The multifamily housing industry, like so many others, is witnessing a transformative period of rapid change. In order to stand the test of time, apartment operators need to stay up to date, on their toes, and prepared to address the many challenges property management companies face today.
Domuso’s VP of Strategic Accounts, Terri Nicholson, sat down to have an honest conversation about the process of transitioning client properties to 100% paperless payments. Find out what’s worked and what typical stumbling blocks clients run into. Here’s what she had to say on the subject:
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.
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.
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.