Does your organization have the ability to accept a deposit and hold it for future payments or disbursements?
iNovah’s Trust Account Module can help. Whether it’s for permitting, court fines or other receivables, you can provide citizens the convenience of paying in advance through an escrow account.
iNovah’s escrow accounts allow customers to deposit funds and process payments at the time they are received, drawing down the account as transactions are made.
Blind payments inevitably occur, but with iNovah there is no need to worry they may be lost. The Trust Account Module allows payments to be made even if the payment type can’t be identified from information gathered at the time of payment. Trust Accounts have the ability to create unique IDs and store payments, allowing them to be tracked and properly allocated.
How does it work?
iNovah’s Trust Account Module allows you to accept a payment while at the same time placing the funds in a holding ledger account. Then later, when the payment has been identified, a “Trust” form of tender is used to transfer the funds to the correct general ledger fund.
iNovah’s Trust Account Module also enables your staff to perform refunds and transfer money to different accounts.
Creating Trust Accounts is easy with iNovah.
Administrators can simplify new account processes with template accounts. These accounts contain specific entry fields that can be reused again, creating new efficiencies and saving your organization valuable time.
Tailored to your needs.
We understand that every organization is unique. That’s why we designed our Trust Account Module to be fully configurable, according to your needs and account types.