Property management software simplifies all aspects of property management, especially the payment process.
There are many reasons to consider property management automation software for your community. It streamlines many of your procedures, from communication to self-service for owners to handling payments and financials for your board, owners, and vendors. Property management payment software has many advantages that make managing payments for your property so much simpler. This article will discuss those features and how you can take advantage of them to simplify your property management payment process.
Self-Service for Residents
67% of residents prefer to handle things independently or get help online instead of calling in and talking to someone to get support. Property management payment software often features portals that allow for self-service, so residents can handle making payments, viewing their statements, and addressing any past-due balances all on their own. When residents have access to account information at their convenience, they are more likely to pay on time consistently, meaning you don’t have to trace them down to collect on late payments. This makes the payment process run much more smoothly, both for you and your residents, and everyone is happier.
More Effective Communication
Communication is vital when it comes to ensuring that you get your payments on time. Residents need to understand what they have due and when, and they need to know when they’re late or overdue. Property management software features communication tools that allow you to send out reminders via text, email, or even phone call that are generalized for all residents or specific to certain people. Furthermore, you may even be able to run your website through your property management software, making it easy to post updates on fee changes or any information that may be necessary for your residents to know. This way, it’s easy for residents to get the information they need, and you are more likely to get your payments accurately and on time.
Process All Kinds of Payments
Paying via cash or check is becoming old school, and many residents prefer more modern ways of doing things. Property management payment software allows you to accept all kinds of payments, including credit, debit, eCheck, and more, depending on what’s easiest for your community. When residents can pay using their preferred method, it’s much more likely that they will pay on time. Furthermore, electronic payments are much easier for you to track. You will have easy-to-access records of all of your payments and be able to generate reports that give you insights into your cash flow. Property management software propels your community into the 21st century.
Green initiatives are not only essential in these modern times but also popular among most communities. With electronic payments and communications, your community can cut down significantly on the paper that you use. Currently, 50% of business waste comes from paper. All businesses and communities should be finding ways to cut down on this waste. When communication is primarily done through email, phone, and text message, or even through an online portal, you don’t have to worry about sending out paper statements or paper letters that end up going in the trash.
Property management payment software doesn’t only make the receivables process easier. It can also offer insight into the accounts payable lifecycle. With the right software, you can manage your vendor profiles in real-time, and vendors can submit invoices online in just a few easy clicks. Your relationship with your vendors is one of the most important jobs under your belt, so your property management payment software is a critical feature. The best property management payment software not only simplifies and streamlines your receivables processes but your payables processes as well.
Get the Best Property Management Payment Software with TOPS [ONE]
If you’re looking for all of the features mentioned in this article wrapped up in one package, look no further than TOPS [ONE]. Our software is created by experts who have been in the HOA field for over 30 years. It offers a simple, powerful solution to all of your HOA needs, including your payments process. If you want to see how it works for yourself, watch a demo on our website or read about our numerous features.
How You Can Leverage Technology To Avoid The Logistical Nightmare Of Collections
In this PDF, TOPS Director of Customer Success, Andrea Meyer-Hardy shares how technology can be used to help prevent delinquencies and simplify the accounting tasks associated with collections.
- How technology can be leveraged to automate collection processes
- And track payment plan options to help reduce your workload
This is the resource you’ve been waiting for.