Push Payments: Faster Payments For The Property Management Sector

Push Payments: Faster Payments For The Property Management Sector

January 30, 2024 by Ingo Payments

The property management sector thrives on a constant flurry of financial activity. Landlords employ and contract with a variety of vendors and suppliers to keep their property grounds maintained, the sinks and toilets unclogged, and everything running smoothly. Tenant turnover demands an endless to-do list of repainting rooms, removing scuff marks from floors, and cleaning carpets. And everyone, from plumbers and groundskeepers, to HVAC companies and movers, needs to get paid. That said, traditional vendor payments in property management are long overdue due for a digital makeover. Digital push payments for property management and services have already become a reality for thousands of companies., including platforms like AppFolio. And this is just the beginning. To stay on top of property management financial services, it’s imperative to understand push payments and how they might work for your business.  What Are Push Payments? So, let’s get started. To understand push payments, let’s first define what a traditional pull payment is. Pull payments are payments initiated by any payee where a company “pulls” requested funds from a payee’s account.  Pull payments can be an integral part of running a recurring payment system. Think monthly rent payments: with pull payments, your residents don’t need to remember to write a check each month, and you don’t need to remind them that rent is due.  Push payments do the same work, in reverse, allowing the payer to initiate the transfer of funds into a payee’s account and giving both parties more control over the payment process. Push payments are faster, allowing the payer to immediately transfer the funds to the recipient’s account. There are many types of push payments, depending on where the payment is going and the speed with which it is delivered—to bank accounts by debit card (called “push to debit”), by ACH and RTP transfer, the new FedNow and to digital wallets. The Trend Towards Real-Time Across Verticals The property market’s trend towards real-time push payments mirrors a wider marketplace change. Many markets are moving away from the slower rails and paper, especially for ad hoc payments. And the stage is set for an even wider embrace of instant payments. For example, studies show that when a push to debit instant payment option is offered, in comparison to a traditional payment method, people go for it. Across Ingo’s client base, push to debit payments currently account for between 40% to 70% of overall transactions where they are offered.  Even industries like trucking and movement logistics have seen a significant shift towards digital wallets and instant push payments. Their adoption of these instant payments has significantly streamlined complex interactions and financial management across their distributors, warehouses, carriers, brokers and beyond.  Additionally, the rise of the gig economy through apps like DoorDash and Uber has spurred key adoption of instant payments for freelance invoicing. This shift has helped numerous companies retain their best contractors and increased gig work satisfaction.  These are just a few examples. Broadly speaking, the world is trending toward fast, digital transactions with instant push payments at the forefront—in property management, related verticals, and beyond.  Specific Benefits Property Managers Push payments, like push to debit, has specific benefits for property management companies, especially in streamlining vendor payment capabilities. Before instant payments, a property manager had to juggle and keep track of multiple invoices, vendors, and check numbers. With push to debit, property managers can instantly pay vendors directly into debit accounts when work is done, decreasing delays and avoiding the “out of sight, out of mind” headache that comes with non-instant payments.  This speed is also useful in financial planning for property managers and vendors alike, because managers aren’t left wondering when a vendor will cash their checks, and vendors don’t have to worry about when the business will get around to sending it. Win-win. Beyond speed, push payments offer a reduced risk of fraud for property managers. Why? Because the payer initiates the transaction, and the payee does not have access to the payer’s bank account information. This compartmentalization reduces potential data breaches and keeps sensitive information more secure.  Push payments are also simply easier. They can be made anytime, anywhere. The process is straightforward and user-friendly for both sides. With just a few clicks on a mobile app, managers send money and vendors get paid.  Less Redundancy, More Reliability Digital connectivity for instant money transacting has always been relatively simple. An API is an API. But it’s the other pieces to the payments equation—from connecting sponsor banks and managing risk and fraud, to the ongoing management, optimization, enablement of low-cost routing, redundancy and ubiquity that are the real contributing factors to the overall complexity of payments—and differentiating factors with push payments.  As a business begins to operate and expand, transactions multiply. The availability of push payments in lieu of more traditional methods not only speeds up payments themselves but also reduces reliance on paper checks and the crisscrossing of invoices and approvals, or else the three-day wait for ACH transactions to settle. This alleviates cash flow issues and visibility for handymen, electricians, lawn care firms, regional suppliers and anyone else who previously had to deal with receipt tracking and reimbursements. Closing The Gap For Property Management Payments Significant progress has already been made in residents embracing digital channels (using their debit cards) to pay monthly rent. As individual consumers, we’ve grown familiar with peer-to-peer (P2P) payments through PayPal, CashApp and Venmo.  But property management can uniquely and substantially benefit from the adoption of push payments through the implementation of push to debit and beyond. Vendors in property management are coming to expect increased speed and choice in accessing their money, and push payments is a surefire way of making both happen with minimal headache.  The shift toward instant access to money via push payments will soon become standard and lead to new opportunities to embed payments even more fully into company workflows. Artificial intelligence (AI) might also be used to help automate the invoice-to-approval continuum. In other words, the future of push payments is bright.  With the adoption of the FedNow service and as other large corporations allow instant payments to take route within their own business practices, and as a new generation of renters and business owners come into their own, the desire for a variety of digital payments will become an expectation. So watch this space because the instant money push payments revolution is only beginning. Better Push Payments With Ingo Ready to institute push payments for your property management company? Ingo Money powers embedded payments at scale. Established in 2001, we provide instant payments, payouts, account funding, and digital issuing solutions for companies of all sizes, with risk management expertise and network reach to over 4.5 billion consumer accounts. Want to learn more? Contact us today!

