Is WILMOTH an electronic payment and receipts Manager?
Yes..we have implemented a complete set of options to utilize modern electronic payment systems to expedite and facilitate the ease and flow of all cash receipts and distributions.
At WILMOTH, our tenants pay their rent electronically. We utilize an electronic payment system to expedite all financial matters. Tenants who pay their rent on-line speed up the processing of your cash by at least three business days!
When a tenant enters a rent payment into our system a request is sent to their bank. In three business days or less WILMOTH either receives those funds, can see that they are delayed for some reason, or receive notice that the tenant has insufficient funds. Unfortunately, when a tenant has insufficient funds an owner will also see the rent payment entered by the tenant is reversed. Even with the possibility of a reversal, we are alerted much faster than in the old days when collections came with paper checks and returns could take up to two weeks to discover!
We settle all accounts with our owners no later than the 14th of each month. A distribution to the owner is calculated and processed by an electronic payment via ACH. Depending on the type of bank account the owner has, receipt of these funds by ACH may take up to three business days. Owners receive an email immediately informing them of the amount of funds being sent to their bank account.
No paper checks! Faster funds delivery to you!