Paying assessments and fees within associations is imperative in keeping communities running. Paying these dues can create stress for management and residents, especially if the proper tools are not being utilized.
Did you know 67% of residents still pay dues and fees with paper checks? Management offices can spend a majority of their time collecting and reconciling these dues. On average the time spent on organizing assessments can equate to39 hours.
According to a 2017 study approximately 8.2 billion bills—or 56 percent of all bills today are paid online. While a large portion of older Americans still pay bills through the mail, in-person and by check, overall trends are shifting toward online payment systems. If your management offices are struggling to gain support from residents, they should check out these facts about online payments.
1. Data Privacy
- When residents utilize online payments, they can eliminate the risk of check fraud
- Criminals are still committing $7billion dollars in check fraud a year
2. Avoiding Resident Frustration
- By switching to online payments the room for error is reduced
- Residents won’t have to worry about their payments deposited into the wrong account
- Residents will not have to deal with management losing their checks
By introducing online payments to your community, you can make the lives of your residents and managers easier. You can maximize the time of your management team and allow your residents 24/7 access to get these dues taken care of!