Checks on Deck

As a property manager, you could be receiving a bunch of check payments from your tenants, especially as you start making the switch from physical to digital payments. Sorting through and taking all of these checks to the banks can be really time consuming, as well as being disjointed from the rest of your property management system. With online property management software, you are able to automatically scan and deposit checks from tenants, all while adding a log to your account journal!

Scanning Checks

To start out by scanning your checks, you will need a check scanner that can connect to your computer. Depending on the quantity of checks you receive and need to process, you can either utilize a single feed scanner or one that can scan up to 100 checks a minute! No matter your needs, these will be able to scan the check and show it directly in the online property management software. A picture of the check will be provided in addition to having all the information from the text read and inserted into the system in text form. The first time you scan a check for a specific tenant, it will ask you to link it to the tenant within the system, but in subsequent scans, it will automatically connect the two based on the information at the bottom of the check. After that, everything else is done automatically, without manual intervention!

Storing Checks

Four things are automatically done once a check is scanned in that has already been linked to a tenant within the system. First, it will match the account and routing number to the correct tenant, and it will then store a picture of the check into the system. Next, the accounting system of the online property management software will receive the payment of the check, noting it in your account journal and in the transaction history between you and the specific tenant, making it display when running reports, for example. Finally, the check will electronically be deposited into the correct operation account, so runs to the bank can become much more infrequent! If you are constantly receiving checks from all of your tenants, this check scanning option will be a game changer to your tenant financing!

Checks Made Easy

Whether you’re only getting a few check payments a month or hundreds coming in every week, it can be tedious work to constantly have to take them to the bank and make note of them somewhere. That can also lead to entry error, or having information about a payment go missing, both of which are definitely not wanted. Automatic check scanning and storing makes things easier and more robust, helping you focus on what you need to. Schedule a demo with us at Property Matrix today to see how else we can help increase the efficiency of your property management company!