Spotlight: Property Management

Onsite check processing. Quick non-sufficient funds reconciliation.

Landlords occupy a unique niche as bank customers, taking in a high volume of payments for a few days each month, and the overwhelming majority of the time, being paid by check or money order. Keeping organized records and getting checks to the bank in a timely fashion are priorities — as is dealing with checks that bounce or are returned for other reasons.

Using DepositNow, you can process payments right from your office immediately after you receive them, eliminating the need to keep your tenant's rent checks on hand until you make a trip to the bank at the end of the day. You could even take a tenant's check, scan it and deposit it, and hand it right back to him before he or she leaves your office.

When a check is returned for insufficient funds, it can take a week or more before your bank notifies you. But if you deposit it electronically, the turnaround time is roughly cut in half, so you'll often know about it within two or three days. Additionally, instead of re-depositing the check the traditional way, you can just send it electronically a second time, reducing the amount of time and trouble involved with handling bad checks.

For your record-keeping needs, DepositNow generates entries that can be loaded into your accounting software — or, if you use Intuit's Quickbooks system, it will update your books automatically. And BankServ's secure archiving system lets you access any check you've received in the past, whether it was months or years ago.

Check back soon for an in-depth case study of how DepositNow works in the field, as told by actual property managers using the system now.