Introducing Ingo Payments

January 12, 2024 by Drew Edwards

For over 22 years, Ingo Money Inc. has made money accessible, instant, digital, and secure for businesses and their customers.  We are proud of our long history and the experiences our teams have brought to the marketplace through true partnerships that have stood the test of time. There are new entrants to this space all the time, but it’s impossible to get 22 years of experience in a day less than 22 years. We have successfully served our clients through multiple economic cycles with a turnover rate of near zero.   As the concept of Money Mobility has evolved in the marketplace, our product lines have expanded, creating the need for the introduction of a new brand—one more targeted at banks and corporations seeking to capitalize on the tremendous opportunities brought about by modern digital money movement.  Today, I am delighted to introduce Ingo Payments. Our new brand builds upon the strong foundation of our Ingo Money brand and aims to better differentiate our offerings to businesses seeking diverse payment services.  Why Ingo Payments? We take immense pride in our rich history of providing check risk management, enterprise, and mobile check cashing services to our clients. Over the years, under the Ingo Money brand, we have successfully delivered these solutions to a wide range of banks and fintechs, solidifying our standing within the industry. This part of our business continues to enjoy double-digit growth rates as more consumers migrate their transactions to mobile first.  With the introduction of the new Ingo Payments brand, our goal is to further strengthen our ability to address the needs of a rapidly evolving digital market. Operating these two unique brands in harmony will enable us to communicate and distinguish our specialized services more effectively.   Two Brand Identities The Ingo Payments brand will house our embedded payment solutions—including digital disbursements, instant account funding, payment acceptance and upcoming banking-as-a-service offerings. You can explore these offerings here, on our new Ingo Payments website.  The Ingo Money brand will continue to reflect our check solutions, including our check risk management APIs, mobile check cashing SDK and the Ingo Money App.  Our Pledge to You  Whether you are a prospective or current partner or client of Ingo Money, Ingo Payments, or both, our team remains committed to providing you with the most innovative payment solutions coupled with our unparalleled service and support. Here’s to a future filled with new payments possibilities! 

