PropertyBridge Announces Rental Payment Integration with Yardi Systems
- Aug 19, 2008
By Anuradha Kher, Online News EditorOakland, Calif.–PropertyBridge Inc.’s payments platform is now fully integrated with Yardi Systems for the purposes of integrating its electronic payment services with Yardi’s property management system. PropertyBridge is the first electronic payments provider to integrate with Yardi using the MITS (Multifamily Information and Transactions Standards) Residential Transactions 2.0 Standard, as part of Yardi’s MITS-based Standard Interfaces Program.By merging data between management and accounting systems and the PropertyBridge Payments Platform, property management firms streamline core administrative practices, and significantly reduce the time required to process resident payments. The full integration makes it possible for property managers to manage resident payment data seamlessly from the moment a resident pays through to when the revenue is recorded and reconciled. In addition, corporate and community teams within multifamily industry firms gain visibility into all aspects of a resident’s payment history, the ability to better manage risk, and control over all facets of their financial interactions with tenants. As an example, community managers can assign resident status levels including: all payment methods accepted; cash equivalent method required (due to previous issues with non-sufficient funds); through to all payments prohibited (for residents in an eviction process).The latest version of the PropertyBridge Payments Platform also includes full integration of the multifamily industry’s fully executed and secure cash offering, MoneyGram ExpressPayment.“The definition of ‘integration’ when applied to multifamily industry payments has become fuzzy,” says Todd Marshburn, director of client services at PropertyBridge. “Full integration, as offered by PropertyBridge, means synchronizing all levels of data so that it flows with as little labor required as possible.”Jeffrey Callan, chief information officer of Morgan Properties, adds, “The integration of PropertyBridge with our existing management software brings us a host of productivity gains throughout our organization. We also get much greater visibility into how money is moving down the chain from resident to merchant account.”PropertyBridge works closely with each client to develop a customized program to fit their business goals and objectives. Through PropertyBridge, owners and managers select payment types that match the demographics and preferences of their residents at each community. By combining PropertyBridge with existing accounting systems and business processes, property managers alleviate the pressure placed on community teams that have previously had to manually process and deposit paper checks.