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Online payment processing is quickly becoming the industry standard. If you’re on the fence about making the switch, here are eight excellent reasons for you to upgrade with confidence.
8 Reasons to Upgrade to Online Payments
- Gain the competitive advantage. Research by the Association for Finance Professionals reveals that nearly 80 percent of organizations are transitioning to electronic payments. If you’re one of the few businesses not making that transition, you may lose clients to your competitors.
- Eliminate redundant data entry. Using an online payment system cuts back on data entry and subsequent errors. This is especially true when it integrates with your property management accounting software. After a payment is made, user data automatically populates in the system.
- Offer flexibility to your residents. Nearly 80 percent of residents prefer to pay rent electronically. With online payments, residents can easily submit payments 24/7 from their desktop or mobile device.
- Enjoy fewer late payments. By increasing convenience, many users have witnessed a decrease in delinquencies. Mariana Estrada, VP of Operations at Roscoe Properties says, “For the month of May, we collected 95% of payments, on time and electronically, thanks to Payment Processing. That’s massive! That’s money in the bank without any staff intervention.”
- Lower costs for you and the environment when you go paperless. An article in CFO Magazine explains how electronic payments work out to be 10 times cheaper than paper checks. Among the data, analysts note that the total cost of an ACH transfer is between 25 cents and 60 cents. (The range depends on several factors.) A paper check, however, sets businesses back between $1.25 and $3.00.
- Decrease the need for storage. Paper record storage becomes a costly battle for square footage. With electronic payments, all of your data is securely stored in digital format. As your storage needs increase, cloud storage allows you to expand without the need for more physical space.
- Save time without trips to bank. There is no need for managers to waste valuable time with weekly commutes to the bank. Automated banking takes place at your fingertips.
- Grow with less overhead. As your portfolio grows, you can expand your payment processing plan without hiring additional staff. Cut out the costs of job marketing, interviews, training, a new name on payroll, and the likelihood of turnover—which repeats the cycle all over again.
What Types of Online Payments are Available?
With Yardi Payment Processing, residents can choose between single ACH or credit payments as well as scheduled reoccurring payments in both formats. Tech savvy renters will enjoy the convenience of text payments.
Learn more about your online payment options at an upcoming webinar.
