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Storage Rent Payment (Yapstone) issue

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  • Storage Rent Payment (Yapstone) issue

    We use Storage Rent Payment (Yapstone) as our 3rd party processor with ESS. It has just come to our attention that Storage Rent Payment has done multiple renter payment reversals due to insufficient funds over the last year and a half. At no point were we notified. On ESS it looks as though payment went through and all is good. (This is NOT an issue on ESS’s end - it’s Storage Rent Payment.)

    We have attempted to balance our books between Storage Rent Payment and ESS and despite pulling multiple reports it’s always been impossible. We finally figured out why.

    How would you go about receiving money owed from renters who had insufficient funds and essentially received free rent due to this oversight?

    It’s literally about four renters, and it’s happened to each between 2 and 5 times. For the worst offender, it just happened again with July’s payment.

    We are attempting to get this straightened out with Storage Rent Payment but their customer service is extremely slow. And yes, we plan on switching to a different payment processor - probably ESS themselves since we’ve been so happy with them in general.

    Is it fair to get in touch with these renters and say, “it’s just come to our attention that in February 2020, July 2020, and January 2021 you did not pay your rent due to insufficient funds. Your unit will be over locked until we receive full payment…” ????

    Or is it too bad, so sad, it’s not their problem and it’s unfair to go back more than X number of months?

  • #2
    I would send each customer an email with the details of the failed payments and an explanation. I would immediately add the charge back to their account and encourage them to call you to discuss a payment schedule. I would also mention to them that they will not be charged any late fees (obvious, but gives you something positive to say). I wouldn't OL the people that call and are willing to discuss a payment plan. And, I'd be more lenient on the long term customers. It's a balance of risk of them moving out w/o paying and your loss of goodwill by being too aggressive.

    How did you discover the reversed payments? I use both services and rely on emails from YapStone for these.
    I hate Yap. If you get any charge back, you will lose regardless of what documentation you send them. They will threaten you with having to push/pursue the issue and you paying large fees if they still determine that the customer was right in disputing the charge.

    I didn't know ESS was also a CC processor now. I'll have to look into that.

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    • #3
      Immediately lock them out, but don't charge late fees since it's so far past the event. Call and send a letter to let them know.
      "The comeback is always stronger than the setback."
      Mom, Navy Vet, genealogist and voracious reader
      Always sunny in California

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      • #4
        I would think that you just have to bite the bullet and say
        It has just now been discovered!

        A couple years back, I was a renter and my neighbor was telling me that the complex was showing her that she had missed 2 different months of rent and they wanted her to pay.
        She had paid but it was not entered correctly but they had claimed the missing rent was more than 12 months prior, so don't worry about how long it had been due.
        Just blame it on 'the accounting department"

        Good luck and please, keep us posted with an outcome and what these 4 tenants do and say!

        Don't put off until tomorrow, what you can do today.

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