Until the advent of COVID, common thought was that scanning checks was an unavoidable part of rent payment processing. With the increased use of online payments, credit cards and ACH transfers by businesses and banks, the days of paper check scanning are numbered.
Processing paper payments costs the multifamily industry $158M per month in labor cost, as the average property manager spends up to 120 hours per year, and 10 hours per month processing rent payments. Manual check scanning often includes relying on buggy equipment that requires manual payment matching and can lead to inconsistencies and frustration for back-office operations. Fortunately, there are new alternatives.
Domuso’s digital rent payment solutions allow property managers to remove paper checks, money orders, and manual scanner equipment altogether from the leasing office and capture 100% of rent payments digitally. Even the most technologically resistant residents can be accommodated with the addition of Mobile Check Pay, which allows residents to snap an image of their paper check and pay rent to the property directly from their smartphone.Properties receive and reconcile payments online, driving faster, more secure and accurate processing than more expensive lockbox alternatives. Reliable accounting integrations with leading property management systems help automate the matching of resident ledger data, so accounting teams can reduce costly mistakes and close monthly books faster. Find out more about Domuso’s Mobile Check Pay feature here.