ADDA Payment Gateway Integration

by Vishnu

ADDA is thrilled to announce the integration of Payment Gateway with its Income Tracker! This will enable the Associations using ADDA to collect payments from Residents via Credit Card, Debit Card and NetBanking!

This makes ADDA India’s FIRST & ONLY Online Payment Aggregator for Housing Societies! The ADDA Payment Gateway will now be an additional payment option for Residents.

Before you read on, we would like to thank YOU, our discerning customer, for pushing us higher!

Advantages of Online Payment Gateway

1) The Resident gets instant confirmation that her/his payment has reached the Association

2) Collecting small-ticket items such as festival contributions, facility booking, Move-In/Out charges etc. becomes much easier as the hassle of collection & receipting is avoided!

3) The lead time for collections can reduce drastically as Residents would prefer to pay by credit card (instant gratification, delayed outgo)

4) Collection of electricity/water charges from in-house vendors Рsuch as Grocery shop, Daycare, Parlor etc. Рwill  now be free of manual intervention

With more and more Residents using the Payment Gateway, below Admin Overhead are completely eliminated!

1. Collection of Cheques from the Cheque Collection Box

2. Creating Deposit Challans accurately

3. Distributing Receipts to the Flats

4. Walking the Cheques to the Bank

5. Entering the Cheques in the Accounting System.

6. Reconciling each Cheque.

7. Processing Returned Cheques, lost cheques, managing Late Payment Penalty disputes.

8. For direct Bank Transfers, informing every Member of correct Society bank details, reconciling direct Bank Transfers.

9. Managing Suspense payments, due to Bank Transfer/Cheques without Name or Flat Number.

10. Manual Errors and Retention woes of Admin Employees who handle the above!

How does it work

Here is the workflow of ApartmentAdda Payment Gateway integration:

Behind the Scenes

ADDA is utilizing Online Payment Gateway Infrastructure – one of the most reliable and technologically advanced Payment Gateway in the World. Participating Associations will authorize ApartmentAdda to act as their online Payment Gateway Aggregator – necessary documents will be collected and vetted as per RBI’s Regulations.

Payments made by the Residents will be collected in an RBI Regulated and Audited Bank from where the money will be channeled to each Association’s Bank Account. A detailed Flat-wise/Transaction-wise statement will automatically show up in the Income Tracker for each Transfer to the Association bank Account. The Treasurer can reconcile these as per his or her convenience.

Periodically we run vulnerability scans on our Servers and Hosting Infrastructure and also get the process and transactions audited as per RBI regulations.

How to get Started

Interested Associations can Contact Us. We shall work with you to get you started. The estimated setup time is 1 work week.

More Questions? Please view the FAQs on ADDA Payment Gateway integration.

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Sandeep Sapra August 13, 2010 - 5:49 pm

Great work! Another first for PM. It is the bench mark of how a society living should be: Contribute to grow together.

Narayan August 13, 2010 - 8:46 pm

Congrates!!! Great job…

K N V Kumar August 13, 2010 - 9:16 pm

This will help a lot in helping members pay in time

Srikanth August 14, 2010 - 11:41 am

Nice feature set. Actually the features you have been adding are very sensible. I guess you a very good requirement gathering process!! – keep it up

Satish August 14, 2010 - 12:15 pm

Cool feature, this will really make it an ADDA

Vipul Popat August 16, 2010 - 1:12 am

Would be nice to have online payments.
That would really be another milestone !!!

san August 17, 2010 - 7:06 pm

@Sandeep, @Narayan: Thank you!

@KNV Kumar: We very much think so too. The convenience is unmatched, and so is the Admin effort saved by the Association Office.

@Srikanth: Thanks! We are fortunate to be working with customers who are very good requirement providers!

@Satish: LOL! Thanks!

@Vipul: Thank You! Do make sure your Management Committee knows so they can sign up!

A.N Subramanian August 18, 2010 - 1:02 pm

Great facility

san August 30, 2010 - 7:21 pm

Thank you, sir! We look forward to JGA using it!

salma August 28, 2010 - 11:01 pm

great job indeed.

san August 30, 2010 - 7:14 pm

Thank you, Salma!

Ashok RajGuru September 5, 2010 - 11:39 pm

Great job!

Rajan September 6, 2010 - 2:14 am

Thanks. This will be a hassle free move

Comments are closed.