As rent payments begin to roll in, how are you processing them? Are tenants coming into your office, touching doorknobs and handing over checks and money orders that have passed through several different hands? Now more than ever, it’s time to implement digital payment technology. Not only does it make your operation more efficient and streamline receivable collections long term, it safeguards your staff and tenants by inherently promoting social distancing. No more trips to the bank—process your receivables instantly with paperless payments.
Make Life Easier, Receive Payments Online
Rent Manager’s preferred online payment provider, Zego (Powered by PayLease), makes the transition to digital payments seamless. Zego’s integration with Rent Manager spans a decade, allowing for a solid online payment experience that makes both your life, and your tenants’ lives much easier.
Zego’s Seamless Integration with Rent Manager
Zego’s ePay integration is versatile and operates in real-time. When utilized, Tenant ePay automatically transfers funds in the real world and deposits them in your actual bank account. You have the freedom to decide how those real-life actions are recorded in Rent Manager. Choose to automatically deposit tenant payments into the bank or manually enter them into the software. Either way, you’re saving time and eliminating unnecessary contact with others.
How Tenants Make Online Payments
Tenants make payments through Rent Manager’s Tenant Web Access (TWA) portal. Once you have set up and enabled ePay, tenants can create an account with their email address, allowing them to log into your company’s specific TWA portal to make payments after you have posted charges in Rent Manager, submit service tickets, and provide an account on file for ePay payments.
For tenants who would like to pay rent each month without a second thought and avoid any possibility of late fees, they have the option to configure AutoPay. This feature allows tenants to set up recurring payments for rent and other charges. The funds are automatically withdrawn from their account based on your predetermined schedule, which is set up in System Web Preferences.
There are a bevy of benefits that come with a digital payment structure. Above all else, it conserves your most valuable resource: time. If these details haven’t convinced the decisions makers in your office, the Zego team composed a letter to further drive those crucial points home.
Dear On-site Manager,
As we highly encourage you to stay healthy, wash your hands, and swap handshakes for elbow bumps, we also encourage you to avoid collecting potentially contaminated paper payments. Please enable us to collect all resident payments digitally moving forward. In addition to hygiene, you’ll also benefit from digital rent collection in the following ways
- Digital payments will streamline and automate many of your accounting tasks such as reconciliation, managing deposits, month-end close, etc.
- Assessing and collecting late fees digitally is much easier than the awkward and grueling process of hunting down and manually collecting additional late payments from delinquent tenants.
- Credit reporting will boost your renewals, which will decrease vacancies, making you look like a rock star.
- Taking payments digitally eliminates conflicts with residents since the digital record provides an indisputable proof point on when the payment was made, if a fee is owned, etc.
- Most importantly, no more paper-based payments means:
o No more trips to the bank
o No more manual payment data entry
o No more potential for in-house cash or money order thefts
o No more risky, large-sum cash deposits to the bank
Emphasize that eliminating mundane manual processes from their workload will free them up to work on higher value activities (e.g. leasing, engaging with tenants, etc).
Zego’s advanced online payment technology ensures every payment is safe and secure through encryption. The need for online payments goes beyond the current COVID-19 situation. As society continues to evolve, paper usage of any kind continues to plummet. News conglomerates, bill collectors, and personal/professional correspondence have all gone digital in an effort to meet people where they are: online.
By Sam Fangman