Due to the success of the program pilot, Entrata will now extend the offering to any new clients signing on with ResidentPay. Existing clients should contact their CSM or sales representative to determine eligibility.
Founded in 2003, Entrata is the most comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, the Entrata platform currently serves more than 20,000 apartment communities nationwide, including 32 of the NMHC Top 50 Largest Managers. Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs.
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