Every so often a new technology solves such a fundamental inefficiency that the industry it disrupted can’t imagine how they lived without it. Today, that’s true of mobile check deposits, with one in six banking customers in the U.S using the feature. Domuso has taken the same image capture technology a notch further, applying it to processing rent payments for the multifamily housing industry.
Recently, Domuso co-founder and COO, Michael Lightfoot and, senior director of Evestnet | Yodlee incubator, Jeff Cain sat down to chat about startups, data, making life easier for renters and apartment owners and the future of payments. In case you missed it: here's your chance to listen on-demand to the webinar below.
When accepting online rental applications, property managers typically allow a prospect to pay their application fee or holding deposit using a credit card as a convenience. However, with online payments comes chargeback risk which can plague property managers and can create financial loss for the properties. There are steps that properties can take to reduce the number of chargebacks and streamline the process, however only a few ways to protect themselves from this risk completely.
We were thrilled to present our innovative payment solutions at the National Apartment Association’s annual Apartmentalize Expo & Conference in Denver last week.
Beyond the dealmaking on the showroom floor, there was a vibrant exchange of ideas and information throughout the Colorado Convention Center. These are our three most important takeaways from the conference:
Domuso surveyed multifamily property managers to learn how much they say it costs to collect and process paper rent payments.
The disparity between perception and reality were staggering.
Electronic payments have become so pervasive we barely give it a second thought. We use digital wallets to split tabs and pay friends, we buy coffee with mobile apps, and we have come to expect our credit cards to be accepted worldwide. So why don’t more property managers accept rent payments online?
In the course of its day-to-day operations, the $540 billion apartment rental industry collects millions of data points containing sensitive information, including everything from rental agreements and security deposit transactions, to email exchanges, property files, and owner financial records.
Increased demands on property management companies are driving the need to streamline operations and increase profitability.
Here are five ways to get there.
Landlords have long required new residents and those with a history of late payments to pay with money orders and cashier’s checks, collectively known as certified funds. Today, more than 10 percent of rent is paid using these cash-equivalent methods, which provides guaranteed payment without concern for chargebacks and returned checks due to insufficient funds.
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