MiPropertyPortal has integrated with Worldline (formerly known as Bambora), a reputable and publicly traded payment processing vendor, to streamline your payment processes. This guide will walk you through the types of payments you can process, the associated fees, and how the system works.

Types of Payments

You can process the following types of payments through MiPropertyPortal:

• Electronic Funds Transfer (EFT): Direct bank transfers from tenants.
• Interac Email Transfer: Coming soon
• Credit/Debit Cards: Visa and Mastercard payments.

Payment Purposes

The online payment system is designed for various transactions, including:

• Collecting Rent or Other Charges from Tenants: Efficiently collect monthly rent and other charges.
• Paying Owners: Disburse funds to property owners.
• Paying Vendors: Make payments to vendors and service providers.

Associated Fees

Here are the fees associated with using the online payment system:

• EFT Transaction Fee: $0.50 per transaction.
• Interac E-Transfer Fee: $1.50 per transaction
• Credit Card Processing Fee: 2.75% of the transaction amount + $0.20 per transaction.
• One-time Application Processing Fee: $49 for each merchant account setup.
• NSF or Failed Payment Fee: $12 per failed payment.

Payment Processing Flow

Step-by-Step Process

1. Setup and Configuration:
   • To start, you need to set up your merchant account with Worldline through MiPropertyPortal. This involves a one-time application processing fee of $50.
   • Ensure you have the necessary bank information and other details ready.
2. Collecting Payments:
   • Tenants can make payments via Electronic Funds Transfer (EFT), E-transfer or credit/debit cards.
   • For EFT, tenants can set up pre-authorized debit transactions.
   • For credit/debit card payments, tenants enter their card details securely through the system.
3. Processing Payments:
   • The system processes the payment and deducts the applicable fees (EFT transaction fee or credit card processing fee).
   • If a payment fails, an NSF or failed payment fee of $12 is applied.
4. Disbursing Funds:
   • Once payments are collected, you can disburse funds to owners and vendors.
   • Owners do not need to sign an agreement with the payment processor; the payout process typically takes about three business days for EFT. E-transfer would be instant.

Security and Compliance

• Secure Transactions: MiPropertyPortal ensures all payments are processed securely through Worldline, adhering to stringent security standards and compliance regulations.
• Data Protection: The system protects sensitive financial data, ensuring a safe and reliable payment environment.

Additional Resources

• Refer to the diagram below for a visual representation of the payment processing setup and configuration flow.
• If you need further assistance or have questions, please get in touch with our support team.

Using MiPropertyPortal’s integrated payment system with Worldline, you can fully automate the rental collection process and payment to vendors and owners, reduce administrative tasks, and ensure secure and efficient payment processing.

Related article:
– How to add a tenant bank account?
– How to add Owner Bank Account?
– How to Save a Vendor Bank Account?
– How to subscribe to Online Payment Collection?