ZSuite Technologies, a financial technology company offering digital tools that help small businesses and individuals automate collection of recurring payments and manage security deposits, has partnered with California-based BAC Community Bank (BAC). This relationship enables the bank to expand its digital offerings to include ZRent and ZDeposit.
Like most community banks and credit unions in the United States, the pandemic escalated BAC Community Bank’s need for a digital solution allowing small businesses and individuals to safely collect recurring payments online. Similarly, there was a demand among property management customers to automate the complex security deposit management process. To meet those needs, BAC launched ZRent and ZDeposit as new high-value services for small businesses and consumers, making it the only bank in California offering these free digital solutions.
“BAC’s aspiration is to strengthen the financial health of our communities by connecting people to extraordinary financial services,” said Dana Bockstahler, CEO of BAC Community Bank. “We take great pride in providing digital solutions that make banking easier and more convenient for our customers, and our new partnership with ZSuite will provide customers with unique digital payment solutions.”
In addition to these products, ZSuite provides a complete package of enablement services designed to aid the success of its partners and customers. When implementing new products, the ZSuite team ensures an efficient and organized installation process. The company offers built-in, tier one support through multiple channels, including phone, online chat and email. ZSuite also performs all back-office services such as new user onboarding and provides training and marketing guidance to its partner financial institutions.
“We are thrilled to work with BAC Community Bank and to expand our reach to the West Coast,” said Nathan Baumeister, CEO of ZSuite. “By offering our digital products, tailor-made for small businesses and individuals who collect recurring payments, BAC will be able to differentiate themselves from other community banks and credit unions and become the primary financial institution for their clients’ needs. We look forward to working with them as they unlock a new way to build customer relationships while improving efficiency and value.”
Both ZRent and ZDeposit are mobile-ready, easy-to-use tools that help individuals, property managers, landlords, home-owners associations and other small businesses collect monthly payments and manage security deposits, while building stronger relationships with their bank. ZRent automatically processes rent payments, storage and service fees, membership dues, and other recurring payments on a reliable, monthly schedule, and offers unique features such as roommate sharing, descriptive ACH transactions, reporting and future payment forecasting. Providing best-in-class transparency between tenants and landlords, ZDeposit simplifies the opening, funding, management and releasing of tenant security deposit accounts while facilitating compliance with state laws.
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