Posted by admin on Jul 16, 2010

Accepting payments online is a huge money saver for property managers. 

An internet ACH electronic check payment is very inexpensive.  Particularly when compared to processing a paper check.

Consider this.  Even if a company scans a paper check for electronic deposit via remote deposit capture, manual labor is still involved in processing the check.  

Estimates are that each paper check that needs manual intervention costs $2.00 to process.

Should You Charge a Convenience Fee?

Some property management companies charge tenants a “convenience fee” of several dollars for online payments.  This is not a good strategy.

Sure, a small percentage of tenants will pay the additional “convenience fee.”  But charging a fee is not a good long term plan if you want to encourage the maximum number of tenants to pay online. 

Let’s face it.  Most people feel resentful when they have to pay a fee to pay a bill.

Conclusion

In order to drive more tenants to pay online, smart property management companies offer online payments at no cost to the tenant. 

With the cost of ACH being so amazingly inexpensive, any property management company can easily absorb the small fee.  And realize big savings.

Are you a property manager that wants to accept checks online?

For more information, contact info@nationalach.com