Merchant Accounts for Property Management
SoarPay offers credit card processing solutions for property management companies.
Why We Proudly Offer Solutions for Property Management Companies (Even When Many Processors Don’t)
Many merchant services businesses do not work with property management companies, for three primary reasons:
- Many property management businesses process transactions over-the-phone or via “virtual terminal” which is considered by banks and processors to be riskier than transactions with the card and customer present.
- Some property management businesses have a moderately high chargeback rate, due to potential issues with tenants, including disputes over services, fees, and other property-related conflicts.
- Property management businesses tend to have a higher than average transaction sizes, which is often considered higher risk.
Due to these three risks, many merchant services providers decline to accept any property management business, no matter if they are offering building management services, landlords, or offering other related services.
Soar Payments, by contrast, has consistently offered solutions for the property management industry since our founding. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to provide all kinds of property management companies with stable, effective, long term credit card processing solutions.
Frequently Asked Questions
Here are common questions specific to property management merchant accounts:
What property management businesses do you service?
Soar Payments offers merchant processing solutions for a wide range of property management businesses. This includes businesses which own various properties and handle all related needs for their tenants. It also includes companies that offer property management services (such as maintenance, cleaning, and office tasks) on behalf of landlords, and beyond.
I don’t have any contracts associated with properties I manage, can Soar Payments still work with me?
Depending on the exact business you’re running, documentation may be required. If you are managing a property that you own, underwriters may request verification of ownership. If you are offering property management services utilizing contractors, or with approval from a condo association, you may need to provide copies of contracts or agreements related to that.
Do you accept property management businesses that process transactions over the phone or via “virtual terminal”?
Absolutely! Soar Payments understands that many property management companies may want to process credit cards over the phone, or email their customers invoices. We can provide support for this type of processing, and can even work with recurring billing if that’s how your business runs.
Want more information? Click here to read our extended list of our FAQ.
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Types of Property Management Merchant Accounts
Soar Payments offers a full-array of merchant accounts to online, brick-n-mortar, and other businesses in the property management industry. These include:
A retail merchant account for property management enables businesses to accept face-to-face debit and credit card payments via a traditional credit card machine or point of sale system.
Ideally suited to an office setting with reliable internet access, retail property management credit card processing accounts typically have the lowest chargeback and fraud risk and as a result are afforded the lowest credit card processing pricing.
A mobile merchant account for property management enables your business to accept face-to-face credit and debit card payments via a swiper (included with each account) that plugs into your mobile phone or iPad.
Appropriate for businesses that frequently conduct face-to-face sales outside of a office, such as property management companies with an on-site property manager who might visit tenants directly, mobile accounts are priced similarly to retail, due to their lower chargeback risk.
Virtual Terminal Payments
Also called a payment gateway merchant account, a virtual terminal enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment). They also have invoicing solutions which allow the merchant to email an invoice to the customer, which they can pay online.
A property management payment gateway account is ideal for businesses that accept payments over the phone, or via mail order. Virtual terminal payments are particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.
An eCommerce property management merchant account allows you to accept credit card payments via your website’s online shopping cart.
Our eCommerce credit card processing accounts integrate seamlessly with most major payment gateways and shopping cart software, making setup simple. Online property management payments are vulnerable to fraud and chargebacks, consequently, we offer pre-integrated fraud protection technology.
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