Comparing RTP, FedNow and Push-to-Card

August 30, 2023 by Drew Edwards

Instant payments have become the de facto expectation for consumers and businesses alike. Brands that cannot deliver on the promise of real-time, safe-to-spend funds will quickly find themselves losing ground to the competition.  Companies in the United States seeking this new standard have a growing number of payment options to choose from, including Same-Day ACH, push-to-card, the RTP® Network, and – now – FedNow. It can be confusing to know which is best suited to your needs and what advantages one holds over the others.  At Ingo Payments, we believe in the power of instant payments and recipient choice. We support a wide array of options, many of which enable real-time delivery of funds to accounts or cards.  To help make sense of which real-time payment options might be best suited for your business, we’re breaking down the key differences between the RTP Network, FedNow and push-to-card.  The RTP Network Launched in 2017, the RTP Network is the latest payment network from The Clearing House (one of the key owners/operators of the ACH system). It delivers payments of up to $1,000,000 that settle in just seconds to bank accounts at participating institutions, 24x7x365. Consumers or businesses use the ABA/Routing number typically found at the bottom of a check or in their online banking experience as the alias for receiving money.   Most of the big banks and the larger regional banks participate in the RTP network, but it is not yet ubiquitous.  FedNow Launched in July 2023, FedNow is the Federal Reserve’s new instant payment service. Like with the RTP Network, it promises ‘always-on’ instant settlement and uses the same ABA/Routing number for an alias. Transaction amounts are capped at $500,000 per transaction but it still has limited reach with only 274 (mainly small) banks connected so far. It holds promise to extend instant payments to more financial institutions – including smaller, community banks – but a survey by Cornerstone Advisors found that less than half of banks and credit unions plan to offer real time payments by the end of this year.  Push-to-Card Push-to-card payments use the existing card networks’ payment rails, just in reverse. Funds can be sent directly to a bank account via an eligible cardholder’s debit card or prepaid card in near real-time. Push-to-card already has coverage for 98% or more of the accounts and cards in market today. Equally important, most consumers – especially younger ones – are comfortable using their card number as a payment alias. These are reliable payments that can reach any account on that card company’s network, making its reach to cardholders nearly universal. Like the RTP Network, the system is available 24x7x365, but with transaction amounts of up to $125,000.  Choosing an Instant Payment Option The Ingo platform enables seamless orchestration of payments across all relevant instant rails, including both the RTP Network and push-to-card, to provide our clients with flexibility when choosing payment options. Ingo also supports additional payment options such as PayPal, Venmo, ACH, and paper checks. In practice, much of this comes down to familiarity on behalf of the recipient. Consumers often don’t know the difference between the RTP Network, FedNow or push-to-card – they only know that they want their money in their account as fast as possible. Their preference is likely determined by whether it’s easier to enter a card number or a bank account number. For companies, that means it’s important to provide coverage across multiple options to ensure you’re meeting customer demand and expectations. In the case of Ingo Payments, we solicit destination account information from recipients then process the transaction using the fastest available rail, according to their preference. If that’s a bank account, then it depends whether the receiving bank is on an instant payment network. If it’s a debit card number, then it settles instantly. This is why neither the RTP Network nor FedNow serve as good standalone options for digital disbursements compared to push-to-card or traditional ACH today. Together, they only cover about 65% of available accounts, meaning that even combined they don’t provide the ubiquity needed for full adoption. They are better viewed as “plumbing” that can serve as accelerants to ACH because a payment can be diverted to an instant rail versus the ACH batch rail if it’s using the same alias. The Future of Instant Payment Rails Ultimately, we see both the RTP Network and FedNow as potential ACH killers because they can deliver instant funds without the recipient ever having to know about them or make an explicit choice of payment rail. There is also the potential for FedNow to complete the coverage begun by the RTP Network through its appeal and reach to smaller banks. If that happens, then all bank account transfers using the ABA/Routing number alias could convert to instant payments. Over time, the RTP Network and FedNow may also prove advantageous for business customers versus push-to-card. Oftentimes, large businesses do not have a debit card option and must rely on ABA/Routing number aliases. In that case, these two rails are an obvious preference over push-to-card. Further, any use case that requires invoice data or other information to travel with the payment is better suited to the RTP Network and FedNow because push-to-card does not have that capability. No matter your preference or which rail is best suited to your use case, the challenge is in integrating to them. There is no interoperability between the RTP Network and FedNow or between push-to-card and ABA/Routing number aliases. The burden is on the company to do multiple integrations and to build some form of routing and support capabilities. This is further complicated by the reality that the technology, risk management, regulations and support requirements are different for each payment rail. And on top of that, each involve coordination with card networks, wallets, international wallets and more. The task can be daunting. This is the heart of the Ingo Payments value proposition. We make the process seamless for clients by offering payment orchestration across all the relevant rails through a single API, to ultimately deliver on customers’ expectations for a modern payments experience. 

