Mobile Check Pay integrates modern banking services into the rent payment experience.
SANTA MONICA, Calif. (PRWEB) November 11, 2019
Domuso, the automated digital payment platform for multifamily property operators, today announced the availability of Mobile Check Pay, for the first time enabling property management firms to accept digital images of checks as payment from mobile devices.
Select properties managed by AMC and Weller Management participated in a pilot program to test the new payment capability, which is fully integrated with the Domuso platform.
Similar to how millions of consumers remotely deposit check images into their bank accounts, Mobile Check Pay allows renters to pay rent using the same technology.
“Mobile Check Pay integrates modern banking services into the rent payment experience, creating convenience for residents and enabling property managers to run a more efficient business,” said Michael Lightfoot, co-founder and COO of Domuso.
Mobile Check Pay will cut down on paper usage by replacing check scanners and lockboxes, while granting renters the assurance that their check is deposited on time and in the correct account. The service also delivers a layer of fraud reduction as digital transactions require identification verification.
The ability to immediately process paper checks will give properties access to funds to within one-to-two business days, reducing delinquency and per-unit processing charges and creating higher efficiencies and increased cash flow for large multifamily operators.
Mobile Check Pay uses the same underlying technology banks use to allow customers to make mobile check deposits. The capability was originally made possible by The Check 21 Act that became law in 2004 and allowed the recipient of a paper check to create a digital, truncated version in an electronic format known as a "substitute check," thereby eliminating the need for further handling of a physical document.
Domuso is driving the transformation of rent payments in the multifamily industry with a digital payment and communication platform to manage the entire resident lifecycle, from move-in to move-out. Domuso captures 100 percent of a property’s receivables electronically while giving residents the flexibility to choose multiple payment methods from any mobile device. Domuso removes paper payments from the leasing office by replacing money orders with the industry’s only Online Certified payment method. Other Domuso innovations include a point-of-sale Installment Loan option, secure off-site cash payments in partnership with MoneyGram and the ability for residents to pay with a photo of their check using Mobile Check Pay. Four of the top 10 NMHC property management firms use Domuso because it improves financial performance, reduces business risk and streamlines operations. Domuso is privately held and headquartered in the heart of Silicon Beach in Santa Monica, California. For more information, visit domuso.com.
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