PropertyBridge, a subsidiary of MoneyGram and a provider of electronic payment services to the multi-family housing industry, has signed an agreement to offer its payments platform to Bank of America Merrill Lynch's property management clients.
The agreement enables Bank of America Merrill Lynch to leverage PropertyBridge’s expertise and relationships in the multi-family housing industry to offer a vertical payment solution designed to serve the needs of property managers.
As part of this agreement, credit card processing will be performed by Bank of America merchant services in connection with PropertyBridge’s custom technology.
The PropertyBridge platform provides a suite of payment options including credit cards, check scanning, ACH and electronic check acceptance. Renters can use the PropertyBridge solution to make payments through multiple payment channels-online, by phone or in the rental office.
In addition to providing renters with options for making a payment, PropertyBridge’s solution serves the needs of property managers with a some of the features, such as: a single web-based interface to access comprehensive payment options; integration of payment data with back-end accounting systems; compliance with industry-specific rules and regulations; and marketing and adoption programs to boost resident payment adoption.
Greg Waltz, vice president and general manager of payment products at MoneyGram, said: “Our agreement with Bank of America Merrill Lynch will help accelerate our growth by combining our rent and lease payments platform with Bank of America Merrill Lynch’s banking services to create the industry’s premier financial services offering to the highly fragmented multi-family housing sector.”
Vicki Keller, vice president of PropertyBridge, said: “Our relationship with Bank of America Merrill Lynch demonstrates our ability to provide financial institutions with a unique opportunity to increase deposit income and extend long-term relationships in the lucrative property management vertical. We look forward to a successful relationship with Bank of America Merrill Lynch and are excited about the potential to expand our presence throughout the financial institution channel.”