Money Order Fraud and Theft are Eliminated When Residents Pay Rent in Cash at Retail Locations, According to New White Paper
OAKLAND, CA – November 3, 2010 – With the growth of cash as a preferred payment type for millions of unbanked and underbanked apartment renters in the U.S., owners and managers of multifamily and affordable housing - until now - have had no choice but to accept the risk and cost associated with residents paying rent by money order. These payments require increased time for on-site staff to complete manual data entry, scanning and deposits, and are a liability for fraud and theft, including break-ins to drop slots.
A new white paper published by PropertyBridge, Inc., a leading provider of electronic payment solutions for the multifamily housing industry, explains how a number of management companies have eliminated the cost and risk of accepting money orders in their community offices. Using a low cost electronic solution available from PropertyBridge, residents can pay rent in cash at retail locations like Walmart and CVS/pharmacy, and property managers receive funds deposited in their bank accounts within 24 hours.
The white paper includes firsthand accounts from many of multifamily housing's largest and well respected property management companies including Alliance Residential, BRE Properties, LumaCorp, Morgan Properties, and Nevins Adams Lewbel Schell.
Todd Richman, Senior Vice President of Financial Planning and Business Development at Morgan Properties said his company selected PropertyBridge specifically because the Pay by Cash solution met a need that was unfulfilled in the market. Morgan Properties recently completed the rollout of Pay by Cash with a no money order policy to its portfolio of more than 130 properties and 30,000 residents. "When searching for an electronic solution to serve this demographic and remove money orders from our community offices, no other vendor could meet our specific needs and requirements," Richman said.
Said Alliance Residential's Vice President of Technology Scott Pechersky, who implemented the solution across its portfolio of 44,000 units, "We're going to see a day where there's no money accepted on site at communities. The Pay by Cash solution is every bit as important in the overall collections strategy as ACH payments and paying by credit card. It's an easy, convenient, safe way for residents to pay rent."
"With more than $7 million in electronic rent payments paid in cash at MoneyGram locations this year, it's clear that Pay by Cash is quickly catching on in the multifamily industry," said Leslie Olsen, Senior Director of PropertyBridge. "As a MoneyGram-owned company we are fortunate to offer a seamless integrated solution that is a win-win for property managers and residents. Managers pay nothing for MoneyGram transactions – and residents get a convenient solution with the lowest fee in the market."
For a free copy of the report, visit www.propertybridge.com/online_resources/White_Papers.htm or call 1-866-736-8002.
About PropertyBridge, Inc.
PropertyBridge, a MoneyGram company, is a leading electronic payments processor for property managers and real estate owners in the multifamily housing industry. The PropertyBridge Payments Platform enables residents to pay rent and other lease-related transactions using multiple payment types, including credit and debit cards, Automated Clearing House (ACH), check scanning (Check 21) and cash payments at 40,000 MoneyGram agent locations. PropertyBridge's rent payment solutions are fully integrated with the accounting systems and business processes of property management firms. Residents can pay rent online, by phone or in person and set up recurring payments. The company collaborates extensively with financial services leaders including Bank of America, Visa USA, MasterCard, Discover Financial Services, American Express, Wells Fargo Bank, and First National Bank of Omaha. MoneyGram, Inc. acquired PropertyBridge in October 2007.