ApartmentADDA is thrilled to announce the integration of Payment Gateway with its Income Tracker! This will enable the Associations using ApartmentADDA to collect payments from Residents via Credit Card, Debit Card and NetBanking!
This makes ApartmentADDA India’s FIRST & ONLY Online Payment Aggregator for Housing Societies! The ApartmentADDA Payment Gateway will now be an additional payment option for Residents.
Before you read on, we would like to thank YOU, our discerning customer, for pushing us higher!
Advantages of Online Payment Gateway
1) The Resident gets instant confirmation that her/his payment has reached the Association
2) Collecting small-ticket items such as festival contributions, facility booking, Move-In/Out charges etc. becomes much easier as the hassle of collection & receipting is avoided!
3) The lead time for collections can reduce drastically as Residents would prefer to pay by credit card (instant gratification, delayed outgo)
4) Collection of electricity/water charges from in-house vendors – such as Grocery shop, Daycare, Parlor etc. – will now be free of manual intervention
With more and more Residents using the Payment Gateway, below Admin Overhead are completely eliminated!
1. Collection of Cheques from the Cheque Collection Box
2. Creating Deposit Challans accurately
3. Distributing Receipts to the Flats
4. Walking the Cheques to the Bank
5. Entering the Cheques in the Accounting System.
6. Reconciling each Cheque.
7. Processing Returned Cheques, lost cheques, managing Late Payment Penalty disputes.
8. For direct Bank Transfers, informing every Member of correct Society bank details, reconciling direct Bank Transfers.
9. Managing Suspense payments, due to Bank Transfer/Cheques without Name or Flat Number.
10. Manual Errors and Retention woes of Admin Employees who handle the above!
How does it work
Here is the workflow of ApartmentAdda Payment Gateway integration:
Behind the Scenes
ApartmentADDA is utilizing Online Payment Gateway Infrastructure – one of the most reliable and technologically advanced Payment Gateway in the World. Participating Associations will authorize ApartmentAdda to act as their online Payment Gateway Aggregator – necessary documents will be collected and vetted as per RBI’s Regulations.
Payments made by the Residents will be collected in an RBI Regulated and Audited Bank from where the money will be channeled to each Association’s Bank Account. A detailed Flat-wise/Transaction-wise statement will automatically show up in the Income Tracker for each Transfer to the Association bank Account. The Treasurer can reconcile these as per his or her convenience.
Periodically we run vulnerability scans on our Servers and Hosting Infrastructure and also get the process and transactions audited as per RBI regulations.
How to get Started
Interested Associations can Contact Us. We shall work with you to get you started. The estimated setup time is 1 work week.
More Questions? Please view the FAQs on ApartmentADDA Payment Gateway integration.
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