RevoPay Exiting HOA Online Payments Market Ahead of Changing Security Requirements
For some of Community Financials’ customers we have used RevoPay to help with encrypted online payment processing. They handle e-checks and credit card transactions. Their system plugs into our accounting software and is a “behind the scenes” part of our homeowner online payment solution.
RevoPay was founded in 2002 as a cloud-based e-payments software and their website says they are /were working with over 4,000 communities. On September 1, 2017, RevoPay was acquired by OSG (Output Services Group, Inc.) d/b/a OSG Billing and EverView. OSG also is a market leader in print services.
Two years ago, we chose to work with RevoPay because they were one of the main providers of payment processing for our industry with and a large parent company (OSG). However, that corporation has decided to exit the market prior to a change in technology requirements that takes effect March 31, 2025. Note: this is not due to a data breach/no data breach has occurred.
Here is more information about this change in the Payment Card Industry Data Security Standard (PCI DSS). The main reason for this change is it will make homeowner online payments even more secure.
There is no formal press release from OSG or RevoPay on this topic, however an Executive of the Real Estate Services Group stated they “elected to become a payment partner instead of a provider”.
“We have partnered with Aliaswire, a leading payments provider in the property management payments industry, to provide our core payment solutions. To bring you these innovative solutions, we will sunset our current RevoPay platform on December 31, 2024.
PLEASE NOTE: As of December 31, 2024, and consistent our agreement, all licenses for access and use of the RevoPay platform, as well as all digital payment services provided through the platform, will terminate. After this date, neither you, your customers nor your respective end users will be able to log into the RevoPay platform or utilize any of its features, including those related to digital payments. Furthermore, please accept this letter as formal notice of non-renewal of your contract with RevoPay (the “Agreement”). The Agreement will terminate effective at the end of the current term.”
Community Financials chose not to use Aliaswire but instead Zego to replace Revo Pay. We are familiar with and have been using Zego (formally Paylease) for 6 years with some customers on other software we started out using before we upgraded to Smartwebs. Zego has experience with online payments since 2003, has a focus on this industry, and is also a larger company. Zego has an existing integration with our accounting software and will work the same as RevoPay but there will also be some enhancements in 2025:
1 – We are working with our software provider to have a notification on the resident portal that shows if an owner has autopayments set up as well as the payment details for ease of reference.
2 – Also working on showing the late date and late charge on the resident portal as well.
To reduce the inconvenience of this change to homeowner customers we chose to do this during mid-December as most communities have a fiscal year end of December 31st and have increased assessments January 1st so autopayments would have to be adjusted anyway.
We are excited to upgrade our customers in advance of the changing PCI DSS requirements and provide them with even greater online payment security.
