BillerIQ enables residential and commercial property managers, homeowners associations, housing authorities and parking garages to collect rent payments, association fees, maintenance and all other fees electronically.
Applicable BillerIQ FeaturesAll Features
Direct payments to a business’s specific Demand Deposit Account(s) (DDA) and Credit Card Merchant Identification Number(s) (MID), enabling one business to settle payments to multiple bank accounts.
Businesses can place a “stop” on a specific customer’s account to prohibit any online payments.
Bill payers with multiple billing accounts within the same business can link those accounts and view all with the same username and password.
Bill payers can allow others to share access to their billing account, enabling multiple people to connect to, view and pay via the same billing account. This is especially useful for splitting bill payments.
Support resellers and businesses with multiple divisions, regions and subgroups through multi-layer hierarchy. The top level can view all activities on a single dashboard while each subgroup can view only business-specific details.
BillerIQ’s Accounts Receivable reconciliation report can be easily exported from the system and imported into any business’s accounting software.
New York City Property Manager
Situation OverviewA leading NYC residential and commercial property management company was struggling with it's billing and payment process. Every month, they received thousands of rent checks without coupons or unit information. Many of these were rejected by their lockbox processor resulting in unwarranted late fees. Rent collection was a labor intensive process for the A/R department and tenants were demanding an online payment system.
ActionThe company rolled out BillerIQ and simultaneously eliminated their external lockbox processing, bringing all paper processing in-house to more easily eventually transfer their entire customer base to the electronic solution.
- 50% reduction in lockbox fees and operating costs
- 40% tenant adoption rate
- Ability for roommates to link accounts in order to effectively split rent payments online
- Flexible, scalable payment channel
- Added 2 new buildings (800 apartments) to the portfolio without having to hire additional staff