More from the Ingo blog

Payments Orchestration, Processing and Settlement

Payments Orchestration in the Era of Money Mobility

February 20, 2024 By Lisa McFarland

At Ingo, we care about payments orchestration. And that’s no surprise, considering orchestration is both a vital aspect of the payments landscape, and one that’s often overlooked. But what is payments orchestration, and why does it matter? At it’s most simple: payments orchestration involves the management and coordination of all the disparate parts of a payment—from start to finish, across external vendors, internal systems and financial institutions. Traditionally, this payments orchestration has referred to merchant acquisition or an inbound consumer payment and covers payment authorization, transaction routing and settlement. But the rise in popularity of increased money mobility and instant access, as well as an ever-evolving digital fraud landscape, has dramatically changed the dynamics of payments orchestration. The expectation that money can flow seamlessly into and out of any account a consumer chooses, instantly and safely, now requires payment orchestrators to manage both inbound and outbound money transfers. This is a level of orchestration that few third-party providers can reach and that fewer still have achieved successfully and at scale. Payments Orchestration 101 Payments orchestration is influenced by many factors and varying perspectives. It’s. more than a simple payments process—its function varies widely depending on the company, its industry, and the complexity of its payment operations. At its core, a payment relies on a processor to deliver funds to an account number. As the originator, a company issues a directive to “pay this account” and the processor obliges. But it would be wrong to assume that an organization can simply contract with a processor like Stripe and begin issuing payments. The value of a well thought-out payment orchestration system quickly becomes apparent when chargebacks start and losses mount—with poor visibility into what’s going on, and poor organization to keep everything running smoothly. This is because a processor does not handle all the many ancillary (yet vital) operations that go into making a payment. The processor does not confirm if an account number is valid and active, that an account is owned by the intended party, or that the account in question has been screened for sanctions. Nor do they tokenize the account for future payments, creating a redundancy in the system which can cause slower payments. These orchestration functions are normally performed by separate vendors or partners that are managed by the payments’ orchestrator. In the past, many companies have served as their own payments orchestrators. But rising complexity and the demands of money mobility are making this ever more challenging, as we have articulated. So, with mounting complexity and poor internal mechanism in place, what does a business do to ensure smooth payment orchestration at every step of the process? Well, that’s where we come in. Ingo Payments is the only external payments orchestrator handling both inbound and outbound money flows. Payments Orchestration for Money Mobility As the pioneer in push payments and the leader in money mobility solutions, Ingo Payments is practiced at the art of payments orchestration. Through a single API integration, we can handle every component of a payment on a client’s behalf and configure these services to meet a client’s business and digital workflow processes and desired customer experience. From the moment a company supplies payment instructions, we go to work. The Ingo system first verifies the account is valid, in good standing and passes account verification screenings. We then report back on this status and, if valid, tokenize the account so companies can send future payments without having to store personally identifiable customer account information, relieving them of PCI-level security burdens. Once the sender issues an actual payment process request using the token information and transaction amount, Ingo initiates all the required regulatory screening. These include all relevant anti-money laundering (AML), Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) requirements to ensure recipients are not subject to sanctions or other concerns. If the recipient account clears all the checks, Ingo then issues the payment. If there is a hit on the screening, the platform escalates the concern to the Ingo Risk Center for further review. Ingo Payments also offers clients a unique guarantee against losses. Our add-on transaction risk underwriting and transaction guarantee services allow clients to breathe easy knowing they will enjoy exceptionally high approval rates without being on the hook for fraudulent payments or other risk-related issues. Saving Time and Money with Ingo Payments Ingo Payment’s end-to-end payments orchestration capability means clients can “fire and forget it.” We handle every facet of a payment in an in-line flow. Our platform can plug into external vendors, and even be customized to allow certain functions to be handled in-house (or by another trusted partner if preferred). Without Ingo, clients would have to either integrate separately to different vendors for account verification, sanctions screening, tokenization, processing and more, or integrate to a processor that might offer some of these third-party services. In both cases, a client would still need to build its own payments orchestration system and processes. This DIY approach means more vendors and agreements, more technical integration, more complex technical development, and, ultimately, more incremental expense. With Ingo, clients get the advantage of a simplified integration with third-party services configured and managed synchronously by Ingo behind a reduced API call set, significantly reducing development complexity. Our clients also benefit from the halo effect of our cumulative volume and pricing, as well as the redundancy necessary to protect against downtime due to third-party vendor technical issues and outages. Ultimately, the need for payments orchestration is taking on greater urgency and complexity in the era of Money Mobility. Ingo Money stands alone as a trusted, proven orchestration partner that can deliver on the promises of seamlessness and security at scale, providing companies with time and cost savings and—perhaps more importantly—total peace of mind.
Navigating the Rise of Mini-Ecosystems

