Controls management costs
Collecting rent online reduces property management expenses. This allows you to cut down on operation costs, and lets property management fees remain low, which is definitely an advantage for property owners.
Improves customer service
Instead of collecting and processing paper checks, your team can spend more time focusing on their marketing efforts and improving the relations with the residents.
Lessens past due accounts
Since there are different online payment options – such as PaypPal, eCheck and credit card – there will be a considerable reduction in late payments. In addition, mobile alerts that remind the residents that the rent is due, or when the due date is drawing near, usually prompts an immediate payment when your system is mobile device optimized.
Adds more security
Paying rent online gets rid of the risks involved with cash payments. Moreover, your insurance company is more likely to reduce your coverage when you do not maintain cash on-site.
Makes dispute resolutions easier and makes an audit track
Online rent payments generate a digital paper trail. If ever a resident claims that he/she paid online, you can check the system at once to confirm or refute the claim. With a fully incorporated property management software package, you can update owner statements, evaluate late fees and automatically trail split payments. The processing of rent payments and owner disbursements are more secure since sensitive personal info is never compromised. Your accounting group can just click to get a snapshot of those who have or have not paid to allow well-informed financial resolutions.