Payment Processing

Easy HOA Payments:

How to get a payment processing account

(approval can take a few days so it’s good to start early): 
 

What is a payment processing account?

A “Payment Processing Account” or also known as a “Merchant Account” is essentially an account with a bank that allows your HOA to accept payments in multiple ways, typically ACH, debit or credit cards. The money flow will still flow into the HOA bank account that you have always had. It simply allows you to charge credit cards, debit cards, and ACH (bank account numbers) of your owners.

Why should I do this?

The reason you want to get a payment processing account for your HOA is so that you can process payments electronically. When you get a payment processing account it makes The Easy HOA software an extremely more efficient and easy way to manage your HOA. Because you can now set up your owners on “auto-pay” with automatic receipts and notifications for their dues. This saves a ton of time for the treasurer/president who would alternatively collect all the dues manually via a physical check and take them to the bank and then post the payment manually.

Where do I set this up?

Log in to your HOA management software and navigate from the left menu to “Tools>Payment Processing”. Then click on “Setup” in the top right corner.

How?

Simply fill out the form with all the necessary information and click submit. If you don’t have all the necessary information you can save this form and come back later and your information will be saved. We keep all this information encrypted and secure. After you submit your form for review, it will take a few days to approve and we will be in contact with you to let you know if anything further is needed. If you revisit this same page you will see status letting you know if it’s in “review” or if it’s “completed” If it does say “completed” then your account is active and you can charge your owners via credit cards, or ACH.

Payments and Schedule

Transfers to your bank account happen daily on a rolling 2 business day schedule, while ACH payments may take up to 9 business days to process. For example, transactions processed on a Monday are deposited into your account on Wednesday. Transactions processed on Friday will be deposited on Tuesday. Our Payment Processing Report lists all deposits to your bank account. Each deposit also lists the transactions and the associated fee amount for that deposit.

Note: In order for your HOA to receive a merchant or payment processing account, all banks now require a KYC(Know your customer) to take place.  So, even though you may not want, someone that lives in the HOA and has the capacity to sign checks in behalf of the HOA(usually a board member) has to be the "responsible party"(by law) for the merchant processing account that you applying for.   

Another Note: While filling out the merchant or payment processing application through the EasyHOA dashboard, when the process asks you to select which business category you fall within, just select "Non-profit" as your HOA is likely a non profit organization.