Tempe firm's $4M dispute sticks landlords nationwide
Dozens of apartment complex owners across the country failed to receive tenant rent payments in early October due to mysterious financial issues faced by a Kentucky-based payment processor, and Tempe’s Check Commerce is stuck in the middle of the dispute.
The issue began when property owners using the eRentPayment online platform realized they had not received automated clearing house payments submitted by tenants in early October.
Upon further investigation, it became clear that issue stemmed from financial problems faced by eRentPayment’s payment processor, a company called eCheckit.
The issue affected some payments made from Oct. 3-12 through eRentPayment.
On Oct. 16, Tempe-based Check Commerce, the payment processor for eCheckit, froze over $4 million of eCheckit’s funds in a reserve account due to irregularities it noticed in debit and credit instructions that eCheckit submitted on behalf of its merchants.
Read more: http://www.eastvalleytribune.com/news/tempe-firm-s-m-dispute-sticks-landlords-nationwide/article_1efca9cc-bb6a-11e7-82e9-9b4f5df82688.html
