If you are in the property management businesses, you can increase the number of tenants who pay on time by providing them the option of making online payments. This will save them the hassle of paying via a cheque and will ensure that you receive payments on time. Tenants will be able to pay directly from their apartment instead of showing up on a specific day to make the payment. Not to mention the added benefit of getting reward points.
You can even set up monthly recurring payments which will allow them to forget about making the payment every month as it will happen automatically and the only thing required is to keep the bank account that is being used filled with sufficient funds. A specific date of each month can be set up for their bank account to automatically transfer funds in your account.
This will help the tenants in keeping their credit-worthiness up-to-date. The history of regular payments from their credit card which is attached to the bank account will help them to maintain a higher credit rating than what they would have if they were paying you cash. When you pay via cash or cheque, it shows that regular payments are being made by you and there’s no negative by your name. Also, your credit history won’t be affected as the credit card is not being used here.
If you set your account to automatically pay every month via your credit card, it sets your credit card back to zero every month. Due to this, the credit rating improves as your credit card is being used to make a timely payment every month.
Even property managers have many benefits of using a merchant account. Not only you can increase the number of tenants who pay on time via online payments, but you can also:
- Lower the amount of time it will take to process cash and cheque transactions which will help in making your business more efficient.
- Avoid getting late payments by providing the option of online payment to your tenants.
- Get direct end to end transaction between you and the tenants. This way you won’t have to worry about your workers dealing with cash and cheque for the payments.
As a property manager, it won’t be easy to get a merchant account as most banks and financial institutions won’t allow for card not present transactions of high amounts as rental rated can be in thousands. Also, recurred billing will be an issue in this case.
You don’t need to worry about all that as JazzPay has years of experience with such businesses and can surely help you set up a more efficient method of payment. Please contact us today and we’ll be delighted to help you.