Benefits of Moving Your Payments Online

Property management companies, whether you own or work for a retail property management company, industrial property management company, or condo property management company, typically have to take in many, many checks.  With so many of us going paperless these days the idea of moving your payments online probably seems like a great idea, and truly there are a lot of benefits to accepting online payments.  Here are a couple of the benefits to moving your payments online as a property management company:

1- Better security: The number one reason why you should move payments online is for the added security.  Each time a check is handled, whether it is being handled by your property management company staff or the post office, the odds of a loss or security issue are greatly increased.  Today online payments have become the most secure way to receive payments and withdraw money from your accounts. 

2- Added convenience for tenants: Your tenants are busy, aren’t we all?  Why not make receiving payments more convenient for them?  As we all know, paper checks are on the decline these days with less and less people paying using checks. Tenants are looking for more convenient, innovative ways to make payments these days, so offering them an easier way to pay is sure to please them. 

3- Fewer trips to the bank: Online payments will save both you and your tenants from frequenting the bank.  Payments that you receive online are obviously automatically received by the bank, which saves you trips to the bank and improves deposit security.  It definitely is the paperless, greener way to go. 

4- More efficient: Going paperless and moving payments online is a more efficient way to accept payments from your tenants.  Independent studies have been conducted on online payments and have suggested that accepting payments from tenants online will eliminate the number of phycical paper checks you receive which can save your property management company $2 in handling costs.  May seem like a small benefit now, but that $2 can surely add up in the end.  

5- More accuracy: Moving payments online can reduce the number of payment errors that occur.  Electronic payments can save your staff a significant amount of handling time and help reduce any errors.

Have your own experience handling online payments as a property management company?  Feel free to tell us all about in a comment below. If you have questions about moving your payments online feel free to contact us.