ePay Process: How Digital Payments Work for Assisted Living Communities
Digital payments, payments made through online or digital means, make it easy to exchange money without handling physical currency. Payments are sometimes also called e-payments when made this way. E-payments are regularly used in e-commerce and point of sale models, helping collect real-time payments for online shopping.
Traditionally, using ePay systems requires both users, the payee and payer, to have a bank account, online bank, medium of transmission, and device from which to make payments. For assisted living communities, Eldermark's ePay system is a great choice as a medium of transmission. It is easy to use and set up, so your community can begin to send and receive money without the delays associated with paper invoicing and checks.
How digital payments work with Eldermark is simple. The Eldermark ePay system makes it easier to accept payments for assisted living community fees, expenses, and more via an online, digital portal. With auto-pay capabilities, it's the straightforward way to "set it and forget it," ensuring payments come on time and eliminating the need for paper checks.
What Is the ePay System?
ePay systems are all unique. They may work with QR code, near-field communication (NFC), or other functionality. Service providers may work in partnerships with small businesses or as intermediaries to accept transactions with cryptocurrency, Mastercard, Visa, American Express, or other forms of currency. Some ePay systems accept contactless payments or other digital payment methods, such as payments via a mobile phone from Samsung, Apple, or another provider.
Common fintech payment providers include:
- PayPal
- Apple Pay
- Google Pay
These became particularly popular during the pandemic, when people did not want to shop or pay in-person.
The Eldermark ePay system is a digital payment system and portal that allows individuals to make payments for assisted living expenses online. The ePay portal is easy to use and find, making it the straightforward solution to digitizing your payment system.
Those who want to make a payment can simply log into the ePay portal on your website and pay bills or expenses with ACH, debit cards, or credit cards. Even better, it's possible to set up auto-payments, so residents don't have to worry about logging in each month or when bills are due.
The Eldermark ePay system has many benefits including making it simpler to pay bills. The fast and convenient payment options
How Does the ePay System Work?
The ePay system is simple and straightforward, making it a good choice for assisted living communities of all kinds. To get started, the first step is to talk to our team at Eldermark and go over a free demo.
During your demo, you'll walk through the entire payment system to see how it works. To gain a better understanding before your meeting, here are the basic steps of implementing and using the ePay system.
- First, a link to the Eldermark ePay portal is added to the community's website. Linking to the system is simple, allowing for a quick update to the community website for implementation.
- Next, the residents or their family members will access the ePay Portal. The portal accepts ACH payments, debit cards, and credit cards, creating multiple ways to make online payments and complete digital transactions.
- Community members can sign up for auto-pay, allowing for a "set it and forget it" payment option.
- Community members can opt to make payments from anywhere, utilizing mobile wallets and making electronic payments on the go.
Payers can create an account, search for invoices, access new invoices, and see their payment histories when using this platform. When they're ready to pay, they just have to enter the payment gateway, initiate a bank transfer or card payment at checkout, and they'll be good to go. You can also send out email notifications of bills, and those can be paid through a "Pay Now" button included within the form.
Top Features of Eldermark's ePay System
Digital payment systems reduce the likelihood of fraud, improve your bottom line, and more. Managing your incoming payments is easier with Eldermark's ePay System. With this platform, you can expect:
- Expedited payments
- Simpler payment processing for your residents
- Easier payment processing for your staff
- Improved time to cash
- The elimination of paper processes that create extra expenses
The top seven benefits of the Eldermark ePay system include the following.
Online Resident Payment Portal
The online resident payment portal is one of the best features of the Eldermark ePay system. This portal allows all your residents to create their own individual accounts, which they can use to make payments on your community websites. You can add a link to this portal on your website, too, making it simple for residents to find it when they want to set up auto-payments or make payments on newly released invoices.
Convenient Billing and Processing
When you're ready to send out monthly invoices or want to enable auto-pay, the Eldermark ePay system is the right choice. With it, you can create a more convenient payment arrangement, sending out reminders and allowing for auto-pay so your residents pay on time and late payments are prevented.
Split Invoices Between Family Members
Oftentimes, residents' invoices are split between family members. ePay makes it simple for multiple payers to split a bill each month, or contribute a set amount to the invoice each month through auto-pay. Simplifying this process is a huge added convenience for your residents.
Security and Compliance Features
Keeping personal information safe when completing online transactions is vital. Eldermark is certified to the highest standards, which ensures that the payments made by residents are secure. Additionally, all stored data and information are kept secure within their individual accounts, limiting the likelihood of a data breach.
Expedited Payments
One reason to use the Eldermark platform is because of the expedited payment process. You'll receive your money faster, and residents and their loved ones can make payments quickly and easily.
When residents pay you online, their payments are recorded immediately. Your community can access all cash within 24 hours, reducing wait times, too. Additionally, because payments come through quickly and are made with ease, your staff will gain more time back during the day.
Simplified Operations
Speaking of saving time, Eldermark's ePay platform simplifies the way your team works. They no longer have to manually process payments because those payments are handled on the platform. With ePay, you can easily search for specific transactions and see payment histories as well as export this information for bookkeeping purposes.
Multiple Payment Options
Finally, you'll love that ePay accepts multiple kinds of payments. From ACH to credit and debit card payments, and work with ePay. Next-day settlements mean money moves where it needs to go sooner, and your team won't have to keep paper ledgers and wait for long clearance times to balance the books.
Ready to Upgrade Your Payments to ePay?
At Eldermark, we're here to help you upgrade your payment system to one that works for you and your community. Leveraging ePay simplifies the payment process and helps you get paid faster, so you can do more in your community. Learn more about how you can get paid faster and get rid of unnecessary time spent on paperwork and delays by scheduling a demo with our team today.
