Online payments of rent bills are not just comfortable, but they are both befitting to your residents and business. If you are still paying bills manually then now is the time to apply online system. Here are ten ways to pay all your rent bills online that will benefit both you and your residents:
#1 Save Time and Money
You might be wasting your precious time and money every month by collecting rent manually, preparing deposit slips, and making trips to the bank. Once you have deposited dues in bank, you are going to spend more time in posting those receipts and updating resident records.
You can save a lot of yours time and your resident’s by letting your residents pay their rent online. For instance, residents can instantly pay their rent online via credit card, debit card, check which is a cloud-based payment solution, or cash or money order at 7-11 or CVS where funds are handled entirely online.
Since applying an online payment system, St Louis Property Management have been able to well organize their workflows and drive capability, “Our Property managers have swiftly and comfortably clutched St Louis Property Management and like all the online payment options. By doing so, 50% of workload lessens as compare to the days when this online facility was not available.
#2 Eliminates Error-Prone, Manual Auditing and Editing
Accounting errors can be expensive. Most common accounting errors are reduced in the online rent payment services, property managers face daily with the paper-based record keeping system.
Double posting or not being able to post a payment is terminated in digital payments. Data entry errors such as transposing numbers (entering 56 instead of 65) and improperly coding transactions, these mishaps can create inaccuracies in the balance sheet and other financial records, so many problems but one solution “online payment processing”. This system saves your organization time, money, and frustration, while thrust overall productivity and efficiency.
#3 Protects Resident Privacy & Identity
Property management has well designed security system baked into every step. Payment portal secure both in-transit and data at rest, residents can pay their rent online without worrying about the identity theft, and property managers can have faith that their data is fully secure from unauthorized views.
#4 Allows you to make more informed Decisions
Successful businesses require accurate records. Another importance of Digital transaction is that it is 100% accurate which provides a smart path for sharing rent payment histories with credit bureau. It also let your team to identify trends, such as late payment frequency, non-rent assessments and payment type preference.
Making your team better decisions will be possible when you have real-time analytics built within your technology platform. Like this way owners are encouraged to accept monthly payments and pay assessments online.
#5 Streamlines Communication & Transparency
Best feature of paying rents online is that system allows residents to access payment history, review fees, and assessments and modify payment choices 24/7. When the tent is due Text and emails alerts and one time add-ons payable through the portal enables you to streamline communication.
#6 Promotes Accountability
When rent payments are made by mail, drop box or in person, it’s a hard task to keep the record of who has paid and when? As a result it becomes more difficult to hold accountability and protect your business. But with an online rental payment system management has a digital record where it can instantly check and verify.
#7 It Gives Residents more Flexibility
The more ways to pay you provide, it is most likely that residents will adopt online payment process faster. It will make a chance to have the payments on-time.
Along with other payment plans you can also offer flexible payment plans. With the St Louis Property management you can set up payment plans to convert existing charges into a series of payments, it will provide relief to your resident.
#8 Boost Efficiency with Automated Payments
Your residents are used to carry out most payments monthly-quickly and efficiently online. In addition, many are probably accustomed to using automatic bill pay systems that give them a feature to pay all of their dues without having to manually enter the same details each month.
By enrolling your residents will not only save their time but your tram members can have the reassurance that rents are paid on-time. You must educate your residents about the advantages of online rent payment system. Also encourage the applicant to submit the initial application fee online to upgrade early online payment adoption.
#9 Improves Resident Satisfaction
According to recent renter preferences survey by St Louis Property Management, 86% of respondents agree that it is helpful for them to be able to pay rent using mobile device, and 26.75% said that they would not rent if their managers did not provide the facility of paying rents online. This means by offering mobile tools you can increase the resident satisfaction.
#10 Increases Online Portal Adoption
With online rent payment system the residents are more likely to use other features within you online portal- such as online maintenance requests and lease renewals. The more features your residents will adopt, it will save your time. The more time your team will save, more you will see on your technology investment.
Online payment system is not only preferred by most residents but they expect. By providing modern ways to pay, you will be able to excel positive customer experience, terminate errors, save money and give your team more focus on growing business.