According to new research, “Money Mobility Helps Property Managers in a Difficult Economy,” property managers increasingly receive payments late because the primary payment option is typically by check. As payments play a major role in property management, inefficient processes are frustrating residents and holding back business. This holds true for both renters and homeowners alike, as many HOAs are dealing with the same challenges.
That’s because most people would prefer to pay their bills via digital channels, according to PYMNTS research. Almost 63% of respondents reported ease and convenience as important reasons for using digital methods for recurring bill payments, with 41% naming it the most important reason. Almost 48% of respondents cited faster as an important reason, followed by 31% who listed time savings.
Given inflation and job loss affecting consumers nationwide, almost a third of Americans are worried they won’t be able to pay for housing next year. Paying bills via mailing checks is the second costliest payment method due to postage fees, according to calculations from the Bureau of Transportation Statistics, U.S. Postal Service, and the Federal Reserve Bank of Kansas City. Even commercial businesses are slipping on lease payments as revenues fall and prices rise. Forty-one percent of U.S. small businesses could not pay their rent on time or in full during November 2022.
Property management companies can streamline business operations by improving payment processes and incorporating digital options, boosting customer satisfaction and gaining a competitive advantage.
Your hub for digital payments
Property managers can still allow residents to pay via check while incorporating other digital methods and facilitating payments to other related vendors. It all starts with a payment hub that lets you accept customer payments quickly and securely through various channels, all in one place. The ideal hubs are integrated, customizable via APIs, branded to your company, and consolidated across five key components:
- An online portal that offers all of the payment options your residents want, such as credit card, e-check, and ACH in addition to e-statements and documents.
- A mobile platform that offers one-click payments via apps like QuickPay and Papaya Pay.
- Lockbox and remote deposit via mailed checks Mailed & RDC checks (with or without coupons), bill-pay checks (paper to electronic), mobile capture, and QuickPay.
- Pay by phone via IVR, live phone, or virtual-terminal.
- Face to face for processing walk-in transactions that include any property-related payments (miscellaneous fees, application fees, estoppels, assessments, etc).
The best part is that funds are available the next business day for increased cash flow. Plus, dynamic and searchable reporting tools allow real-time oversight of transactions across divisions and communities. You can also see paper bill suppression records, portal adoption metrics, analytics, and support ticket data.
There are also benefits on the B2B side. In a treasury and finance professionals survey, 69% said B2B transactions benefit the most from faster payment capabilities. Since property management requires not just accepting payments from tenants but also paying other individuals and companies, a payment hub can help you capture payments and route funds directly.
We’ve leveraged the data and expertise of Optimal Outsource, SouthData and RevoPay to bring forward an industry-leader, RevoPay by EverView. With over 25 years of combined expertise, we are trusted by more than 2,500 partners today. From cutting-edge digital solutions to traditional print and mail, we anticipate the customer’s next move and deliver a technology-rich experience across channels.
We are changing the way payments are made with our simple & secure platform. If you’re a property management company looking to incorporate digital payments into your business, contact EverView today to learn about our offering and how we can help create a better experience for your residents.