Why Choose BillingTree’s Electronic Payments for Property Managers?
Property managers have a lot on their plate. Not only do they have to deal with the day-to-day running of multiple properties and deal with tenants on a daily basis, but they also have to handle rent payments and all the hassles that this can bring. Although electronic payments for property fees and rents are slowly starting to be adopted, many property management companies have still not realized the full potential of switching to an automated system from a manual one.
For generations, tenants have been paying their fees and rents in cash or check format, and so it is not surprising that the property industry as a whole has been quite resistant to change. However, with increasing numbers of property managers finding it harder than ever to get the money that they are owed, a new and more modern solution is required to relieve the pressure.
The Non Paying Tenant Problem
Times are tough, and finances are tight, so it is no wonder that many residents are finding it difficult to meet their regular payment obligations. However, there are other elements at play that go a long way toward explaining why so many tenants are falling behind. When the only way to pay fees or rents is to go out to a post office and mail a check or visit the bank to get cash and then make a special trip to the property manager’s office to make the payment in person, it is easy to see why tenants are finding it a challenge. Fitting the time to go to a bank or post office into a busy schedule can be incredibly difficult, and this helps to explain why many property managers are suffering from delayed and missed payments from their tenants.
However, while the reasons may be understandable, the reality is that constantly missing or delayed payments represent a significant issue for property managers. A lack of payments means a lack of cash flow, and this can have severe implications for the future of the property management company. After all, property managers have bills to pay, too, and the costs of routine maintenance and other related expenses need to be met somehow. If there is limited revenue coming in, there is a domino effect of delayed and missed payments down the supply chain.
The Electronic Payments Solution
Many of the issues facing property management companies can be eliminated by adopting an electronic payments system. By simply facilitating the payment of fees and rents via an online payment portal or interactive voice response telephone system, property managers can expect to receive a greater proportion of the money that they are owed on time.
While genuine hardship will always prevent some residents from meeting their payment obligations, for many, it is simply a matter of providing a convenient way of making a payment that allows them the flexibility that they demand. An electronic payment solution makes sure that residents can use their preferred payment methods, such as credit or debit cards, rather than having to write out checks, and can make their payments at any time from the comfort of their own home, or even from the palm of their hand. By simply ensuring that making a payment is simple and quick, property managers will discover that most residents start to pay on time.
An Automated Alternative
It goes without saying that manually processing payments and dealing with the revenue cycle manually is not just tedious but also time-consuming, especially when property managers have so many other tasks to contend with in the course of an average day. An electronic payment solution allows for the streamlining of automation within the revenue cycle, including centralized reporting functionality. It also allows staff to concentrate on other concerns rather than being tied down to chasing after missing payments and dealing with increasing numbers of non paying tenants.
BillingTree can offer the perfect payment solution that allows property managers the increased freedom and revenue that they require. With its innovative and flexible payment solutions, it gives tenants and residents the ability to access the system 24 hours a day, seven days a week and to use their favorite payment options for maximum convenience for everyone.
It also meets all the essential compliance requirements, including PCI, SSAE-16, and HIPAA, so both landlords and tenants can enjoy the peace of mind that all certifications have been met. Because BillingTree has a long history in the industry and has a proven track record in implementing its solutions within the property industry, managers can be confident that when they choose BillingTree’s electronic payments for property rents and fees, they will be benefiting from expertise and experience that will ensure that relationships between landlords and tenants will be smoother and more productive.
BillingTree’s property management payment solutions can increase on-time payments and boost resident satisfaction.
Making Paying Rent, Dues & Fees More Attractive
For landlords, Community Association Managers (CAM), HOAs, and property management companies of any kind, finding additional payment channels that make the process of placing on-time monthly rent, dues and fee payments more attractive is an elusive, but quite effective way of improving the overall property management payment processing system.
BillingTree offers a suite of services and payment solutions that help you collect electronic payments through credit, debit, checks and ACH processing. Our services ensure safe, secure, competitively priced payment acceptance supported by in-house, top-tier customer service.
- PCI-DSS, SSAE-16, HIPAA compliant
- Integrated with the top software solutions
- Live, US-based customer support including fraud prevention and transaction monitoring
- Charge-back reduction
- Competitive pricing delivered by a comprehensive banking network