While mobile payments are on the rise, many tenants still prefer to pay rent in cash. To increase the likelihood of timely rent payments, it's important to give your tenants flexible payment options that meet their needs, including cash payments. But often, cash payments bring an increased risk of theft, fraud and manual recording errors.
Benefits of cash payments technology
For tenants who prefer to pay rent with cash or money orders, Propertyware Cash Payments is a game changer. The offering allows them to pay their rent at any of 25,000 retail locations at their convenience, rather than at the office and during work hours. They don’t have to carry a wad of cash around that’s subject to theft or loss, and you don’t accumulate vulnerable cash at the office.
A modest, fixed fee of $3.75 covers the transaction, so there’s no cost to the property owner. It’s a convenience you can offer with no downside at all! Payments are instantly verified and recorded to the tenant ledger, so your staff doesn't have to make manual entries. Additionally, Propertyware Cash Payments seamlessly integrates into the overall Propertyware Payments solution to make tracking payments a breeze.
Payment voucher enhancement
Tenants using the system visit the Tenant Portal to generate a payment voucher they can present at the retail location where they have chosen to pay their rent. They can either print the voucher or save it to their mobile device.
For those who aren’t computer-savvy, there’s now an option for the property manager to create the cash payment voucher on the tenant’s behalf, so tenants can simply contact the office to have it generated. And since the voucher can be used repeatedly, they don’t have to get a new one each month.
To create the voucher, go to Leases > Select lease > RentMoney voucher on the left navigation menu in Propertyware.
Alert email enhancement
A second new feature is a Propertyware Alert email that automatically notifies tenants when a cash payment transaction has been successfully completed. There’s no need for them to call the office to confirm their rent is showing as “paid,” giving them a level of comfort without taking up your staff’s busy time.
The payment alert triggers when Propertyware receives a RentMoney payment. Manage this alert by going to Setup > Customize > Alerts > Tenant notifications within the Payments section.
Taking your business to the next level with Propertyware Cash Payments
Propertyware Cash Payments is not only a convenience for your tenants, it also saves your office staff time spent dealing with cash payments in person. And with these two new features, it promises to be even more popular!
Not already a Propertyware customer? View a demo.