The Future of Money Mobility: Navigating the Rise of Mini-Ecosystems

January 31, 2024 By Drew Edwards

Traditional financial services landscapes have long been dominated by established players relying on external financial ecosystems and marketplaces. However, the tide is turning, and a new vision is unfolding. Picture a future where businesses can leverage incentives and cutting-edge technologies to create their own individualized financial ecosystems, interconnected across various use cases and verticals.  In light of this, businesses are beginning to ask themselves a crucial question: “How do we turn all these individual money flows into a business model for us?” And the answer seems to lie in this vision of self-contained “mini ecosystems”.   Defining Mini-Ecosystems:  A “mini-ecosystem” refers to a singular financial system established by an individual company, where they create internal, interconnected financial environments with specific boundaries to optimize money flows.   The creation of such ecosystems involves leveraging advanced technologies, including cloud infrastructure and faster payment rails, to generate “off-network opportunities” that retain money within these environments. The benefit? Attractive revenue opportunities and increased customer loyalty through cost savings and seamless financial interactions.   Many companies are already sitting on a ton of customers using their product and navigating their platform. Which means there’s already the beginnings of an ecosystem there that they can build on.   A First-hand Look into the Financial Future  Consider a real-life example on a college campus. The halls of higher education have become hubs of seamless money movement. At my daughter’s university, everything from book shopping to managing meal plans is seamlessly interconnected within a contained, university-led financial environment.   This mini-ecosystem approach keeps all the money we put into the system right where we left it and offers attractive revenue and brand loyalty opportunities for individual businesses. But it also represents a paradigm shift in how we perceive and engage with financial systems.  Of course, this doesn’t signal an outright displacement of payment giants like Visa and Mastercard. Instead, the birth of these mini-ecosystems complement and augment existing financial infrastructure. They are not about replacing the traditional rails but rather about enhancing and expanding the partnership possibilities for businesses to empower them to grow internally and passing tangible benefits onto the consumer.  Ingo Payments: A Mini-Ecosystem Facilitator  But how can a big business, at universities and beyond, seamlessly make mini-ecosystems a reality? More easily with technologies and expertise by third party digital disbursement facilitators such as Ingo Payments. Ingo Payments already serves clients with millions of consumers interacting within contained environments. And with new technological advancements, including the cloud, embedded banking, and faster payment rails, our abilities to streamline these ecosystems will only grow.   As this shift unfolds, Ingo Payments is experiencing increased opportunities with treasurers, payments leaders, and business executives exploring new ways to transform diverse money flows into bespoke business models.   As we move forward, the integration of third parties will become more and more instrumental in connecting these mini-ecosystems. The era of super apps and interconnected financial activities is here, and businesses need to bring in external expertise to keep customers engaged and enhance user experiences. There’s a strong desire among U.S. consumers for mobile apps that combine various activities, emphasizing the demand for integrated and seamless financial solutions.  The Bottom Line: The Instant Payments Revolution is Already Here   The advent of the FedNow® Service further highlights the increasing relevance of instant payments across diverse use cases. Gaming, trucking, and other verticals present immense potential for mini-ecosystems to revolutionize the way money moves, offering instant disbursement options that align with consumer preferences and often create new business models for these ecosystems. Joint research conducted by PYMNTS Intelligence and Ingo Payments, focusing on gaming, reveals that instant disbursement is a preferred choice for 79% of gamers when offered the option.   The long-term potential of these mini-ecosystems has me fully convinced. I’m a 100% believer in the power of these ecosystems and their ability to help the ongoing revolution in how money moves. And I’m looking forward to a future where seamless financial experiences are not just a possibility, but a reality we are actively shaping. 
Push Payments: Faster Payments For The Property Management Sector

