Processing paper payments costs the multifamily industry $158M per month in labor cost, as the average property manager spends up to 140 hours per year, and 12 hours per month processing rent payments.On top of that, the traditional payment method opens the doors to potential fraud and unreliable reporting. It’s clear that paper processes are a hassle for property operators of all sizes.
In our infographic below, we detail the traditional vs. digital payment process. It’s clear which option is the better way to collect rent.
When switching to a more sophisticated digital payment platform you also gain access to a range of automation settings and alternative payment methods that further reduces payment risk and can remove chargebacks altogether. With platforms like Domuso, for example, property managers can still accept traditional payment methods while offering the ability to accept digital certified funds.
See the difference switching to digital can make to your property portfolio today:
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