The world of technology and property management is converging rapidly. HOAs, property managers, and landlords are more inclined to process automation with the help of cost-effective SaaS products.
Customers want distinct products that simplify as many processes as possible. Homeowners Associations (HOAs) in the U.S. manage almost 355,000 communities, and approximately 22 new associations form daily. Also, 40 million housing units in the United States are part of HOA communities.
Growth opportunities for ISVs and fierce market competition go hand in hand in the real estate sector. HOA software vendors must develop different services and facilitate customers on various fronts. Many HOA software providers are joining hands with digital payment processing solution providers. Such partnerships help property managers create new opportunities for vendors to stretch their market share.
In this article, we will discuss the following:
- How HOA software vendors benefit from integrating digital payments into their operations
- How SaaS partner programs help HOAs and property managers
- What the most common digital payment solutions are for HOA vendors
- How to choose the right payment processor
4 Benefits of the SaaS Partner Program for HOA Software Vendors
Better User Experience
Integrated payments are a smart choice for HOA vendors, giving users a seamless buying experience. HOAs and property managers prefer a multi-purpose solution that allows them to collect rent and manage their day-to-day affairs in one platform.
The price you charge for your product or service is directly proportional to the value you provide. You can set a higher charge when you provide more value than your competitors. HOAs, property managers, and landlords will be happier paying you more than buying separate rent collection software.
Digital security remains the biggest threat to businesses, and penalties for data breaches are even higher. The average global cost of a data breach is $4.35 million. Partnering with a trusted payments provider minimizes the chances of data theft and makes HOA online payments safer.
The payment industry is changing rapidly with the addition of new payment methods. When you partner with a payment processing service provider, you easily keep up with these changing trends.
Benefits of SaaS Payment Partnership for HOAs and Property Managers
Partnering with a trusted payment processor is also beneficial for property managers and HOA organizations in different ways.
Less Administrative Work
Automatic payment collection minimizes the administrative work for HOAs. The management spends less time on accounting matters, and there are fewer trips to banks.
Recurring Payments for Customers/Residents
Digital payment channels also benefit the end consumers (residents). Recurring payments allow the residents to pay on time and without additional manual effort every month.
No Paper Records Needed
Digital payments eliminate the need for paper records. A business, on average, can save up to $48,000 per year by reducing or minimizing paper expenses.
Reduced Payment Processing Fees
The rent collection fee via traditional channels such as checks is higher than digital payment methods. Besides, digital methods ensure faster payments, ensuring a smooth workflow.
7 Digital Payment Collection Solutions for HOAs
Recurring payments eliminate the labor that tenants or residents have to do every month. HOAs and property managers can set up monthly, semiannually, or annually recurring payments to collect rent, fees, property taxes, etc.
Using a virtual terminal (web-based user interface), HOA members can manage rent and fee collections through credit cards or ACH. Payments collected through virtual terminals can be easily tracked, organized, and collated by property managers on the go. Such terminals help create a digital trail of payments for easier reconciliation.
Hosted Payment Portals
Hosted payment portals allow HOAs and landlords/property managers to collect payments through a secure online portal. Such portals help tenants pay through credit cards, debit cards, eChecks, or money transfer apps. One of the most significant benefits of PCI-compliant hosted payment portals is that property managers don’t need to invest additional resources to ensure the safety of their tenant’s financial data.
SMS payments are highly convenient for everyone, including those with minimal interest in internet-based payment solutions. HOAs and property managers can send payment requests via SMS in seconds. Tenants can easily pay rent or other fees through the payment processing link given in the text message.
Interactive Voice Response (IVR) is a super fast and convenient method for collecting rent from the elderly who may not be tech-savvy or have difficulty accessing online payment portals. IVR payments allow the HOA members and tenants to pay rent from their mobiles or touch-tone without speaking to the live agent.
Email invoicing is a handy payment method for people who prefer formal channels and maintaining payment records. Customers receive an automatically-generated email monthly (or as agreed), and can pay via any digital medium such as credit cards, ACH, debit cards, etc.
ACH and Credit Card Processing
ACH and credit card payments are more traditional digital payment methods. ACH allows members and tenants to make direct deposits through the bank or pay on the tenant’s demand. Similarly, consumers can make recurring credit card payments or pay on-demand.
How to Choose the Right Payment Processor
HOA software vendors should consider the following when partnering with a payment processor:
- Diversity in payment process solutions is mandatory. A payment processor with multiple payment options allows your customers to choose the most suitable one.
- Uptime is crucial because a low Uptime payment processor will only cause frustration and inconvenience for your customers.
- A robust and responsive customer support service is a must-have feature for any payment processor.
- Look for Nacha Prefered Partners for accepting or processing ACH payments.
- The ability to process large volumes of transactions is also an important feature to consider.
iCheckGateway.com - Get Started with a Trusted Payment Processor
The Global ISV market will reach $702.6 million by 2030. Integrating with payment processors like iCheckGateway.com, A Nacha Preferred Partner, and their solutions allows HOA software vendors to boost their bottom line and create opportunities for new revenue streams.
We provide multiple secure payments gateway solutions like:
- ACH Processing
- Credit Card Processing
- Cash Discount Program (CDP)
- Hosted Payment Portals
- IVR Payments
- SMS Payments
- Mobile Payments
- Recurring Payments
- Virtual Terminals
- Email Invoicing
- Check Verification
Schedule a call and speak with our relationship manager today.