As the market for property management software continues to grow, vendors are moving away from the cost and complexity of legacy payment systems.
Recent PYMNTS research reveals that 9 out of 10 SaaS firms, including property management platforms, are now integrating payment technology into their accounts payable systems. A shift that enables more strategic decision-making through transparent, integrated data flow and reduces the finance teams' labour burden.
Overcoming Legacy System Challenges
Each day, Canada witnesses 30 million financial transactions, ranging from modest sums to multimillion-dollar exchanges, amassing an impressive daily total of $210 billion.
Notably, a substantial $9.5 billion of this sum is attributed to the property management sector, underlining its significance in the financial landscape. And yet, a substantial hurdle persists within the business sphere.
Too many enterprises are still grappling with antiquated legacy payment processes, with nearly $6.5 billion being spent on payment processing. It is this very inefficient use of resources that prevents businesses from focusing on their core competencies and excelling in their space.
The Problem of Processing Property Payments
The property management industry faces unique challenges with legacy systems that are incompatible with modern payment methods. They lack resilience and expose customers to security risks.
Property managers, in particular, confront a series of complex payment-related challenges, including:
Managing a high volume of transactions
Tracking late payments
Payment delinquencies and NSFs
Safeguarding data and payment security
Paper cheques lack visibility
Further complicating things are limited payment options, a lack of financial transparency, and the need for complex bank reconciliation procedures.
The reality is that the industry's reliance on traditional ways could cost a company up to $13,345 per year.
Advanced Payment Systems In Property Management
The 2023 Proptech Canada report highlights a key trend: integration and consolidation are paramount. With the growing demand for embedded payment solutions, property management platforms are actively searching for the right payment partner.
Advanced payment technologies, leveraging data, automation, and analytics, are now essential for property management software. They improve customer experiences, increase productivity, and boost profitability.
In an evolving industry, the choice is clear: adapt or fall behind. Integrating payment technology not only aligns with current trends but also provides a competitive edge.
5 Key Advantages of Integrating Payment Tech
1. Collect Payments with Certainty
Verify users' identities and authenticate bank accounts prior to a transaction. Reduce payment delinquencies and NSFs by having visibility into the available funds of a bank account.
2. Multi-Tenancy Structure, Sub Accounts & Ledger Management
With VoPay, managing multiple properties and accounts is simple. The platform natively provides sub-accounts for each property to ensure funds are not commingled.
3. Automated and Scheduled Recurring Transaction Capabilities
Enables setting up recurring payments, with split payment options for flexibility.
4. Access Alternative Payment Rails
Access to all of North America's alternative and traditional payment rails that make payments of any amount and at any velocity possible. This includes Interac e-Transfer for Business, enhanced EFT and ACH payment, reduced costs and enhanced payment flexibility.
5. Capture New Revenue Opportunities
The ability to offer on-demand products and new services for additional value and revenue.
Property Management Software x Payment Integration
Become a "Super-App". Enable users to transact without ever leaving your platform.
For businesses in today's highly competitive market, payment processing is an essential component of operations. However, many companies don't have the expertise or knowledge needed to develop their own solutions.
Partnering with an integrated payment provider like VoPay allows companies to take advantage of diverse payment capabilities while shifting responsibility for onboarding, KYC and risk management to the payment partner. This frees up your time to focus on your core services rather than payment processing tasks.
Discover how VoPay's advanced API-first technology doubled the retention rates of this property management software solution and helped it see a 20% increase in growth.
Get Started With VoPay's Payment API
Are you looking for the right payment partner for your solution? We've got you covered.
Our developer-friendly API and out-of-the-box solutions provide a fully white-labeled experience to enhance your brand exposure. Gain access to comprehensive payment solutions, including advanced open banking payments and develop scalable custom workflows to elevate your business operations and user experience.
