You are in charge of your money! Setup auto-pay, pick your own payment date and payment amount, or make one-time payments - all with the option to use a bank account or a credit card. Payments are processed by YapStone, Inc., an independent third-party processor (their Customer Service may be reached at 1-866-289-5977). It is simple - they take money from your bank account or charge your credit card and deposit the funds into your association account, on the day you select and for the amount you choose. We make sure it is properly posted to your account.
Introducing Variable Auto-Pay! In addition to being able to pick your own payment date and use a bank account or a credit card, owners are now able to setup auto pay for variable amounts based on their unit's account balance. Whether it is a move-in fee, a garage door opener, or variable utility charges, these can now be paid automatically with your next scheduled payment.
Auto-Pay is available only between the 5th and the last day of the month (this is to ensure our software is properly synchronized with the payment processor's systems). Since the payment amount may vary from month to month, each owner has the ability to pre-authorize a range for the amount of the scheduled payment (minimum variance is $20). In the event the balance on the unit account falls outside of the designated range on the date it is scheduled to be processed, the payment will fail and will not process. A separate one-time individual payment will be required in those cases.
Here is how it works. When you setup the payment schedule, you will be required to select the minimum payment amount and the maximum payment amount. Assume your regular monthly assessment is $100. With a $20 minimum range, you could select a payment range of $90 to $110. If your unit balance is $100 on the date the payment is scheduled to be made, the automatic payment will process. If an additional $5 charge was added to your unit account, bringing the balance to $105, the payment will still process. If, however, an additional charge of $15 was added to your unit account, bringing the balance to $115, the payment will fail as it falls outside of your pre-authorized balance range (maximum of $110). Similarly, if you make a separate payment of $20, thereby reducing your unit balance to $80 ($100 regular monthly assessment less the $20 extra payment), your automated pre-scheduled payment will fail. You will need to make a separate one-time payment towards your account with the association in both examples.
There is no limit to the payment range each owner is able to pre-authorize. The range depends on each individual's comfort zone with respect to pre-authorized automated payments. Using the above example of $100 / month regular assessment, you could setup the minimum payment of $1 and the maximum of $1,000. If a $500 move-in fee is added to your account, bringing the total unit balance to $600 ($100 regular monthly assessment + $500 move-in fee), $600 will be withdrawn from your bank account (or a credit card) and you will remain current on the payments to your association.
YapStone, Inc., an independent third-party processor may be reached at 1-866-289-5977 for any related questions.