“As property managers you’re doing so many things and wearing so many hats, but you’re also a payments provider, or what’s called a ‘Third-Party Sender’ on the ACH Network,” said Jordan Bennett, Nacha Senior Director, Network Risk Management.
HERNDON, Va. (PRWEB) December 22, 2020
As property managers increasingly turn to the electronic payments, and move away from paper checks, they need to be aware of their responsibilities when using the ACH Network. This was the focus of a recent episode of “The Property Management Show” podcast, featuring Jordan Bennett, Nacha Senior Director, Network Risk Management.
“As property managers you’re doing so many things and wearing so many hats, but you’re also a payments provider, or what’s called a ‘Third-Party Sender’ on the ACH Network,” said Bennett. “If the money comes to you, and then you pay the landlord using your own financial institution, you are a Third-Party Sender.”
Bennett, who oversees the Nacha Certified program for Third-Party Senders,
told property managers it’s important that they know what they’re supposed to do with respect to the Nacha Operating Rules, which contain protections for them, as well as landlords and tenants. Being Nacha Certified, he said, shows you have demonstrated to Nacha sound practices in ACH payment processing.
“The Property Management Show” podcast is produced by Fourandhalf, a marketing agency for property managers. The episode featuring Bennett can be found through Nacha’s website at https://www.nacha.org/news/property-managers-need-know-their-ach-network-responsibilities.
Nacha governs the thriving ACH Network, the payment system that drives safe, smart and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. More than 24 billion ACH payments were made in 2019, valued at nearly $56 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation and advisory services.