Domuso, the automated digital payment platform for multifamily property operators, today announced the availability of Mobile Check Pay, for the first time enabling property management firms to accept digital images of checks as payment from mobile devices.
Select properties managed by AMC and Weller Management participated in a pilot program to test the new payment capability, which is fully integrated with the Domuso platform.
Similar to how millions of consumers remotely deposit check images into their bank accounts, Mobile Check Pay allows renters to pay rent using the same technology.
“Mobile Check Pay integrates modern banking services into the rent payment experience, creating convenience for residents and enabling property managers to run a more efficient business,” said Michael Lightfoot, co-founder and COO of Domuso.
Mobile Check Pay will cut down on paper usage by replacing check scanners and lockboxes, while granting renters the assurance that their check is deposited on time and in the correct account. The service also delivers a layer of fraud reduction as digital transactions require identification verification.
The ability to immediately process paper checks will give properties access to funds to within one-to-two business days, reducing delinquency and per-unit processing charges and creating higher efficiencies and increased cash flow for large multifamily operators.
Mobile Check Pay uses the same underlying technology banks use to allow customers to make mobile check deposits. The capability was originally made possible by The Check 21 Act that became law in 2004 and allowed the recipient of a paper check to create a digital, truncated version in an electronic format known as a “substitute check,” thereby eliminating the need for further handling of a physical document.