Property Management Companies Succeed with Payments
Property management companies are the backbone of the real estate industry, managing single-family homes to large residential and commercial properties. These businesses rely on smooth financial transactions to collect rent, maintenance fees and other recurring charges. At Payment Nerds we have custom payment processing solutions for property management professionals.
Property Management Businesses We Serve
Property management businesses come in all shapes and sizes, from small landlords managing a few units to large property managers of entire apartment complexes or commercial spaces. Some businesses focus on residential properties, others on vacation rentals, student housing or commercial real estate. Whatever the size or specialty, these businesses have common financial tasks: collecting rent, processing maintenance fees and handling security deposits. Payment Nerds has solutions for these tasks so property managers can focus on tenant satisfaction and property maintenance.
Property Management Payment Processing Challenges
Property management businesses are considered high risk for several reasons:
- Chargebacks and Fraud: With many tenants and clients involved there is a higher risk of chargebacks especially in disputes over payments or refunds.
- Seasonality: Rental income can be unpredictable especially for businesses that manage short term or seasonal leases.
- Tenant Disputes: Disputes over rent, maintenance fees or lease terms can sometimes result in fraudulent claims and further complicate payment processing.
- High Volume Transactions: Property management businesses process a lot of transactions which can be a red flag for traditional payment processors.
To mitigate these risks property managers need a payment processor that gets it and has solutions for them.
Why Choose a Payment Processor for Property Management
Choosing a payment processor for property management businesses has many benefits:
- Security and Compliance: PCI compliant systems mean your transactions are secure, reduce fraud and tenant data is protected.
- Automated Payments: Set up recurring payments for rent or fees to simplify and reduce late payments. This automation saves you time and boosts cash flow.
- Faster Transactions: Online payments are processed instantly not like checks which means faster access to funds and reduced waiting time.
- Real Time Reporting: View payments, outstanding balances and transaction history in real time so you can track cash flow and tenant accounts.
- Tenant Satisfaction: Give tenants the ability to pay online, through a portal or automatically and it will be a smoother experience and more consistent payments.
Choosing the Right Merchant Account for Rent Collection
The right merchant account means property management businesses can process payments smoothly and securely. Depending on the size and scope of your business you’ll want to consider:
- Standard Merchant Accounts: For small to medium property management businesses, these accounts offer basic credit card processing and automated payments.
- High Risk Merchant Accounts: For larger property managers or high volume businesses high risk merchant accounts offer extra fraud protection and chargeback protection.
- Integrated Solutions: These accounts are for property management businesses that need integration with accounting software, CRM systems or tenant management platforms.
At Payment Nerds we specialise in high risk merchant accounts so your business can accept payments without disruption.
Choosing the Right Payment Processor for Your Property Management Business
When choosing a payment processor consider:
- Experience with High Risk Industries: Choose a processor that gets it and has solutions for it.
- Reputation: Work with a processor that has 24/7 support and will keep your payment system running smoothly.
- Transparent Pricing: Look for a provider that has clear pricing with no hidden fees.
- Compliance: Make sure the processor meets industry standards for security including PCI compliance.
Payment Nerds is a trusted partner for property management businesses. We help you choose the right solution for your business with focus on reliability and security.
What You’ll Need
Getting started with merchant services is easy. Here’s what you’ll need to provide:
- Photo ID: Business owner’s government issued ID.
- Signed Merchant Application: The standard form to set up the account.
- Voided Check or Bank Letter: To verify your banking information for payment processing.
- Bank Statements: 3 months of statements to show your financial history.
- Processing History: If applicable, previous payment processing statements.
- Business Docs: Any licenses or certifications required to verify the business.
Once we have this info we can set up your payment system and get you processing payments in no time.
Get More from Your Payment System with These Must Have Integrations
Payment Nerds integrates with the tools and systems you already use to boost your payment processing:
- Accounting Software Integration: Connect with QuickBooks and sync transactions automatically and simplify bookkeeping.
- Tenant Management Systems: Integrate with property management software for a seamless experience.
- Mobile Platforms: Accept payments on mobile devices for tenants who pay on the go.
Our solutions are flexible so you can integrate with your existing systems without disruption.
