How to pay my Condominium dues: That is the Question.
As we have all experienced, the internet and technology are moving faster than most of us can acclimate too. At an ever increasing rate using traditional paper checks is becoming passe. Today we can pay for gas, groceries and just about any other purchase with a bank issued debit card, which is directly linked to one of your bank accounts, eliminating the need to write a paper check or use cash.
At Klein Property Management, we utilize the services of Union Bank to process all of the applicable condominium fees through their third party lock box.
What is a “lock box” system?
A lock box is a bank-operated mailing address to which a management company directs its customers to send their payments. The bank opens the incoming mail, deposits all received funds in the condominiums specific operating account, and scans the payments and any remittance information. The scanned images are posted to a secure website, where the management companies accounting staff can access the images to apply payments to outstanding accounts receivable. Fortunately our software does this automatically, properly crediting each homeowner directly with their payment.
Payments can be made by paper check, ACH payment or at an additional fee; a credit card payment.
What is an ACH Payment?
The Automated Clearinghouse (ACH) is an electronic payment delivery system which processes electronically originated credit and debit transfers for institutions nationwide. ACH is a rapidly growing alternative to writing paper checks and processing credit cards and handles billions of payments annually.
ACH payments are payments that are processed using a customer’s bank account and routing information. You are able to set up a one-time payment or recurring payments eliminating the need to issue a monthly check saving time; the cost of stamps and the ease of mind not having to worry about getting a late fee because you forgot to make a payment.
Klein Property Management is constantly improving our systems and protocols to enhance our clients experience.
For more information, contact us (732) 446-0611or visit us at www.KleinPropertyManagement.com
