In a dynamic property management sector, valued at over $48.4 billion, one glaring challenge often stands out—inefficient rent collection.
This age-old issue, rooted in outdated practices, creates significant hurdles for both property managers and tenants. Traditional methods disrupt operational flow and affect multiple aspects of property management.
Plexflow, a comprehensive rental property management software solution, was designed to simplify tasks and facilitate portfolio expansion. However, it faced a notable drawback: the absence of automated online rent collection. This limitation meant landlords and tenants had to navigate the outdated, labour-intensive rent payment process which affected both efficiency and user satisfaction.
The rental property management industry confronts various hurdles, including managing the high volume of payments and maintaining visibility and security in financial transactions. Tenants, too, experience challenges, particularly with outdated payment methods like paper cheques, which hamper their renting experience.
Recognizing the need to enhance its service offerings, Plexflow focused on delivering three critical features:
To combat these inefficiencies, Plexflow integrated VoPay's API-first payment technology into its platform. This integration features the iQ11 EFT payment rail, supporting the full cycle of money movement, including same-day payment initiation, bank account verification, and transaction monitoring.
Enhanced Transaction History: Property managers now have comprehensive access to transaction histories, ensuring a complete financial record.
Scheduled Recurring Transactions: Enables recurring payments, with split payment options for flexibility.
Multi-Tenancy Structure & Ledger: Simplifies managing multiple properties and accounts, with digital wallets and individual ledgers for each account.
eLinx Connect: Facilitates easy onboarding of new tenants and landlords and secure setup of recurring payments.
Versatile Payment Rails: By offering both EFT and Interac e-Transfer® payment options Plexflow has helped users reduce costs and enhance payment flexibility.
This solution has revolutionized payments for property managers and landlords using Plexflow. It ensures transaction security, automates rent collection, and minimizes manual efforts, leading to improved cash flow management. Tenants benefit from automated, digital payments, eliminating outdated methods and offering more convenience.
The integration of Plexflow and VoPay not only had an immediate impact on property management efficiency. The following figures show how the platform was able to establish itself as a leader in this field.
Processed over 9,000 transactions, totalling nearly $7 million.
Doubled user retention rates.
Achieved a 20% increase in lead generation.
Secured an additional 20% in closed deals.
Download the case study below to see how VoPay's embedded payment solutions can simplify your money movement operations, increase revenue and improve user engagement.