In the Housing Society Accounting Software – ADDA Payment Gateway (AAPG) setups, the Resident pays an extra Payment Gateway charge (of a maximum 2.5%, all inclusive), when they make their Association payment using the AAPG.
We have an exciting news for Associations using the AAPG! There are going to be MAJOR rate reductions in the Payment Gateway Charges. While all the details are being worked out, one aspect we are sure of – the Debit Card payments will cost no more than 1% , plus service tax!! These changes will become applicable from 01-September-2012.
If you are wondering how to make Residents pay online, do check out the below Customer story.
This month, one of our customers – Sobha Nagasandra (Sobha Ruby Platinum etc.) took a decision that is first-of-its-kind among Housing Societies in India.
The Association decided to absorb the Payment Gateway charges, instead of passing it on to the Payer Resident.
This way the Association can mandate that all collections will happen online via its payment gateway. Of course, barring rare cases, where the Resident does not have any Debit Card or Credit Card..
This makes the entire Revenue collection process of the Association TOUCH-LESS! This is how::
1st of every Quarter: The bills are generated automatically
The Resident sees his Bill on Email/SMS, logs into the Sobha Nagasandra ADDA, makes the Online Payment right there using any card.
Now ADDA starts its symphony orchestra: Member-gets-receipt-immediately-on-the-screen-accounting-entries-happen-automatically-on-the-ADDA-the-money-hops-from-Resident’sCardAccount-to-Citi-Nodal-Bank-and-then-to-Association-bank – DONE!
So what pain-point is this Association trying to eliminate by making maximum use of the Payment Gateway? It has right away eliminated all the below Admin Activities!
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. Reconciling collections made via 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!
Go ahead sign up for your Housing Society Accounting Software ADDA today, your 01-October-2012 Billing & Collection will revolutionize the way your Society works!