Last editedJun 20222 min read
Property management is a complex industry that has, like many others, been changed forever by the Covid-19 pandemic. Today, more tenants than ever before find themselves paying rent electronically, and property management payment processing has evolved by necessity to meet this new demand.
During the pandemic, property managers realised transitioning to online rent payments not only limited direct exposure but made it more convenient for both parties. By integrating a payment solutions platform into your existing system, you could expedite the payment process and bring an extra element of efficiency to the table that will benefit you and your tenants.
With the shift from physical to electronic payments set to be a permanent one, here are a few reasons why you might want to make the transition yourself sooner rather than later.
Property management online payment – the benefits
Being a successful property manager can often feel like spinning plates with dozens of daily responsibilities to juggle. Wasting valuable time and effort tracking down late payments and billing issues is something you no longer have to worry about, because there are digital tools that can take care of that burden now.
A streamlined payment process
Recurrent payments are one of the major benefits of integrated payment solutions. Tenants sign up easily from their smart devices or desktop computers and schedule their monthly payments in advance at a time that suits them. This cuts out the chance of the tenant forgetting to pay, as the money is taken from their bank account automatically every month. It also cuts time out of the late payments process, with GoCardless customers, for example, spending 43% less time on late payments than non-GoCardless customers.
Security and peace of mind
By utilising API technology, an integrated payment solutions platform can store sensitive information securely, allowing for safe and reliable recurrent billing. Property managers must ensure, however, that any payment partners they use are PCI DSS compliant. This ensures that all payments are protected and gives peace of mind to your tenants.
Tenants want to feel in control of their own finances, and an integrated payment solution offers that to them. Whether via digital wallet, credit or debit card, the range of payment options offered by most modern integrated payment providers means all financial tastes are catered for. With the number of shared households in the UK, it’s also important that they cater to split payments across multiple bank accounts.
With a streamlined property management payment solution, your payments are effectively being managed for you. That means not having to hire a single accountant if you don’t feel it’s necessary. As well as automating tedious billing tasks, the work is always going to be perfect too, as algorithms are far less likely to make mistakes than human accountants.
We can help
GoCardless is a global payment solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Indeed, you could get paid up to twice as fast by accepting GoCardless payment on your online invoices. It allows property managers to collect rent payments directly from their tenants’ bank accounts, and as it’s a pull-based system, they are given greater control of incoming payments.