When it comes to processing online payments in Novi AMS, you have three options to choose from. While most of our customers opt for Novi Pay, Novi's own payment processing service, you are not locked into using it. Novi AMS also supports QuickBooks Payments and Stripe, giving you the flexibility to select the provider that best fits your association’s needs. This article will help you understand the key differences so you can make an informed decision.
Benefits of Novi Pay
Choosing Novi Pay as your payment processing solution offers several distinct advantages:
Seamless Integration and Automation
Novi Pay is seamlessly integrated into your existing Novi AMS workflows, eliminating the need for additional manual processes. This integration ensures:
Automated nightly deposit transactions in QuickBooks, simplifying financial reconciliation.
Smart Invoices for all transactions, enhancing billing efficiency.
Direct embedding of payment details within Novi, streamlining payment tracking.
Enhanced Security with Stripe
Novi Pay is powered by Stripe, a leading payment processor known for its robust security measures. This partnership provides:
Stripe Radar: A proprietary fraud detection system that adds an extra layer of security to your transactions.
Automatic Card Account Updater (CAU): This feature automatically updates expired or replaced card information, reducing payment disruptions and ensuring continuity.
Dedicated Support from Novi
With Novi Pay, you receive direct support from the Novi customer experience team. This means:
Prompt assistance from people you know.
Regular updates and feature enhancements, keeping your payment system current and efficient.
Competitive Processing Fees
Novi Pay offers cost-effective rates that can lead to significant savings:
Credit Card Transactions: A flat rate of 2.75% per transaction, which is lower compared to other processors.
ACH Bank Payments: 1% per transaction, capped at a maximum of $5, providing an economical alternative to credit card payments.
International Cards: International cards are supported at a +1.5% premium.
By opting for Novi Pay, you not only benefit from a secure and efficient payment processing system but also enjoy the convenience of integrated workflows and the assurance of dedicated support.
Click here for a fee comparison and to learn more about Novi Pay.
Other Payment Processors
QuickBooks Payments
QuickBooks Payments is designed for organizations that rely on QuickBooks for accounting. A key advantage is batch reconciliation, which groups multiple transactions into a single deposit, simplifying financial tracking. Since it is embedded in QuickBooks, users can process payments directly from invoices and automatically match transactions to accounts.
Stripe Standard
Stripe Standard is a flexible payment processing option for Novi customers, offering a broad range of payment features and global reach.