Push Payments: Faster Payments For The Property Management Sector

January 30, 2024 By Ingo Payments

The property management sector thrives on a constant flurry of financial activity. Landlords employ and contract with a variety of vendors and suppliers to keep their property grounds maintained, the sinks and toilets unclogged, and everything running smoothly. Tenant turnover demands an endless to-do list of repainting rooms, removing scuff marks from floors, and cleaning carpets. And everyone, from plumbers and groundskeepers, to HVAC companies and movers, needs to get paid. That said, traditional vendor payments in property management are long overdue due for a digital makeover. Digital push payments for property management and services have already become a reality for thousands of companies., including platforms like AppFolio. And this is just the beginning. To stay on top of property management financial services, it’s imperative to understand push payments and how they might work for your business.  What Are Push Payments? So, let’s get started. To understand push payments, let’s first define what a traditional pull payment is. Pull payments are payments initiated by any payee where a company “pulls” requested funds from a payee’s account.  Pull payments can be an integral part of running a recurring payment system. Think monthly rent payments: with pull payments, your residents don’t need to remember to write a check each month, and you don’t need to remind them that rent is due.  Push payments do the same work, in reverse, allowing the payer to initiate the transfer of funds into a payee’s account and giving both parties more control over the payment process. Push payments are faster, allowing the payer to immediately transfer the funds to the recipient’s account. There are many types of push payments, depending on where the payment is going and the speed with which it is delivered—to bank accounts by debit card (called “push to debit”), by ACH and RTP transfer, the new FedNow and to digital wallets. The Trend Towards Real-Time Across Verticals The property market’s trend towards real-time push payments mirrors a wider marketplace change. Many markets are moving away from the slower rails and paper, especially for ad hoc payments. And the stage is set for an even wider embrace of instant payments. For example, studies show that when a push to debit instant payment option is offered, in comparison to a traditional payment method, people go for it. Across Ingo’s client base, push to debit payments currently account for between 40% to 70% of overall transactions where they are offered.  Even industries like trucking and movement logistics have seen a significant shift towards digital wallets and instant push payments. Their adoption of these instant payments has significantly streamlined complex interactions and financial management across their distributors, warehouses, carriers, brokers and beyond.  Additionally, the rise of the gig economy through apps like DoorDash and Uber has spurred key adoption of instant payments for freelance invoicing. This shift has helped numerous companies retain their best contractors and increased gig work satisfaction.  These are just a few examples. Broadly speaking, the world is trending toward fast, digital transactions with instant push payments at the forefront—in property management, related verticals, and beyond.  Specific Benefits Property Managers Push payments, like push to debit, has specific benefits for property management companies, especially in streamlining vendor payment capabilities. Before instant payments, a property manager had to juggle and keep track of multiple invoices, vendors, and check numbers. With push to debit, property managers can instantly pay vendors directly into debit accounts when work is done, decreasing delays and avoiding the “out of sight, out of mind” headache that comes with non-instant payments.  This speed is also useful in financial planning for property managers and vendors alike, because managers aren’t left wondering when a vendor will cash their checks, and vendors don’t have to worry about when the business will get around to sending it. Win-win. Beyond speed, push payments offer a reduced risk of fraud for property managers. Why? Because the payer initiates the transaction, and the payee does not have access to the payer’s bank account information. This compartmentalization reduces potential data breaches and keeps sensitive information more secure.  Push payments are also simply easier. They can be made anytime, anywhere. The process is straightforward and user-friendly for both sides. With just a few clicks on a mobile app, managers send money and vendors get paid.  Less Redundancy, More Reliability Digital connectivity for instant money transacting has always been relatively simple. An API is an API. But it’s the other pieces to the payments equation—from connecting sponsor banks and managing risk and fraud, to the ongoing management, optimization, enablement of low-cost routing, redundancy and ubiquity that are the real contributing factors to the overall complexity of payments—and differentiating factors with push payments.  As a business begins to operate and expand, transactions multiply. The availability of push payments in lieu of more traditional methods not only speeds up payments themselves but also reduces reliance on paper checks and the crisscrossing of invoices and approvals, or else the three-day wait for ACH transactions to settle. This alleviates cash flow issues and visibility for handymen, electricians, lawn care firms, regional suppliers and anyone else who previously had to deal with receipt tracking and reimbursements. Closing The Gap For Property Management Payments Significant progress has already been made in residents embracing digital channels (using their debit cards) to pay monthly rent. As individual consumers, we’ve grown familiar with peer-to-peer (P2P) payments through PayPal, CashApp and Venmo.  But property management can uniquely and substantially benefit from the adoption of push payments through the implementation of push to debit and beyond. Vendors in property management are coming to expect increased speed and choice in accessing their money, and push payments is a surefire way of making both happen with minimal headache.  The shift toward instant access to money via push payments will soon become standard and lead to new opportunities to embed payments even more fully into company workflows. Artificial intelligence (AI) might also be used to help automate the invoice-to-approval continuum. In other words, the future of push payments is bright.  With the adoption of the FedNow service and as other large corporations allow instant payments to take route within their own business practices, and as a new generation of renters and business owners come into their own, the desire for a variety of digital payments will become an expectation. So watch this space because the instant money push payments revolution is only beginning. Better Push Payments With Ingo Ready to institute push payments for your property management company? Ingo Money powers embedded payments at scale. Established in 2001, we provide instant payments, payouts, account funding, and digital issuing solutions for companies of all sizes, with risk management expertise and network reach to over 4.5 billion consumer accounts. Want to learn more? Contact us today!

