I Need E-Payments. Where do I Start?

There’s a point in time when every property management company will be confronted with this question. Those who haven’t yet…well trust us, it’s a matter of time. After realizing you need an online rent payment solution, the next step is to find a provider who can meet your needs. That might sound daunting, but here are tips to help you with the process.

• Assess your needs – Do you need a general solution to allow residents to pay electronically? Or do you need a solution with specialized features and settings? If you want integration with your property management software, you’ll need to stick with vendors that exclusively serve the property management industry. Compile a list of your needs so you can easily add and cut vendors from your short list.

• Research your options – There are several online rent payment providers out there and not all are the same. It is essential that you evaluate each one individually. Things to consider…
  • What are the costs to the property manager?
  • What are the costs to residents who use the service?Is the solution easy to use for both the property manager and resident?
  • What kind of customer support will they provide you?
  • What additional products are available or on the vendor’s roadmap?
• Terms and Implementation – This is one of the most important things to consider. What are the contractual obligations with each vendor?  How long will they take to implement your e-payment system? And can they provide you with a plan on how you should roll out your e-payment system to your company and residents? There are many moving pieces to coordinate when implementing a new system, but true e-payment pros will be able to provide an easy and smooth set up. And they won’t obligate you to a long service agreement either.
• Check References – The best way to get a feel for an e-payment provider’s services is to speak with companies who use them. It’s good to find out what they like and dislike about the service. Also, ask around to other property management companies you know and find out what they know about the providers you are considering. If it is obvious that a company continually disappoints clients and/or is lacking in customer service, stay away.

Online rent payments are supposed to be a convenience, not a hassle. So doing your homework on e-payment providers will save you some potential headaches in the long run and ensure that collecting rent or HOA dues is a breeze.