Online payment systems are vital for property managers who want to offer the tenants a convenient way of paying the rent. They take the hassle out of rent payments for your renters. Tenants no longer have to go through the hassle of filling out checks and mailing them out to you days before the due date for their subsequent rent.
As a property manager, you can introduce a level of efficiency that makes it easier to scale your business. You can improve cash flow from your rental properties without the need to increase the workforce. With fully automated payment systems, you cut down on the effort that goes into helping your tenants keep up with payments.
But while there are many credit card processing services out there that are designed for property managers, you will be hard-pressed to find one with enough features to meet all of your needs. The credit card processing service by Core Financial Payments is one of the few built with the daily realities of managing rental properties in mind.
What’s wrong with manual payment methods?
Continued reliance on manual payment methods will affect your property management business because that method is fraught with shortcomings:
1. Avoidable health exposures
With COVID-19 still affecting the way people work, shop, play and conduct their daily lives, contactless payments are the best way to protect you and your tenant’s health. Manual payment methods force tenants to handle checks and sometimes leave their homes to mail them.
2. Time consuming and inefficient
Manual methods are highly inefficient; paper checks take a long time to go through processing, and you often have to go to the bank branches to follow up. This method of getting payments is not only outdated, but it also puts a lot of strain on your resources.
3. The trouble with account reconciliation
Manual methods increase the likelihood of accounting errors. Minor mistakes can become serious issues that cause problems with tax payments. These kinds of problems often lead to disgruntled renters and legal crises.
4. More late or missed payment
It is easier for tenants to miss their payments or be late with manual methods. Many times this is not because the tenant doesn’t want to pay. It is just that they don’t have a payment method that lets them make payments at their convenience.
5. Room for payment fraud
Renters, who are late with rent payments or on the edge of eviction, will often write bad checks to buy some time. That costs you valuable time and money since you have to wait days for the payments to go through processing before discovering your tenant’s deceit.
What is the best credit card processing service for property managers?
The best online payment service should support several payment methods and be straightforward to integrate with the other software you use in your property management business. You should send web invoices to tenants and let renters schedule monthly payments.
With our credit card processing service at Core Financial Payments, you provide tenants with a secure and hassle-free method for making recurring payments. The property manager can access a virtual terminal with robust features for keeping track of past and future payments.
Why landlords choose Core Financial Payments
This system gives you complete control. You can decide the options you want to use and how you want to use them. With Core Financial Payments’ fully automated platform, you can set up charges to run automatically when a tenant’s rent is due. You can set fixed or variable bill payments.
B. Multiple customizable options
Core Financial Payments will tweak the platform to make it unique to your property management company. Custom options include but are not limited to point-of-sale systems, processing terminals, and gift card faces.
C. Secure platform with robust search capabilities
Our virtual platform will secure sensitive customer information – identification, credit card information, and other details – by encrypting them. At the same time, you can search tenant information by name, unique identifiers, or other parameters.
D. Digital record-keeping and automatic account reconciliations
You will always have a clear picture of where your tenants stand, as far as their payments are concerned. This information is easily integrated with your accounting and auditing systems. You will never need manual reconciliations.
E. Convenience and lower costs
Tenants get needed reminders to make payments on time, as well as the freedom to make those payments at their convenience. You get real-time notifications of payments. At the same time that you are improving the efficiency of your business, you are also cutting down on costs.
F. Overall better business
Core Financial Payments’ credit card processing service will help you save the precious time you spend switching between different software programs and collecting cash or check payments in person. You will gain the advantage of choosing what you spend your time on as a property manager.