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In a rapidly evolving proptech industry, software providers use VoPay’s proptech payment infrastructure to sustain growth and remain competitive.
Initially focused on core business functions like tenant and real estate management, transaction management, and lease administration, Proptech software providers now recognize the need to expand their offerings to include proptech payment solutions. As customer acquisition costs rise and capturing market share becomes increasingly challenging, integrating VoPay’s Fintech-as-a-Service has emerged as a strategic move to enhance the value of their solutions, improve user satisfaction, and strengthen market position.
While this article zeroes in on and speaks to property management software solutions specifically, many Proptech companies are embedding VoPay’s proptech payment solutions into their platforms and the tools they need to meet their users' specific demands and exceed them.
VoPay’s financial infrastructure has been successfully tailored to various proptech solutions across the real estate sector. Keep reading to understand why.
Property management software companies excel at optimizing property operations, but payments remain a significant pain point. Payment infrastructure is complex; companies need specialized financial expertise to streamline this process and often rely on third-party payment providers that don't easily integrate with their software. Through VoPay’s payment infrastructure, vertical software solutions gain access to a comprehensive suite of tools designed to address the needs of their users.
The benefits throughout the entire ecosystem are significant and immediate, including the following:
Property management software companies can unlock a significant new revenue stream by participating in payment fees associated with the high volume of transactions they handle.
Secondly, VoPay handles all the money movement complexities behind the scenes, so you can focus your time on new product development and enhance capabilities and features that can create new revenue streams. Existing customers who use your PMS for essential property management functions may be encouraged to adopt these new financial offerings, features, and capabilities, leading to increased revenue per customer.
Consider Sparrow's home-sharing platform, which offers users a new financial product because of our payment integration. Get the full case study here.
Property management software companies often struggle with the sheer volume and complexity of their platforms' transactions, especially when dealing with recurring proptech payments like monthly rent. Managing these transactions requires sophisticated automation to ensure efficiency and traceability. Handling high-value transactions becomes increasingly difficult and impossible to scale without proper automation. The need for specialized knowledge and resources to develop and maintain such infrastructure adds another complexity layer.
Scale your operations effortlessly with VoPay’s proptech payment solutions. By automating payment processes, you can grow your business without increasing the number of full-time employees dedicated to payment infrastructure and its maintenance. This efficiency lets you focus resources on processing more applications and expanding your customer base, driving higher revenue.
Enhance customer retention by offering an all-in-one solution that meets their evolving needs. With VoPay’s integrated proptech payments, your software becomes a critical part of their daily operations, increasing customer loyalty and reducing churn. Studies show that even with one integration, customers are more likely to remain loyal as the benefits outweigh switching to other technology providers. Providing continuous improvements and innovation will also encourage customers to utilize the platform long-term.
With VoPay’s Compliance-as-a-Service solution, property management software providers can focus on enhancing tenant and landlord experiences without the burden of navigating complex regulatory requirements. Like the broader financial sector, the property management industry is subject to stringent regulations, particularly when managing rent payments, security deposits, and other financial transactions.
For instance, the compliance requirements in Ontario can vary significantly from those in British Columbia, and regulations in the U.S. add another layer of complexity. Failure to meet these standards can lead to hefty fines, legal complications, and a loss of trust among tenants and landlords.
Staying compliant amidst ever-changing regulations is no easy task for property management platforms—that's where VoPay steps in. By leveraging VoPay's platform, property management providers can offload the complexities of compliance. Our solution constantly monitors and adapts to both regional and national regulatory shifts, ensuring every payment processed through your system is compliant, secure, and transparent.
This allows property managers to focus on scaling operations, boosting tenant satisfaction, and expanding services across multiple regions—without the risk of falling foul of compliance issues. Whether you manage properties locally or operate across borders, VoPay ensures that your payments stay compliant, reducing operational overhead and eliminating regulatory risks.
VoPay offers continuous improvements, maintenance, and monitoring along with a full suite of financial tools, including treasury management tools, ledger management, virtual accounts, trust accounts, reporting, Open banking tools, risk management and data orchestration capabilities, providing a comprehensive payment solution that meets PMS needs.
"By digitizing the payment, we can automate so many new things that were previously manual. This opens up a whole new channel for us and creates a new revenue stream. For us, this is just the beginning. With payments integrated into our system, we see a variety of product and feature enhancement opportunities to explore that will help us serve our customers even better and deliver on our promise to help them sell more homes faster, for more money with less risk." Ben Smith, President, Avesdo.
Read the full case study here.
Integrating proptech payment solutions into your property management software offers transformative benefits that can significantly enhance the value proposition for your customers—property managers. Providing a modern, digital-first payment experience empowers property managers with digital innovation that simplifies their day-to-day operations. Our API enables quick and easy onboarding, allowing property managers to start accepting payments with minimal effort.
With customizable fund flows, scalable solutions, and the ability to create sub-accounts for each building or tenant, your software will streamline operations and offer a competitive edge, helping property management companies grow without additional compliance burdens.
This integration doesn’t just improve efficiency—it enhances the overall financial health and operational effectiveness of property management companies, making your software an indispensable tool in the industry.
Many property management software companies lack the specialized financial expertise to build and manage an in-house payment solution. Developing and maintaining an in-house payment solution diverts a significant amount of time and resources from core activities, often making it an undesirable and costly option.
Property management software companies excel at optimizing property operations, but payments remain a significant pain point. Payment infrastructure is complex and companies need specialized financial expertise to streamline this process and often rely on third-party payment providers that don't seamlessly integrate with their software.
Building and scaling financial services is a significant challenge for non-financial organizations, especially when it comes to risk management, compliance, security, and scalable technology. These companies often struggle to justify the upfront and ongoing investments required to develop and maintain these services while trying to focus on their core business.
One of the most challenging aspects of building your payment process in-house is the ongoing maintenance and the time spent resolving issues as they arise. A payment facilitator solution like VoPay delivers more comprehensive support throughout the life cycle. A minor problem or flaw can consume days of your team’s time, depriving them of valuable hours that could be spent on business development.
Our core value lies in helping software companies establish the necessary foundation before they even start accepting payments. Once this infrastructure is in place, they can use VoPay or another payment processor to handle transactions.
By partnering with VoPay, property management software companies can eliminate the burden of managing proptech payments, reduce errors, improve efficiency, and deliver a superior user experience for property managers and end-users. Our comprehensive infrastructure exceeds what others offer, delivering a fully supported embedded payment solution within a customer's ecosystem. We offer several ways to partner, including a white-label payment facilitator package.
We offer several ways to partner with you, including a white-label payment facilitator package. You can also simply refer your property management clients to us, and we will handle the rest!
