Let's lay it out on the table: nowadays, we're all busy. Whether it's rushing the kids off to school before a long commute to work or sprinting between college classes, everyone has always got something that they need to be doing right now. Today's homeowners are desperate for tools that allow them to handle responsibilities practically and quickly-- and on their terms.
Enter online payments. They're why eCommerce has become an industry of its own; they're the reason that food delivery services manage to dominate the mobile app game; they're easy to make, easy to understand, and a cinch to use. Many people go as far as automating recurring payments like bills each month in order to make their lives simpler.
Many community associations across the nation have failed to recognize the need to offer homeowners online payment options. Online payment processing services are easy to implement and make for happier homeowners-- there's no reason not to offer them.
Some HOAs fear dealing with shady banks, additional fees, and keeping track of payment reports; these issues are easily avoided. Partnering with a transparent bank who offers upfront information about their fees is a great place to start. You may need to do some office shuffling to accommodate new varieties of paperwork, but it's well worth the payoff of happier homeowners and lower delinquency rates.
The Benefits of Offering Online HOA Payments
Lower delinquency rates
Humans are wired to take the path of least resistance. The easier you make it for homeowners to pay their dues, the more likely they'll be to actually do it. You can anticipate delinquency rates dropping once you implement an online payment processing system.
Think of it this way: if you had to choose which bill to pay first, which would you choose? The one that took less than a minute to send off online? Or the paper bill that came in the mail? Nobody wants to go through the hassle of writing out a check and dropping it in the mail-- and chances are plenty of your members actively avoid handling the responsibility.
Homeowners expect it
We already mentioned it above-- people are busy, and they're used to having things made easier for them. It's practically a guarantee that your members expect you to offer online payment processing services. Checks are antiquated and most paper mail gets lost in the shuffle of junk and meaningless advertisements.
If you can't beat them, join them. Implementing the option to make payments online will keep homeowners satisfied and falls in line with their basic expectations.
No more wasting time processing checks
The benefits of online payment processing aren't all about homeowners; your board treasurer will have a lot less hassle to worry about once you relinquish the responsibility of handling payments. There's no need to waste time in a paper shuffle that shouldn't exist in the first place. Save yourself the struggle of sorting out mail, logging payment information, and running to the bank.
How Partnering with RealManage Can Help
At RealManage, our HOA management expertise can be traced back over thirty years. The brand as it stands today was conceived in 2002-- and since then, we've worked aggressively to maintain our focus on what really matters. We're committed to providing HOAs with a proprietary software and a platform that offers a number of unique advantages.
Our payment processing services include a robust account configuration during the transitory period. Our team will ensure that you have access to every capability you need in order to successfully request and receive online payments. Streamlined processes make assessing revenue and late fees a breeze; invoices are processed, validated, and approved within thirty days or less.
Ready to take the plunge and offer your members the freedom and flexibility to pay their HOA dues on the web? Get in touch with us. We'll work closely with you to determine exactly what you need to make it happen.
Staff Writer
Guest Blogger
