New EFT Cost

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Aaron Silverman

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Jun 12, 2019, 12:59:06 PM6/12/19
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What is everyone's thought on the new EFT costs?  It seems the cost is going up but there is no benefit improvement related to that cost.  I could be missing something though.
Aaron

Mary Hurd

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Jun 12, 2019, 1:46:47 PM6/12/19
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What new cost? 

On Wed, Jun 12, 2019 at 10:59 AM Aaron Silverman <aa...@aaronsilverman.com> wrote:
What is everyone's thought on the new EFT costs?  It seems the cost is going up but there is no benefit improvement related to that cost.  I could be missing something though.

Aaron

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Mary Hurd

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Rent Smart Property Management 


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Missoula Realty

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Aaron Silverman

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Jun 12, 2019, 3:21:09 PM6/12/19
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I received the below email today.  Maybe it is the plan I am on.

We are investing heavily in our payments experience for you, your residents, and your owners. After a significant amount of planning, development, and an early pilot with Buildium customers we're happy to share that our ePay solution will transition from Forte Payments Systems to Buildium as the payments facilitator.

Beginning this summer, we will transition customers onto ePay, powered by Buildium. Buildium will manage your ePay application, onboarding, and ongoing account management by adding a dedicated internal Payments Team, and you will work directly with Buildium on updating bank account information, limit increase requests, and chargebacks. This means streamlined processes, with a single source of information for everything ePay.

To help support this investment, the fees for credit card and debit card transactions and incoming EFT transactions will be updated on August 1, 2019. The new rates are below:
  • Credit card and debit card transaction fees will be 2.95% of each transaction.
  • 1-day hold incoming EFT transaction fees will be $1.00 per transaction.
  • 0-day hold incoming EFT transaction fees will be $1.45 per transaction.
  • New bank account setup fee per business bank account will remain at $99. When your bank account is migrated over to the new ePay solution you will not be charged for this migration.

We know many of you pass these costs onto your residents and owners through service and convenience fee settings in Buildium. We will be introducing a bulk actions feature to allow you to more easily update your fees associated with online payments across all ePay enabled bank accounts. We will notify you in your account when this feature is available.

There is no further action required if you choose not to make changes to your fee structure. In the coming weeks, when we release the bulk actions feature, we will notify you in your account. Once available, you can make bulk changes to your bank accounts if you'd like to make adjustments to your fee structure prior to August 1, 2019.

We will notify you when we're ready to migrate your bank accounts over to the new ePay solution. The only action you will need to take at that time is to agree to the new ePay Terms of Service.

We will continue to add enhanced features and functionality to the payments experience throughout 2019 and into 2020, allowing us to better support your ongoing business needs. We appreciate your business and look forward to continuing our partnership.

Thank you,

Chris Litster
CEO
Buildium

Mary Hurd

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Jun 12, 2019, 3:33:31 PM6/12/19
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I didn’t get that email. Maybe they are releasing the info in batches so they aren’t overwhelmed!

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Glenn Lehman

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Jun 13, 2019, 1:24:18 PM6/13/19
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They are releasing in batches.  

Good news is buildium will handle internal now the customer service.. no more bouncing between between them and Forte.

Bad new is it cost more and I was in first round role out,

Glenn D. Lehman, MPM®, RMP®, CMCA®
President

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Mary Hurd

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Jun 13, 2019, 1:25:21 PM6/13/19
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This applies to even those on the Pro account?


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Glenn Lehman

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Jun 13, 2019, 1:27:51 PM6/13/19
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I do not know.

Glenn D. Lehman, MPM®, RMP®, CMCA®
President

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Sanford Collins

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Jun 13, 2019, 2:04:30 PM6/13/19
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Glenn,

Do you happen to know if we'll now be able to issue refunds for credit card payments?  We occasionally need to issue a refund for a rental application, but we cannot refund credit cards through Forte.  We have to cut a check.


Sanford Collins
Director of Operations

www.annapolispropertyservices.com





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Mary Hurd

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Jun 13, 2019, 2:06:24 PM6/13/19
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Glen, 

Aren’t you on the Pro plan?


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Glenn Lehman

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Jun 13, 2019, 3:37:18 PM6/13/19
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I dont know.


Glenn D. Lehman, MPM®, RMP®, CMCA®
President

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Glenn Lehman

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Jun 13, 2019, 3:38:29 PM6/13/19
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No I am a rookie.

Actually I am in boston on the 24th and 25th to talk Buildium, With this change we are considering go to their tenant screening and the pro plan.

Glenn D. Lehman, MPM®, RMP®, CMCA®
President

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Mary Hurd

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Jun 13, 2019, 4:23:16 PM6/13/19
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Yes, I am on the Pro plan and using their tenant screening.

Mary Hurd

Owner, Property Manager
Rent Smart Property Management 


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Sales Associate
Missoula Realty

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PO Box 1675
Missoula, MT 59806 

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