7 Methods for Collecting Payments: What Works Best for Property Managers

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Collecting Payments of Property ManagerProperty managers have a lot of responsibilities but if they can’t effectively collect fees from their customers then they can’t do much else. While it may be cliché, it’s true – cashflow is the lifeblood of any business, so property managers find effective, efficient, and convenient methods to collect payments to enable growth, enhance customer service, and optimize planning.

Cash
Cash remains a preferred payment method for many Americans which means this option keeps many customers happy, but alternatives such as electric, debit, and credit are quickly becoming more favorable to Americans. For businesses, the benefit to cash, once it’s handed over to you, is that it’s readily available to be used without no transaction fees, waiting periods, or account holds.
However, cash payments can pose challenges to property management companies, it’s more difficult to anticipate which can throw off planning. To collect cash payments, companies require staff to be available when customers come into the office which can slow productivity by interrupting other work and increase labor costs. Ultimately cash is difficult to document requiring manual steps which can disrupt staff for long periods of time and its hard to trace because it is not electronic.
Personal Checks
Personal checks offer many of the same problems as cash, they are difficult to trace and time-consuming to document. They can also bounce or be put on holds which can delay the time it takes for companies to access funds. A bounced check can cause turmoil between customers and property managers diminishing customer relat……