Los Angeles Property Management companies know that making the move to online payments can be a bit confusing and expensive if the right system is not in place. Los Angeles Property Managers fear often that payment processing will be difficult, with extra cost added, or the business will be exposed to legal risk.
Risk Of Online Payments
Los Angeles Property Management companies share that while tenants enjoy the convenience and flexibility of online payments, Los Angeles Property Management companies often burdened with the additional cost and legalities. Transaction fees could be as high as 3.5% and since the average monthly rent for a U.S. single family home runs about $1,500, this could add up quickly.
Los Angeles Property Management companies say that on top of the extra cost, Los Angeles Property Managers must research thoroughly all related laws to stay compliant and at the same time protecting the business. Los Angeles Property Managers must determine whether it is legal to place surcharges and convenience fees on credit and debit card transactions, otherwise this forces the Los Angeles Property Management company to pay additional cost.
Managing Tenant Payments
Los Angeles Property Management companies share you should enlist the help of an accredited payments provider. With the right solution, this allows tenants to pay rent and other fees electronically and supports multiple methods of payments, this makes the tenant collections less stressful for both parties.
Propertyware Payments is an electronic payment processing platform that collects rent and fees quick and easy. With the Resident Direct service, this is powered by RealPage Payments Services (RPPS), tenants see a transaction fee that is charged when the self service tenant portal is payed. Los Angeles Property Management companies state that by shifting the responsibility for these extra cost, this reduces operating expense, while at the same time giving tenants convenient and affordable payment options.
Owner Disbursements And Vendor Payments
Los Angeles Property Management companies say that tenants aren’t the only ones who need access to online payments. As a Los Angeles Property Manager, you can provide owners with online access so that they can check their balance and make contributions that help the cause. This is also a way to pay owners and vendors quick and easy.
It’s very important to streamline your Los Angeles Property Management company’s process, this will provide tenants, owners and vendors with the convenience they need. Be sure to choose an online solution that supports hassle free collections and payments.
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