At first glance, third-party resident payment software can seem like a viable way to extend the features of your property management system. It allows you to accept and manage payments online, which is a win. But a native resident payment portal, one that is built within your property management software, offers advantages you may not have considered. It’s a win-win-win, because it gives everyone—residents, back-office staff, and onsite property managers—a better experience.
1. Greater Staff Efficiency
Accepting payments is only one piece of the equation for a payment portal. Managing those payments is typically where challenges can show up in a third-party application. Some property managers spend countless hours manually transferring data from disparate systems.
A property management software with native payment functionality boosts efficiency by centralizing your data . You get a single system of record within your property management software for all your resident interactions. This helps eliminate risk and ensure payment management is accurate, streamlined and timely. Property management software users never leave the system and all given data is automatically populated in resident accounts.
Some payment providers may not be able to help you with how their product is interacting with another vendor’s product. A native resident payment portal provides one less vendor to interact with and a support team with technical experience in every aspect of your property management software, including payment management. Keeping all resident data in one system provides a more consistent back-office experience.
2. A Seamless Experience for Residents
In a non-integrated or lightly integrated payment portal, applicants and residents must make payments in one system while submitting maintenance requests and uploading documents in a separate resident portal. Having to manage needs on separate systems and keep up with usernames and passwords can be frustrating for residents and applicants.
Convenience and ease of use are primary expectations of today’s consumers. A property management software with native payment functionality allows residents and applicants to pay in your online resident portal. This keeps them on your website and provides a seamless payment experience within a familiar resident portal.
3. Reduced Risk for Property Managers
Managing the payment lifecycle of receiving, processing and reconciling payments can get complicated when your staff is working out of disparate systems. A property management software with native payment functionality allows you to streamline the process, eliminating errors and bottlenecks. You can trust your reports to be accurate and up-to-date.
In a native resident payment portal, PMCs can also reduce financial risk with cost-predictable subscription pricing. Fixed service fees, rather than adjustable, will minimize complexity and uncertainty about costs for you and your residents.
ResMan’s Native Resident Payment Functionality
The payments solution developed within the ResMan property management platform (and supported by ResMan) reduces friction for applicants and residents and reduces risk for PMs.
ResMan Payments aligns with industry standards in accepting a wide range of payment methods, offering standard and expedited funding options, and complying with PCI Level I, SSAE 18, SSL (Secure Sockets Layer), NACHA, and Card Rules and Regulations security requirements. You can rest easy, knowing your residents’ payment experience is secure.