By Megan Jackson

Due to the pandemic, many businesses have elected to close their corporate offices and adopt more permanent work from home and flexible working environments.  This has had a big impact on our client’s ability to process mail that continues to be delivered to their offices – having to collect and sort mail periodically or added expenses to forward mail and packages.  This coupled with USPS delivery delays, RealtyCom’s accounting department has seen an increase in checks that are “lost in transit” affecting when our clients can deposit and accrue for their telecom revenues.

RealtyCom remains focused on making the negotiation, contracting and revenue management process as simple and hassle-free for our clients as possible. For that reason, we’re excited to recommend to you the option to update your recurring telecom revenue payments to speedy, reliable, easy electronic funds transfers or ACH payments. RealtyCom has worked with many of the Service Providers over the past year to ensure a smooth process. As you consider this option, below are some things to keep in mind:

  • Payments will be deposited into your respective bank accounts on average 30 days faster than physical checks
  • Electronic payment eliminates entity name mismatches, REIT/Fund/DBA issues that exist with physical checks
  • Eliminates lost or misplaced checks
  • Eliminates payments going to the wrong address (i.e. corporate office, property, third-party processor)
  • RealtyCom’s invoice will be submitted electronically – less paper!
  • Upfront/one-time payments will also be directly deposited much more quickly

The RealtyCom ACH process is very similar to your current experience since all the collection, review and reporting will continue to be done on our side to ensure payments are being calculated in accordance with the terms of the agreements.  The biggest difference will be the payments getting deposited into your accounts quicker and you’ll notice our team requests these details when you accept a new proposal.  Upon receipt of the reporting and payment confirmation from the provider we send an email to contact of choice advising them of the incoming ACH payment, provide them with copies of the reports, our calculations and detail on any underpayments or issues we’ve found.

Please also note that if the property sells it is important to alert RealtyCom so we can begin the assignment document process in a timely manner and avoid deposit of funds to you in error.

The initial process of switching over to ACH requires some assistance to collect and complete necessary Service Provider forms.  While not all service providers are offering ACH payments; if interested, we will evaluate your portfolio and confirm which agreements can be transferred.

Would you like to receive your payments quicker?  Would you like to receive your invoices electronically?  Or avoid trips to the bank?  Please reach out to your Client Account Manager at RealtyCom and let us know what works best for you and to start the process!