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“CMA has for some time practiced its own version of ‘contactless payments’ for our receivables and payables which allows for safer and faster payment processing and transmittal.”
Making purchases and payments during the pandemic, more consumers have become aware of “contactless payments” which eliminates the need for physical cards and signatures to complete transactions.
Clients may be interested to know that CMA has for some time practiced its own version of ‘contactless payments’ for our receivables and payables which allows for safer and faster payment processing and transmittal.
- CMA’s website allows for clients to pay their assessments by e-check, credit card or by ACH payments. Account ledgers for each client are accessible on the secure website.
- CMA’s banking relationship allows our clients to use a no fee lockbox for payments sent by mail. Clients can mail a physical check to the lockbox or instruct their bank to issue a billpay check or EFT payment to the lockbox address.
- CMA allows clients to sign up for e-statements instead of receiving paper statements in the mail handled by the postal service. Additionally, this saves the association money.
- For clients accustomed to paying in person at our offices, CMA has installed payment drop boxes at each of its office locations for clients to drop off payments without making contact with staff. Drop boxes are checked each business day and payments are processed timely.
- CMA vendors are encouraged to request to receive payments for goods and services by ACH rather than receive a physical check in the mail. While many CMA employees were working from home due to government orders , vendor payments by ACH were not delayed at all. Vendors do not pay a fee to receive payments by ACH and are e-mailed a detailed remittance advice.
- CMA vendors are encouraged to submit their invoices by email to a designated email address in lieu of mailing paper invoices.
- CMA recently implemented a company-wide initiative to set up any association utility accounts (water, electric, gas, TV, internet) on auto draft payments, where permitted. This eliminates postal service delays for both incoming paper statement and outgoing physical checks.
These practices result in more timely payments to vendors with less likelihood of late charges. Electronic payments also reduce postal charges for owners and associations. Finally, there are environmental benefits when we stop sending paper statements, checks and receipts. Together, we can make a difference in making our world a better place.
If you found this article helpful, you may also find other topics relevant to your HOA on this blog at Community. Well-Served.