Why Other Management Companies Mess Up Your Payment Date

You get labeled as a delinquent payer, you incur late fees and you have to take extra time each month to call your management company and get your late fee reversed.  Why the bother?  Do some management companies’ side step this nuisance for their clients?  You bet.

We suffered with this issue a few years ago as well.  It caused more work for our employees as well as frustrating our clients.  So we re-engineered how we collect funds in order to streamline the process and reduce the likelihood of you getting a late fee.

Why does this occur with other management companies?  The quick answer is poor choice of systems & processes.

Some collection processing vendors hold your money and use it for 1 or 2 days in order to make extra money (interest) before depositing it into the association’s bank account.  The management company allows this because it reduces the fee they pay to the vendor.

At Pyramid we don’t have this set up or associated problems.

The quickest way to make a payment is to use our web portal where unit owners & tenants can view and pay their charges online by ACH (debits your checking account) for free.   Payments will be processed the same day if paid before 4pm Eastern Standard Time (EST).  After 4pm the payments will process the next day.

If you mail in a payment you are subject to mail pick up timing and delivery timing.  But once it gets to our post office box it gets picked up at noon and is delivered to our lockbox processor is then sorted, scanned and processed the same day and is deposited into the association bank account the next business day.

We also offer an option to pay by credit card /debit card for a small fee but that is not fast because there are other vendors involved.  It takes 2 business days to process unless you pay an additional $9.95 expedite fee to the vendor for 1 business day processing.  You have to determine if this is worthwhile as the cost may still be less than a possible late fee.

Lastly, if you have an emergency you can wire the funds to us from your bank or come by our office by 5PM and provide a check or bank check that will be deposited that day.

At Pyramid we believe in making real estate easier and this is one small example of how.