“Landlords and property managers currently using the Rentec Direct platform can rest assured that the software is prepared for these changes in payment processing,” said Nathan Miller, President of Rentec Direct.
GRANTS PASS, Ore. (PRWEB) April 22, 2021
Rentec Direct, the highest rated property management software solution, has updated its automated clearing house (ACH) process for clients to comply with a new fraud detection rule from the National Automated Clearing House Association (NACHA). Rentec Direct has an ongoing partnership with Forte Payment Systems, a NACHA preferred partner, to validate the accuracy of new ACH bank accounts like those used by tenants to pay rent electronically.
“ACH transactions are processed differently than credit or debit card transactions and are handled on a completely different network,” said Nathan Miller, President of Rentec Direct. “NACHA is attempting to decrease any risk associated with ACH transactions by implementing this new fraud detection rule. In the rental industry, this means protecting clients from receiving fraudulent rent payments or incorrect banking information. Landlords and property managers currently using the Rentec Direct platform can rest assured that the software is prepared for these changes in payment processing.”
The new WEB Debit Account Validation rule from NACHA requires the use of “commercially reasonable” methods to validate the accuracy of new bank accounts and is intended to protect the ACH network from fraudulent or mistaken activity. This new rule applies to any individual accepting online payments via ACH, regardless of which software they are using. Although there are several ways to comply with commercially reasonable validations, the fastest and most cost-effective method is to use a third-party validation service from a preferred partner such as Forte via a property management software platform like Rentec Direct.
Through its partnership with Forte, Rentec Direct has offered software users an integrated solution to manage ACH payments since 2018. Landlords and tenants using the Rentec Direct platform are in automatic compliance with the new NACHA rule. Banking information goes through the integrated Forte service to validate the account and run the account through numerous risk databases to assess for questionable activity, like bounced checks, for added security.
To learn more about the new updates for ACH transactions at Rentec Direct, visit: https://www.rentecdirect.com/blog/important-nacha-verification-changes-for-ach-payments/.
About Rentec Direct
Rentec Direct offers industry-leading property management software and tenant screening solutions for real estate professionals. Features include online rent payments, tenant and owner portals, the industry’s largest vacancy listing syndication network, full property, tenant, and owner accounting, 1099-MISC reporting and more. Rentec Direct was named one of the Most Customer Friendly Companies of the Year in the 2020 Best in Biz Awards, received the silver Real Estate Company of the Year Award in the 2020 American Business Awards, has been named to the Inc. 5000 List of Fastest-Growing Private Companies for four years in a row (as of 2020), and was also included on the 2017, 2018 and 2019 Entrepreneur360 list for Best Entrepreneurial Companies in America. http://www.rentecdirect.com