Ingo Payments Partners with MOCA for Instant Account Funding for Patriot Card

January 19, 2024 By Ingo Payments

Instant funding via Ingo Payments provides veterans a more flexible way to confidently and safely receive benefits with the Patriot Card Ingo Payments, a leader in innovative payments and risk management technologies, is pleased to announce its partnership with MOCA. MOCA is a provider of advanced mobile-first digital accounts, featuring a next-generation card-based payment platform and unlimited cash-back rewards. This partnership introduces new instant account funding capabilities for its Patriot Card. The addition of instant funding enhances the utility and functionality of the Patriot Card and will be rolled out to other MOCA cards and accounts over the coming months. The Patriot Card was originally designed in partnership with the Association of Military Banks of America (AMBA) to provide veterans with a safe, reliable way to receive government benefits and transfers from other card and bank accounts. Now, with instant access to their funds, cardholders can avoid waiting the traditional 3-5 days for deposits and transfers to fully settle and instead begin using their safe-to-spend funds immediately. Combined with Patriot Card features like no overdraft charges and no ATM fees, instant funding makes the Patriot Card a compelling first-choice financial instrument for veterans. “The mission of the Patriot Card is to provide veterans with an easier path to financial success,” said MOCA President Shawn Sinner. “Instant funding enhances the core benefits of the Patriot Card and gives veterans an even greater advantage when using the card as their primary account for day-to-day financial needs.” The Patriot Card provides cardholders access to more than 800,000 ATMs and 2.3 million retail or merchant locations worldwide on the Armed Forces Financial Network (AFFN). The card is accepted anywhere that accepts VISA, and avoids the fees and limitations common to many other cards. “The Patriot Card is already a compelling debit card with very attractive features, but any delay in being able to use it or having to wait for funds to arrive can diminish cardholder interest,” said Ingo Payments CEO Drew Edwards. “By adding instant funding, MOCA is boosting the appeal and functionality of the Patriot Card. We look forward to expanding our partnership with MOCA to serve even more people.” About Ingo Payments Ingo is the money mobility company. Since 2001, we have been innovating to deliver safe, efficient, and cost-effective ways to move money. Operating under the Ingo Payments and Ingo Money brands, we provide banks and businesses with scalable, secure, and flexible technologies to support instant payment, payout and account funding use cases. As pioneers in the faster payments movement, we were the first to implement push-to-card transactions with Visa and Mastercard and process billions of dollars in transactions for major U.S. brands, including top insurance, gaming, financial, and hospitality companies. With an unmatched commitment to service and support, we tailor our solutions to meet our clients’ needs and guide them from solution design to full-scale operation. For more information, visit our website at ingopayments.com. About MOCA MOCA, headquartered in the Austin suburb of Bastrop, Texas, is a fintech company founded and managed by community financial institutions and payment industry veterans. With well over 125 years of industry experience, MOCA’s principals have been providing cutting edge financial products to community banks and credit unions for decades. We are prior founders and alumni of familiar names, such as VISA, FundsXpress, Kasasa, the U.S. Treasury, IBM, TSYS, AFFN, ACI Worldwide and others. Our Why is simple: We believe people shouldn’t have to choose between personal, localized service and best-of breed financial products. We believe you can have both. For more information, please visit mocapay.com.

Introducing Ingo Payments

January 12, 2024 By Drew Edwards

For over 22 years, Ingo Money Inc. has made money accessible, instant, digital, and secure for businesses and their customers.  We are proud of our long history and the experiences our teams have brought to the marketplace through true partnerships that have stood the test of time. There are new entrants to this space all the time, but it’s impossible to get 22 years of experience in a day less than 22 years. We have successfully served our clients through multiple economic cycles with a turnover rate of near zero.   As the concept of Money Mobility has evolved in the marketplace, our product lines have expanded, creating the need for the introduction of a new brand—one more targeted at banks and corporations seeking to capitalize on the tremendous opportunities brought about by modern digital money movement.  Today, I am delighted to introduce Ingo Payments. Our new brand builds upon the strong foundation of our Ingo Money brand and aims to better differentiate our offerings to businesses seeking diverse payment services.  Why Ingo Payments? We take immense pride in our rich history of providing check risk management, enterprise, and mobile check cashing services to our clients. Over the years, under the Ingo Money brand, we have successfully delivered these solutions to a wide range of banks and fintechs, solidifying our standing within the industry. This part of our business continues to enjoy double-digit growth rates as more consumers migrate their transactions to mobile first.  With the introduction of the new Ingo Payments brand, our goal is to further strengthen our ability to address the needs of a rapidly evolving digital market. Operating these two unique brands in harmony will enable us to communicate and distinguish our specialized services more effectively.   Two Brand Identities The Ingo Payments brand will house our embedded payment solutions—including digital disbursements, instant account funding, payment acceptance and upcoming banking-as-a-service offerings. You can explore these offerings here, on our new Ingo Payments website.  The Ingo Money brand will continue to reflect our check solutions, including our check risk management APIs, mobile check cashing SDK and the Ingo Money App.  Our Pledge to You  Whether you are a prospective or current partner or client of Ingo Money, Ingo Payments, or both, our team remains committed to providing you with the most innovative payment solutions coupled with our unparalleled service and support. Here’s to a future filled with new payments possibilities! 

