From Paper Checks to Autopay: Streamlining Rent Payments for Property Management Success

3. Some payment methods are inefficient, risky and/or difficult to reconcile.

There are various reasons for this, but the following are common:

• Paper checks require physical handling, are slow to process and are susceptible to loss, theft and fraud. Reconciliation of paper checks is often manual.

• Cash is difficult to track and risky due to security and fraud concerns.

• Bank transfers (ACH/wire) sometimes lack clear identification of the payer or property, making reconciliation difficult without proper systems.

4. Communication gaps can lead to disputes.

If policies—rent due dates, grace periods, late fees and accepted payment methods—aren’t clearly communicated upfront (and continually repeated), tenants may challenge them.

What’s the solution? Property management payment solutions (with online payment options for renters) automate rent collection, payment processing and communication with renters.

How Two Companies Streamlined Payment Processing with CSG Forte

CSG Forte offers a suite of payment solutions that manage the entire payment lifecycle on a single platform, from payments and security to communications, support and self-service. Forte processes online and mobile payments, including credit/debit, ACH and digital wallet and sends automated payment reminders. Firms using CSG Forte's property management payment solutions have experienced impressive results.

Gordon James Realty , a commercial and residential property management firm, needed a reliable and efficient system to process payments to vendors, receive payments from clients and manage returned payments. CSG Forte helped the company streamline the payment process by allowing the firm to process payments electronically, reducing manual labor and enhancing the end-user experience. Since implementing Forte payment solutions, Gordon James has experienced a:

• 90% reduction in returned payments each month

• 75% decrease in payment-related customer service inquiries

• 25% reduction in accounts receivable processing costs

• 15% reduction in time spent manually processing checks

While Gordon James Realty’s adoption of CSG Forte’s payment solutions showcases the significant benefits of streamlined, electronic payment processing—marked by dramatic reductions in manual work and customer issues—these advantages are not unique to one firm. In fact, property management businesses of all types and sizes are turning to digital innovation to solve persistent challenges. For example, Rentec Direct’s experience demonstrates the transformative impact of recurring, automated payment solutions in the property management sector.

Rentec Direct , a provider of online property management solutions to landlords and property managers, reduced late payments by using recurring digital payments powered by Forte. Rentec needed an integrated payment solution that allowed property managers to accept online payments and handle late fees and missed rent. Using Forte enabled Rentec to accept both ACH and credit card payments digitally, via one-time or recurring automatic payments.

Forte’s solutions were especially helpful for property owners utilizing Rentec’s solution during the COVID-19 pandemic. Between April and July 2020, renters failed to pay on time approximately 22% of the time. However, renters who used Rentec’s recurring payment system, powered by CSG Forte, only made late payments 1% of the time. During the height of the pandemic, landlords offering a recurring payment option experienced 20% less churn, resulting in 20% fewer vacancies.

Simplify Rent Payment and Reduce Late Payments with Forte

Flexible payment options—such as autopay, installments, and prepay—help minimize late payments, easing administrative workload and improving cash flow. Modern property management payment solutions support online payment options (satisfying tenants) and automate rent collection, increasing efficiency.

Property managers should adopt these tenant payment solutions to streamline operations and deliver a faster, more efficient experience for themselves and their renters.

Contact us to learn how Forte’s property management payment solutions streamline payment processes and reduce late payments, improving cash flow and satisfying renters.