A new digital payment method
Foncia has chosen Edenred Corporate Payment to develop a digital payment method for collecting fees and rental income for its 1.4 million condominium owners and tenant customers: the identified wire transfer.
With this solution, every owner and tenant customer will receive an individual settlement account number (personalized IBAN) that can be used indefinitely for each transaction. Consequently, each payment is systematically identified.
In its role as a financial institution, Edenred will ensure the receipt of the funds and their immediate deposit in the destination account, such as the co-owners account handled by the condominium’s managing agency.
Collecting funds, an often complex process
The new payment method will make it easier to collect fees or rental income as part of condominium or rental property management operations.
Payment options traditionally offered by Foncia and other property managers, such as checks and conventional bank transfers, do not allow for optimal fund collection.
The direct debit method generally favored by collectors is not always accepted by condominium owners and tenants, who sometimes want to control when they pay. Moreover, it requires setting up a preauthorized payment plan, which may lead to the risk of refusal. Payment by check requires manual handling, which lengthens the settlement period.
And conventional bank transfers can sometimes involve payer identification and payment processing problems.
“The goal of this partnership with Edenred is to make the identified wire transfer an efficient and secure alternative to the check and direct debit methods. The new solution will enable condominium owners and tenants who don’t want to use direct debit to have control over their payments” said Philippe Salle, Chairman of Foncia.
“Leveraging our unique expertise in managing transactional ecosystems and our broad understanding of regulatory frameworks, we are proud to be developing an innovative digital payment and settlement solution for Foncia. Through our Edenred Corporate Payment business, we are continuing to develop corporate payment solutions that will serve as an additional growth driver alongside our Employee Benefits and Fleet & Mobility solutions” said Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred.