Partnering with Hank Payments to Deliver Instant Tuition Refunds for Colleges and Universities

October 20, 2023 By Ingo Payments

The Hank Education Platform enables instant disbursements to students and modernizes the disbursement process for colleges. ATLANTA, GA – October 24, 2023 – Ingo Money today announced that it is powering instant disbursements for Hank Payments Corp. (“Hank” / TSXV: HANK) Available now, Hank’s education platform (“Hank EDU”) includes a product called Fast Funds that enables seamless instant disbursements to students, saving time and money while enabling compliance with strict legal requirements around distributions of funds for students.  “Institutions of higher learning are intent on creating modern, convenient payments experiences that mirror students’ interactions in other aspects of their lives, such as travel or ecommerce,” said Michael Hilmer, chairperson and CEO of Hank Payments. “The speed, security and choice offered by Ingo Money ensures we can meet the needs of our college and university clients while fulfilling student expectations – all as part of our compelling banking as a service platform.  Ingo is now our fourth best in class integrated partner and their innovation and execution excellence has Ingo factoring heavily into our product strategy for other vertical market applications.” Ingo Money provides innovative payments and risk management technologies that make money movement easy, instant and safe. Its industry-leading disbursements platform and proprietary risk and fraud AI tools guarantee that students’ funds arrive immediately and safely in the account of their choice. The first colleges to implement Hank EDU are using Hank’s Fast Funds direct-to-debit card product to quickly and securely disburse excess funds collected through bursaries, student loans, and rebates to students. Powered by Ingo Money and its partner KeyBank, Fast Funds gives students more options for how to receive their funds while reducing latency and costs related to check processing for the college. By law, excess funds must be distributed to students within fourteen days of receipt by a college or university. Using Ingo Money’s instant disbursements platform, the Hank EDU portal allows institutions to prepare and load files to disburse and trigger disbursements in a timely, automated manner. Students then receive notifications and secure links to their disbursements, enabling them to receive funds immediately, while the college receives accurate digital records providing evidence to regulators that disbursements were timely. During the initial test phase of Fast Funds, it demonstrated up to a 90% reduction in check issuance, generating strong interest from other colleges for the Ingo Money-powered product. “We are excited to work with Hank Payments as a partner that understands the value of instant disbursements and its power to transform an industry,” said Ingo Money CEO Drew Edwards. “Together, we can give students more control over their financial lives while helping colleges save time and money through automation and improved compliance.  We are excited about supporting Hank’s product strategy as they advance additional vertical market solutions in part, powered by Ingo Money.” About Ingo Money Ingo Money is the money mobility company, a full-service partner for innovative payments and risk management technologies that make money movement easy, instant and safe for its clients and their customers. Ingo powers instant digital account transfers, the industry’s first open-platform p2p service, and disbursements of all kinds — payroll, commissions, tips, gaming payouts, insurance claims, loan proceeds and more. With an industry-leading payments gateway, Ingo provides senders and recipients with unmatched choice in how they pay and get paid and protect their clients from the risk of real-time money movement with proprietary, network-wide risk and fraud AI, authentication tools, real-time transactional underwriting and funds guarantees. Headquartered in Alpharetta, Georgia, Ingo employs over 250 payments experts and serves some of the largest brands in North America. For more information visit our website at www.ingomoney.com. About Hank Payments Corp.  Hank Payments Corp (the Company or “Hank”) is an emerging North American leader in the Banking-as-a-Service (BaaS) market. The Hank platform modernizes budgets and payments for enterprises and consumers, and automates tedious functions that result in time and economic savings for platform users. The Hank technology stack provides for several vertical market applications of the technology, with features specific to channels and enterprise accounts (“Partners”) that allow those Partners to operate new  revenue streams, while modernizing legacy payments. The Company earns recurring transaction and licensing fees from consumers and enterprises and is active in several markets and geographies including Canada and the United States.  For more information visit the Hank Payments website at www.hankpayments.com.