Communitrak includes built-in payment processing so your community can collect dues, assessments, and other charges from residents online. This article walks through enabling the payments module for the first time.
The Financial module must be turned on. If you see a message that reads "Financial tools are turned off," click Community Preferences to go to the Preferences page and enable the Financial module.
Log in to Communitrak at https://app.communitrak.com.
Click Community in the main navigation menu.
Click the Financial tab.
If your community has not yet set up payments, you'll see a Payment Processing card with an overview of the feature and a Get Started button.
Payment processing is included in your plan. Key details:
4.5% processing fee for credit cards, 2.4% for ACH bank transfers.
Funds land in your community's checking account within 2 business days.
Residents can enroll in Auto Pay for automatic, on-time payments.
Advanced reporting with the option to export to a spreadsheet.
To enable payments:
Click Get Started.
A dialog confirms that your Stripe account has been created and directs you to complete two required steps on the Legal tab.
Click Continue to Legal.
After enabling payments, you are taken to the Legal tab to provide the information Stripe needs to verify your community and begin processing payments. Two sections must be completed:
Provide details about your community's legal entity:
Display Name -- the name residents see on emails and communications.
Legal Name -- must match IRS Letter 147c.
Legal Structure -- select from options such as Non-Profit, Corporation, LLC, etc.
EIN -- your community's Employer Identification Number, required for accepting payments.
HOA Phone Number
Address -- the legal address of the community.
Stripe requires a responsible individual to verify on behalf of the community. This is typically a board officer such as a treasurer or president. The representative's name, title, contact information, date of birth, and Social Security Number are collected and verified by Stripe.
Once Stripe verifies the information, you'll see a verification status on the Legal tab. If additional information is needed, Communitrak displays a banner explaining what's required.
After setup is complete, you need a payout account so collected payments have somewhere to go. The Payout Account card on the Financial tab shows which account is currently linked.
Navigate to the Financial page.
In the Payout Account card, click Link Payout Account.
Choose either Bank Account or Debit Card.
For a bank account, enter the account holder name, select the account type (Company or Individual), and provide the routing number and account number.
For a debit card, enter the card details. Only debit cards are accepted for payouts. Note that debit cards may have a daily payout limit.
Click Save.
To change the payout account later, click the pencil icon on the Payout Account card.
