With people using the internet for everything these days, it makes sense that HOA properties would be using online methods for collecting rent. So if you haven’t yet switched over to offering online payments from your residents, now is the time to transition. Here are five reasons why it’s a great idea.
1. Better Customer Service
With online payments, you’re spending less time processing rent checks and worrying about collecting them on time. This opens up your team to focus more on other areas, such as building relationships with owners and residents and marketing your properties.
2. Better Security
Risk are minimized with online payments, as they get rid of any problems with cash payment policies. Plus, without having to worry about cash being on-site, your insurance company may feel comfortable enough to reduce your cost of coverage.
3. Better Management Fees
Overhead is reduced for HOA management teams when rent is collected online. This means that your management fees can be lower due to less operating expenses, such your property owners will surely appreciate!
4. Easy Dispute Resolutions
Online payments leave a digital paper trail, so it’s easy to see what’s going on if a resident says he or she payed after getting a late notice. You can instantly look into your system and verify the resident paid or show them the missing payment. If you invest in a fully integrated software for HOA Accounting Service, you’ll be able to have instantly updated owner statement, automatically split rent payments, and notification of late fees. This will automate the work flow and allow you to see a snapshot of payment status for residents with just a few clicks.
5. Reduce Late Payments
Paying HOA Management fees online reduces the number of steps residents have to make when paying fees, so they are more inclined to choose it. Plus, online portals that allow payment by e-check, credit card, and even PayPal give the resident convenience and choice. And you can send out mobile and/or email alerts to rent coming up with a direct link to pay online.