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 on owning something of value without the day to day work 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Instead of the outdated check collection process and mail correspondence, consider setting up a property management payment gateway.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 log in 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 charge the same amount each month to save both you and your tenants time. 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.
Using an online system allowing 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, simpler deposits, and happier customers.
A few more ways that property management payment solutions benefit your tenants include:
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.
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.
Property management is considered high risk due to a greater number of fraudulent claims and high rates of 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.
Some advantages of an online property management payment gateway include:
As a property manager, you have plenty of 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.
Most property management merchants find their way to us because they have 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 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.
Create an account and start accepting payments almost instantly. Or contact us to design a custom package or your business.
From day one, Miles has been an overwhelming help to me in making sure I am making the best choices for building my business. His patience with me as he helped me step by step in submitting my application was so appreciated! …The team has been amazing across the board, and I truly cannot thank them enough!
I've been working with the folks at PaymentCloud for about two weeks now. They have made it super easy and they guide you through everything! Their customer service and support is awesome! I'm so glad that we connected with Michael S. and all the other folks at PaymentCloud. Highly recommend!
The agent who helped me to onboard was attentive and consistent throughout the process... They made sure I knew how to manage my accounts and had them properly set up and in compliance. They turned what could’ve been an intimidating process riddled with errors into a smooth transition for my business.