Although online payments are common nowadays in most industries, many property management companies Colorado still prefer paying and receiving money with old fashioned checks. However, as more millennials move into rental units and many of which have never even seen let alone written a check before, wider ranges of payment options are becoming expected.
Not only are online payments convenient for tenants, but they offer many benefits to property management companies as well. Less time is spent having to manually process payments and the frequency of late payments are reduced. By having an online portal that your tenants can access, your renters can see their current charges, due date and any additional fees or previous late payment charges that they have incurred. No more ‘the check is in the mail’ excuse.
Accept Credit Card Payments at No Cost to You
Some property management companies Colorado may be hesitant to accept credit card payments due to additional fees incurred with the transactions. There are however a variety of online rental payment software options available that build a minimal ‘convenience fee’ into the online payment, which the renter is responsible for, directing the fee away from your organization. These days consumers are accustomed to online convenience fees and rarely complain about them. If they do, they can still always pay by paper check.
Owners and Vendors Love Online Payments Too
Not only do your tenants enjoy the convenience of being able to pay online, but owners and vendors appreciate it as well. An online payment system will allow your staff to easily receive payments from owners and distribute accordingly as well as paying vendors and easily keeping track of property maintenance bills.
What makes moving to an online system such a fantastic choice for property managers is that it benefits all four groups involved in the rental industry. Everybody wins including your organization, the tenants, the owners and the vendors that service the properties. The technology will more than pay for itself from resource savings, not to mention the goodwill you build with all parties involved by offering a quick and convenient platform.