Property Management Merchant Services
Managing properties is one of the best ways to increase your passive income every month. By maintaining a location to rent for housing, office, or a flex space, you can cash in owning something of value without the day to day work that a traditional job requires. When you are working in the property management industry, one of the biggest time-savers is by streamlining the rent collection process.
Instead of the outdated check collection process and mail correspondence, consider setting up a property management payment gateway. This way your renters can follow a payment link or login to your site and enter their credit card payment details on a secure shopping cart. There are also continuity subscription options for recurring payments that are the same each month without wasting the time of you and your tenants. Providing your tenants with the ability to pay their rent automatically or online provides various benefits that are ideal for both time management and financial projections.
Benefits of Using Property Management Payment Solutions
Using an online system that allows tenants to pay their rent automatically or with the use of their own credit or debit card lets you process payments faster. Desktop and smartphone options open up your business to easier transactions, simple deposits, and happier customers.
A few more ways that property management payment solutions benefit your tenants include:
- Automatic Scheduling: One of the appeals of online payment systems for rent is the ability to set up automatic payments. Automatic payments are extremely useful for individuals who are immobile or those who have busy and hectic schedules that often interfere with paying their rent in person. Automatic payments can also drastically increase the number of payments you receive on time each month.
- Safe and Secure Transactions: PCI compliance is the security standard for card payments. With something as delicate as payment processing, there is no reason to mess with the security aspect of it all. Because without a safe transfer of funds, there may not be a transfer at all.
- Instant Payments and Deposits: Unlike mailing checks, entering card information online is instant. Tenants aren’t worried about an interception or bounced payment with an online gateway. That means that as a property manager, you also get paid quicker. An easier process for everyone involved is never a bad thing.
Once you have decided to offer an online service to tenants, it is important to find a merchant property management solution that is willing to work with your needs.
You Need Property Management Credit Card Processing
A merchant property management service is aware of any and all risks that are most commonly associated with the property management industry. Using a merchant account designed for property managers is a way to guarantee that your ability to accept and process rent payments from tenants is not interrupted or postponed at any time.
Using a traditional payment processor is not an option for property managers. Traditional payment processors such as Stripe, Square, Paypal, and Braintree consider online payment systems for property managers and rental properties too risky. High-risk industries are not accepted by popular payment processors, which is why it is so important to seek out alternative solutions. An alternative solution includes property management payment systems designed specifically for property managers.
Why Property Management is Considered High-Risk
Property management is considered high-risk due to a greater number of fraudulent claims along with chargebacks. When an industry is known for more fraud and chargeback claims, it is much more difficult to obtain a standard merchant account with any of the popular providers. Due to working with a variety of individuals and tenants, many banks believe that this business style is not worth the risk. Seeking out a payment processor designed for property managers is the only way to continue managing your properties without interruption.
Advantages of Property Management Merchant Services
Some advantages of an online property management payment gateway include:
- Automation: Automate the process of accepting and processing payments from tenants, whether they are paying manually or automatically each month. When you have an online system in place with automated management, you are able to spend more time focusing on other aspects of your business.
- Reduce Missed and Late Payments: Providing residents with an online payment system for their rent can drastically reduce late and missed payments. Online payment systems allow tenants the opportunity to pay their rent whether they are home, at work, or even out of town. Decrease late payments by providing tenants the opportunity to pay their rent at any time on their due date, rather than requiring a physical check.
- Security: Processing payments manually or managing individual checks can be tedious and extremely risky, especially in a world where theft and data breaches are at an all-time high. Use an online payment system to increase the security of accepting and managing payments from your tenants. Reduce the risk of losing personal or financial information of your residents with the use of an encrypted online payment system.
As a property manager, you have plenty more things to worry about. By implementing the right online payment system for your property, smooth and streamline the process of enforcing and collecting rent from all of your residents without all of the hassle.
Partnering with a Credit Card Processor in Property Management
Most property management merchants find their way to us because they have been exhausted all of their other options. Realizing that there are fewer directions for them to turn to, property management credit card processing requires a high risk provider such as PaymentCloud. We have all of the proper relationships in place to support this industry. Property management payment solutions are a huge part of what we do. High risk is our specialty and we strive to do it well.
With a dedicated account manager that is assigned to your business, we get to know exactly what you want and need. That may be continuity services, an online gateway on your website, or integration with a mobile platform, but it all depends on how you choose to grow your property management business.