In today’s constantly-connected world everyone has access to the internet 24 hours a day. In addition to that, they have many different methods for paying for products and services, and they use them regularly. Payment by debit cards, credit cards, mobile apps and even text messages are commonplace. So when
Payment gateways are a software application that authorizes a payment from a consumer to a business or financial institution. Gateways are the online equivalent of a physical point-of-sale terminal (a card-swipe device) located in most retail outlets. Payment gateways are required for online transactions to protect credit card details by
When it comes to collecting rents, a significant quantity of property management companies still collect paper checks. According to a survey by the Association of Financial Professionals, the most common form of payment is still the old-fashioned paper check. The survey showed that paper checks are used, on average, 50%
An Interactive Voice Response (IVR) system is call center software that enables callers to service their account or make payments using spoken or typed commands on the telephone keypad without needing to talk with an agent. With an IVR system, the callers can make debit card, credit card, or Automated Clearing House (ACH) payments 24 hours a day.
When a property management company is small they may collect the rents in the form of paper checks. As they grow, they may consider using the services of a payment processor because the payment processing software will automate a large number of tasks and ensure speedy collection of rents. Before making a decision on which payment processor to use, here are some important components to consider.
According to MarketPlace.org, roughly half of all U.S. consumers paid bills online in 2013. Based on information from Pew Research and the Federal Reserve 56% of consumers pay at least one bill online per month via online banking and almost 70 million U.S. consumers do their banking online. If your
One of the business functions of a property manager is to collect rents, late fees, HOA dues and other charges. Switching tenants to electronic payments reduces transaction steps for the tenant all while increasing the speed of the transaction and providing the highest data security. If you are considering adding electronic payment processing, here are some payment processing solutions to consider.
As part of your property manager duties you are always looking for methods to increase revenue while reducing costs. One of the areas that you may have examined is collecting payments; rents, lease fees, HOA dues, etc.
Collection agencies provide an important service for small businesses. Research has shown that they help small businesses stay in business by helping them remain viable through collecting rightfully owed debts in a timely fashion. In order to do this (and remain profitable) the agencies must collect those debts in an
When your collection agency is up and running, the next step in the development is to improve the efficiency of collecting accounts receivables. As you research your options you will discover that there are a number of methods for improving collections that you can use. One of the easiest methods