More and more property managements are using pre-authorized debits as a way to streamline resident payments. But are residents using it? PAD (pre-authorized debits) or PAP (pre-authorized payments) is a proven payment channel which enhances the percentage of on-time rent payments by automatically debiting resident bank accounts directly to a property account.
Residents lose their control and are afraid of the large sum automatically being pulled out of their account.
Residents hold back from adopting this payment channel resulting in low adoption rates or results that are not maximizing the adoption potential.
Using a transparent solution that gives your resident the feeling of control affords them the confidence they need to make their payments electronically. Residents need to feel in control of their money, not like their hands are tied. Allow your residents to follow the payment flow, from being reminded that funds will be pulled from their bank account until they are actually pulled, as well as viewing their payment history at any time. Not only will this accelerate on-time payments and adoption of electronic payments, but it will also lower the possibility of NSF’s. Residents are reminded of and kept in the know about their actual transactions. For those that are still wary of setting up auto payments, you should still be offering them the option to create one-time payments which is a win-win situation for both residents and managers. Transparency is key in consumer payments.
Allowing this vital data to then be uploaded into to your back office software brings the electronic process full circle, saving countless hours of administrative work not to mention increasing your cash flow. This is all possible today with revolutionary new technology directly from manager and resident portals in the cloud without your own IT team. Sign up for a free account at payqaud.com and learn more about what we have to offer.