Property Management Software is a program that allows property owners to collect payments through ACH or credit cards. The company offers a portal program so that apartment complexes can include rent payments on their community web site. Such a design works well for apartments that use their web as a portal for their community...since renters will need to visit the site at least once a month.
Automating the rent payment process is a tremendous time saver. So, I imagine that Property Management Solutions is in a rapidly growing field. The site offers solutions for apartment complexes to include rent payment software with the apartment complex web portal. Having renters visit the complex's web site each month creates opportunity for the site to expand their web site into an over all portal for their tenants.
Automated rent collection also holds the promise of reducing late payments and delinquent accounts.
The program allows renters to pay through ACH or credit card. I admit, I am a bit worried about encouraging cash strapped renters to pay rent with credit cards. The convenience factor is a big plus, but people who fail to pay off their cards each month could quickly dig themselves a large financial hole with no chance of escape.
The program encourages the apartment owners to add extra fees for credit card processing. The main focus of the program is ACH (automatic checking withdrawal). The main pitfall of ACH for large purchases, of course, is that ACH requires funds in the checking account. Renters that are not watching their accounts closely will have serious check bouncing problems. Using ACH requires a well defined work flow pattern that reminds the renters of rent that is due well in advance and would either include a confirmation step from the renter or allow the apartment owner to abort the payment if the renter doesn't have funds to cover the check.
It is easy for an apartment owner to set up a merchant account and to take credit cards. Designing the workflow for handling large payments is the difficult part. Rent payments, after all, are the biggest check renters write each month. In a world where housing costs continue to rise while wages stay flat, scraping up that rent payment is becoming increasingly difficult.
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