These days, online payments are used for everything from buying groceries to paying utility bills. The ability to pay in an instant from anywhere (without the hassle of paper checks) is something most people appreciate – including your customers. If your property management company isn’t offering an online payment option, you’re most certainly missing out. It’s simple, convenient and mutually beneficial to both parties. Here’s how.
How Clients Benefit
Convenience – No more hassle of having to write physical checks, buy stamps and trek to the mailbox or post office. Online payments are processed with a few clicks of a mouse key.
Savings – Paying online ensures that amounts due are received in a timely manner. Mail can sometimes get lost or delayed, resulting in costly late payments. And since there’s no need to buy envelopes, stamps and checks, there’s even more savings to be had.
Control – Online payments enable your clients to decide exactly when to pay their invoices. This provides more control over financial transactions.
Green – Because paying online is a paperless transaction, it’s much better for the environment. This is an attractive option for a property management company to market – particularly to millennial clients.
How Property Management Companies Benefit
Time Savings – How much time does your property management company waste processing physical payments? Collecting receivables online saves you the time an energy by eliminating the need to batch, process and transport payments to the bank. Instead, deposits are done automatically.
Better Tracking – Keeping track of which customers have paid and which have not can be a hassle. With electronic payments, it’s much faster and easier to determine which payments are still outstanding.
Improved Cash Flow – As mentioned, mail can get delayed or end up lost. It also takes time and resources to process manual payments. This can cripple cash flow – especially for a smaller property management company. Online payments are processed quickly, facilitating greater security and improved cash flow.
Green – Same as for customers, property management companies can do their part to protect and preserve our precious environment by offering an online payment option.
The option to make payments online is something that both the customer and the property management company can and should take advantage of. If you’re interested in seeing how our payment portal works, click here to request a free, interactive demo.
If you already do offer online payments but are struggling with adoption of it, here are a few tips to get you pointed in the right direction.