Advantages of Online Payment Gateway

• The Resident gets instant confirmation that her/his payment has reached the Association
• Collecting small-ticket items such as festival contributions, facility booking, Move-In/Out charges etc. becomes much easier as the hassle of collection & receipting is avoided!
• The lead time for collections can reduce drastically as Residents would prefer to pay by credit card (instant gratification, delayed outgo)
• Collection of electricity/water charges from in-house vendors – such as Grocery shop, Daycare, Parlor etc. – will now be free of manual intervention

 

With more and more Residents using the Payment Gateway, below Admin Overhead are completely eliminated!

• Collection of Cheques from the Cheque Collection Box
• Creating Deposit Challans accurately
• Distributing Receipts to the Flats
• Walking the Cheques to the Bank
• Entering the Cheques in the Accounting System.
• Reconciling each Cheque.
• Processing Returned Cheques, lost cheques, managing Late Payment Penalty disputes.
• For direct Bank Transfers, informing every Member of correct Society bank details, reconciling direct Bank Transfers.
• Managing Suspense payments, due to Bank Transfer/Cheques without Name or Flat Number.
• Manual Errors and Retention woes of Admin Employees who handle the above!

 

Behind the Scenes

Society360 is utilizing Online Payment Gateway Infrastructure – one of the most reliable and technologically advanced Payment Gateway in the World. Participating Associations will authorize Society360 to act as their online Payment Gateway Aggregator – necessary documents will be collected and vetted as per RBI’s Regulations.

 

Payments made by the Residents will be collected in an RBI Regulated and Audited Bank from where the money will be channeled to each Association’s Bank Account. A detailed Flat-wise/Transaction-wise statement will automatically show up in the Income Tracker for each Transfer to the Association bank Account. The Treasurer can reconcile these as per his or her convenience.

Periodically we run vulnerability scans on our Servers and Hosting Infrastructure and also get the process and transactions audited as per RBI regulations.

 

How to get Started?

Interested Associations can Contact Us. We shall work with you to get you started. The estimated setup time is 1 work week. More Questions? Please view the FAQs on Society360 Payment Gateway integration.

 

Cancellation / Refund Policy

Once payment has been made it cannot be refunded. For any other adjustment, please contact accounts team.

If bill has been paid more than once or in excess of the bill amount, the excess amount will be adjusted in subsequent bill.

 

FAQ for Payment Gateway

• Does Society360 have access to or store the Bank/Credit Card details of the Payer?
  No. Once the Payer enters the Payment Gateway, Society360 does not have any access to the data being provided by him. Society360 only receives a Success/Failure input from the Payment Gateway, based on which it generates the Receipt.
• Will the money be transferred from the Resident directly to the Society’s bank by the Gateway?
  No. The gateway transfers money from multiple sources (Residents) to one target (a designated bank account, NOT controlled by Society360 – per RBI guidelines). This Designated Bank then transfers respective Amounts to the Association Banks, per pre-configured & regular instructions.
• What is the charge for utilizing the Payment Gateway?
  The Society pays a small one-time fee for the Payment Gateway setup. There are no other charges for the Society. The resident while utilizing the Payment Gateway pays a nominal convenience charge per transaction.
• After making the payment when will the Resident get the confirmation/Receipt?
  Once the Resident’s online transaction successfully completes, an instant e-receipt will be generated right on his HOUSING SOCIETY. This will be viewable by the Resident on the last screen, as well as will be sent to him via email. A confirmation will be sent via SMS. The Receipt will be available on his Account Statement in his HOUSING SOCIETY.
• How will the Transaction show up on the Credit Card Statement of the Payer (Resident)?
  The transaction will show the following in the Narration “Krystal Business Solutions/XXXX
• How will the Treasurer/MC members know when a Payment Gateway transaction is made?
  You (the HOUSING SOCIETY Admins) can view all Payment Gateway transactions that have happened in your HOUSING SOCIETY, right under the Bank & Cash application. You view these the same way that you view the Cheques entered in the system, just that the Instrument Bank will be “Society360 Payment Gateway” and the Instrument Type will be “Online Payment”.
• How will the Amount Transferred by the Payment Gateway to the Society Bank, show up on the Society Bank statement?
  The transaction will show the following in the Narration “Krystal Business Solutions/XXXX