Human Error in Payments Processing

Posted by Marketing at TOPS on September 7, 2018

Oh, the Humanity!

Generally, humans aren’t half bad. We’ve got these fun opposable thumbs, we’ve basically cornered the market on motorized vehicles, and I don’t know about you, but I’ve yet to meet a dolphin or kookaburra that can make a meaner margarita than a human. But humanity is also flawed, and sometimes even our marvelous thumbs can’t stop us from making mistakes.

Mistakes are a part of the human experience, but that doesn't make up for the damage they can cause a business. This is a huge reason why automated solutions like TOPS [ONE] are growing not just in popularity, but necessity as well.

Big Trouble in Little China

Most of the time, human mistakes aren’t SO bad—maybe someone made a typo and gave out the wrong hours of operation online. Not the end of the world. But when you are dealing with sensitive homeowner information, such as credit card info or bank account info, even a small, innocent mistake can have major consequences.

Take, for example, ACH transactions. Approximately 25% of all community assessment dues payments are made through the Automated Clearing House, a nationwide network for the electronic transfer of funds between bank accounts.

Many of those payments are submitted to the banks each period by management companies or community associations. When submitting ACH requests, most CAM accountants enter the data into an unsecured Excel spreadsheet or text file. It's easy to see how entering information like this into a file can lead to innocent data entry mistakes. Unfortunately, it's also appallingly easy to commit fraud in such a situation, simply by changing the amounts a little, or altering the account monies gets transferred into.The simple fact is, whether innocent or sinister intentions are at fault, human error in the ACH file can cause pain and suffering for your homeowners, and a liability nightmare for you.

TOPS Pay in TOPS [ONE] works to mitigate those mistakes. 

Domo Arigato, Mr. Roboto

Human error is one of the biggest problems solved by automation. An automated program or bot is an error-free way of performing tedious, repetitive tasks (and it gives your humans more time to devote to other areas). Many solutions, however, can be costly and burdensome--not TOPS Pay.

Not only does TOPS Pay help you eliminate error by automating your ACH payment processing, it's completely free to all parties involved - your homeowners, your community, your management company. We charge no additional fees per transaction, and no additional fees for the Owner Access portal, where you can give homeowners secure online access to manage their account and view their payment history.

Online payments through TOPS Pay can be processed by your accounting team directly in TOPS [ONE], or by your homeowners in TOPS [ONE]’s online Owner Access portal. Regardless of the setup method, your homeowners maintain full control of their account, with the ability to deactivate or change account information at any time. This greatly reduces the chances of human error on your side by taking away the manual elements that can cause trouble.

TOPS Pay is a safe, free-to-use method for recurring ACH payment processing designed with CAM professionals and homeowners alike in mind. Learn more about how you can implement it to reduce the chances of human error in your organization.

 

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