ePay Application Process - Frequently Asked Questions

There are several questions that may come up while you’re going through the ePay application process with our partner, Forte Payment Systems.

In this article, you’ll learn about the following frequently asked questions:

  1. Which bank account do I use to sign up for ePay?
  2. Do I have to put my information down on the application as a guarantor?
  3. Why do I need to provide information for anyone with over 25% ownership?
  4. What is two-factor authentication, and why is it required?
  5. What do I do if I’m missing requested documents?
  6. What if there’s a problem with my application?
  7. How long does it take to be approved?
  8. How will I know when the process is complete?

1. Which bank account do I use to sign up for ePay?

Only one bank account can make or receive online payments for a single property.

If multiple properties you manage all pay their rent into one bank account, that is the bank account you want to set up for ePay.

If you manage multiple associations who each have their own bank account, you need to set up a separate merchant account for each account you want to use ePay with.

2. Do I have to put my information down on the application as a guarantor?

Forte payment systems almost always requires that personal guarantor information be included in the ePay application.

If you choose not to enter the information or sign the personal guaranty, include a letter with your application that explains this to the Risk Committee at Forte.

In rare cases, Forte will accept two years of financials (balance sheets and income statements) in lieu of the guarantor information.

3. Why do I need to provide information for anyone with over 25% ownership?

On May 11th, 2018 the Treasury Department implemented a new regulation that requires financial institutions to gather beneficial ownership information from their customers.  The purpose of the regulation is to provide additional transparency for the Treasury Department’s anti-money laundering program. This will impact all legal entities seeking to open an account at any financial institution in the United States.

While Buildium understands that this creates an additional effort for our customers to open an ePay account, we are required to gather this information in order to comply with the law.  Additionally, we maintain strict controls to ensure that all information collected during the ePay process remains private and protected.

4. What is two-factor authentication and why is it required?

Two factor-authentication is an additional layer of security that verifies that the individual filling out an ePay application is the Business Manager of the ePay account. Buildium verifies this either by sending the Business Manager a one-time pass-code via text message/voice call or allowing the Business Manager to answer security questions.

The purpose of two factor authentication is to prevent unauthorized users from potentially accessing the Business Manager’s bank accounts through ePay.

5. What do I do if I'm missing documents Forte is requesting?

Forte requests a permanent, voided check along with your signed ePay application for each bank account.

If you don't have a permanent check, Forte will still underwrite your application even if the bank account is brand new. The permanent check is proof that the bank account you want to use with ePay is real and belongs to you.

If you don't have the check, you can do one of the following:

  • Complete a bank verification form

  • Get a letter from your bank that confirms you have an open account. Make sure this letter includes the routing and account number, is signed by the bank, and is printed on bank letterhead.

6. What if there's a problem with my application?

Forte payment systems will reach out to the Buildium account owner listed on the application if there are any issues with the application or if they are in need of more information. They will reach out by email a few times a week to move the application forward.

If you aren't the Buildium account owner that was listed on the application, talk with them first to see if they have received any communications with Forte.

7. How long does it take to get approved?

Once Forte receives a signed ePay application and all needed documentation, the approval process should take 5-7 business days.

If Forte is missing any documentation from you, or if anything on the application is missing or incomplete, it will delay the approval process.

8. How will I know when the process is complete?

An email will be sent to the Buildium account owner when the merchant account is approved and set up.

Click here to get started with ePay once you're approved

 

Article #: 219645367

 

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