The Payment Type Policy allows you to select which payment methods to accept.
This step-by-step guide helps you set Payment Type Policies.
STEP 1: Navigate to Administration → Policies → Finance → Payment Types
STEP 2 (a): To add a new payment type policy, go to + New Payment Type Selection Policy
STEP 2(b): To edit an existing policy, select the Organization policy → Edit (skip steps 3 and 4).
STEP 3: Choose the scope of the policy from the Scope list. Scope options include: Organization, Province, Complex, and Building.
STEP 4: Choose where that scope applies under the Applied To list → select Save.
| Organization | Applies to all buildings in Organization |
| Province | Applies to a specific Province |
| Complex | Applies to a Complex (If one has been set up previously |
| Building | Applies to a specific Building |
STEP 5: Navigate to the General tab → Edit, customize the payment options.
NOTE: Any payment methods marked with an * are associated with a fee. If payment method marked with an * is not selected the Payment Fee will apply to the tenant
The following can be customized:
| Resident Portal | Select this to set what payment methods are accepted within the Resident Portal. |
|
Prospect Portal |
Select this to set what payment methods are accepted within the Prospect Portal (Online Application). |
| Cash Equivalent | Select this to set what payment methods are considered Cash Equivalent payments. |
At Property Vista we have teamed up with PayRoc as well as Payment Pad to offer you all payment methods available. Typically, all users of Property Vista are underwritten for ALL payment methods.
Currently, these are the payment methods available in Canada through Property Vista:
| ELECTRONIC FUNDS TRANSFER (EFT) | EFT is a system of transferring money from one bank account directly to another without any paper money changing hands. |
| VISA DEBIT | Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. (web payment fee applies) |
| MASTERCARD DEBIT | The Debit Mastercard is a debit card. It uses the same systems as the standard MasterCard credit card but does not use a line of credit to the customer, instead relying on funds that the customer has in their bank account. (web payment fee applies) |
| VISA | Regular credit card system. (web payment fee applies) |
| MASTERCARD | Regular credit card system. (web payment fee applies) |
| DIRECT DEBIT (DIRECT BANKING) | A direct debit is instruction from you to your bank. It authorizes someone to collect payments from your account when they are due. You give this authorization by completing a Direct Debit Mandate form – this can be a paper form or a web page that you complete online. |
You have the ability to turn off the Address Verification System (AVS) that is used to prevent fraud from Card Payments. In most cases AVS is a great tool to ensure less fraud as the system will verify ALL the card details to ensure there is a 100% match. However; not all issuing banks have AVS and as such if AVS is turned on, those cards on banks that are not supported (typically smaller banks and/or international banks) will result in a decline in the card payment.
As the main use of Property Vista is for Rent Payment and you already verified the tenants occupying the rental unit the risk of Card Fraud is very low. You are, however, assuming that risk when turning off the AVS.
Use Cases: International Cards, Student Housing, etc.
You can control the AVS via Policies: Meaning, you can turn it on/off based on specific buildings/Merchant IDs.
STEP 6. Once the settings are selected to match your business needs select Save
This task is now complete