Electronic Payments

By on Jul 13, 2018 in Technology

It’s 2018 and there are still plenty of multifamily properties that are missing out on the benefits of electronic payments. If you’re still not sure if electronic payment processing is worth it, below are five great reasons to make the switch.

  1. Show prospects that you are not a dinosaur. Today’s renters expect electronic payments. A study by the NMHC/Kingsley reports that 92 percent of respondents consider online rent payment an important resident portal feature.

If you’re operating under an outdated paper system, you’re making your neighboring competitors more appealing.

  1. Vendors will dig your modern ways, too. Vendors want to know that they will receive prompt payments for their services. Electronic payments eliminate the “check is in the mail” delay which can improve your relationship and promote faster service in the future.
  2. Make it easier for residents to give you their money. Electronic payments offer convenience, versatility and instant confirmation. That’s why 78% of renters prefer to pay electronically!

You can also eliminate lost check disputes. All electronic payment transaction can be easily tracked. Automatic record keeping benefits you and your residents.

  1. Receive more payments on time. When residents can pay by ACH, debit or credit card, text, and WIPS they are more likely to pay on time. (Who wants to pay late fees?)

Yardi client Roscoe Properties’ Mariana Estrada, Vice President, Operations explains, “We collected 95 percent of payments due — on time and electronically — thanks to Yardi Payment Processing. In the first week of the month we collected $9 million across our portfolio. That’s money in the bank without staff intervention.”

  1. Make bookkeeping easier. Automated payments save time and improve accuracy. Each transaction is organized and automatically entered into Yardi Voyager. There are no bank runs or batches to mail to corporate.

You can also create receipt batches in Voyager and permanently store the image files. Reduce clutter and human error in one swoop!

Leave the antiquated paperwork behind and join us in 2018. Learn more about Yardi Payment Processing. Join a webinar!