Integrated payment processors were once met with distrust and uncertainty by the general public, now the apprehension towards online payments is fading. In the U.S. e-commerce totaled over $146.2 billion by Q2 in 2019. Payment processors have grown in popularity because of the benefits and ease they offer both customers and businesses that physical cash and checks can’t.
Here are 5 ways property management companies can benefit from a payment processor.
Integrating an online payment processor gives customers more flexibility. Increasing payment options means increasing customers’ choice. When customers can go make their payments through an online processor they’re no longer limited to cash or check. They can pick between credit or debit and even switch between chequing, savings, and their other bank accounts for greater control over how they’re paying. Owners and tenants who opt to pay online can change their method of payment for different charges or split one charge across multiple cards or accounts.
Ultimately, integrated payment processors allow owners and tenants to select the most convenient method of payment. It enhances self-service capabilities, enabling companies to better adapt their service to each owner and tenant’s individual lifestyle.
When you give customers more ways to pay, they can make more payments. Payment processors that integrate with your property management software increase the opportunities owners and tenants have to make a payment. Online payments enable transactions to be made any time of the day, from virtually anywhere. This means that property management companies can a accept payment even when customers are away, team members are sick, or the office is closed.
This integration of payment processors can also improve cashflow by giving owners and tenants the ability to make payments in partial installments if they’re experiencing financial trouble. More payment options means a more reliable the cashflow, which can help property management companies accurately forecast and make business decisions dependent on cashflow, like maintenance and renovations.
Minimizing the use of cash also minimizes the time accounting needs to spend on tracking, receiving, and reconciling payments which, when done manually, can take hours, sometimes even weeks, every month. Payment processors increase efficiency by streamlining how payments are processed. Unlike cash, transactions made through a payment processor is deposited to the appropriate bank account and receipt of the payment is updated shortly thereafter. The integration of a payment processor significantly reduces the time property management teams would spend on manual-intensive tasks like counting money, entering credit card numbers, and processing checks.
By replacing repetitive data entry with automation, integrated payment processors eliminate errors that are likely to occur with heavily manual processes. Values and payments only need to be entered in the software once which means there are less chances for mistakes which helps to maintain data integrity. Customers can always review their payments to verify transaction information before it it’s put through for an added layer of accuracy.
When customers choose to pay online, their sensitive information, such as credit card numbers and personal identification information, is protected with encryption. This means that every transaction is uniquely encoded to hide data from cybercriminals and prevent fraud. Credit cards are also protected by tokenization, a process that substitutes data with a decoy to protect customer information while a payments are being processed.
Integrated payment processors enable property managers to offer owners and tenants more choice which improves customer retention and appeal to new customers. Payment processors can also contribute to elevated productivity and increased profitability, better positioning property management companies to grow.