Curious to know how the payment flow works between Property Vista's payment processor and your Company?
Through Property Vista you can receive payments from your tenants in many different ways.
The system to automate payments runs every morning at 4:30am.
Debit Card (Visa/Mastercard) Payments - (Convenience Fees Apply)
Tenant → Financial Institution → Merchant (1-2 Business days)
| 1. Tenant pays via Visa Debit or Mastercard debit |
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2. Tenants account is immediately charged |
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3. PayRoc settles transactions at 9:00 pm (ET)
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| 4. PayRoc sends files to Visa, Mastercard and the financial institutions within 18 hours to pay property management companies |
| 5. Property Management Companies will receive funds within 1-2 business days (Varies depending on bank) |
Credit Card (Visa/Mastercard) - (Convenience Fees Apply)
Tenant → Financial Institution → Merchant (1-2 Business Days)
| 1. Tenant pays via Visa Credit or Mastercard Credit |
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2. PayRoc settles transactions at 9:00 PM (ET)
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| 3. PayRoc sends files to Visa, MasterCard and the financial institutions within 18 hours to pay property management companies and post the transaction to the tenant’s card |
| 4. Property management companies will receive funds within 1-2 business days (varies depending on bank) |
eCheque (Pre-Authorized Debit)
Tenant → PayRoc → Merchant (1 Business Day)
| 1. Tenant pays via eCheque (Pre-authorized debit transaction) |
| 2. Property Vista sends files to PayRoc at 5:50 AM (ET) |
| 3. PayRoc sends files to the bank at 7:00 AM (ET) |
4. The funds are withdrawn from the tenant’s bank account within the same day:
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| 5. PayRoc receives funds later that day and deposits funds in the property management companies bank account |
| 6. Depending on time of transaction and the tenant’s own bank this process may take up to 2 business days in certain cases |
Direct Banking (Bill Payment)
Tenant → Financial Institution → Payment Pad/Property Vista → PayRoc → Merchant (1-2 Business Days)
| 1. Tenant pays via Bill Payment through their own financial institution (online, telephone banking, branch) |
| 2. Funds withdrawn from the tenant’s account instantly and processed via the bill payment system with Payment Pad as the payee |
| 3. Funds are then moved to the Payment Pad / Property Vista account |
| 4. Property Vista sends a file with all the received payments to Payroc at 4:30 AM (ET) |
| 5. Payroc sends files to deposit funds in the property management companies account at 7:00 AM (ET) |
Any payments that are in a Queue are required to be approved in the day they are to be processed or the system will automatically reject the payment. If you require immediate processing you will need to cancel the queued payment and manually run it.
(Note: If a convenience fee applies to the type of payment being processed by the Property Management Company the PMC/Building would automatically absorb that payment fee.)