Mike Kresse | Wednesday, March 30, 2016
Payments processing for property management companies is often complex. These companies typically receive their invoices at the property level. Invoices and payments are then usually rolled out to a central finance department, which executes the payments on behalf of the various properties.
Each property typically works with their own bank or banks which means the company is holding multiple bank accounts across multiple institutions. While individual banks prefer to hold all of a company’s disbursement accounts, this is not practical for most property management companies.
As a result, these companies tend to have a fragmented bank account structure, which can result in inefficiencies and higher costs. Property management companies also often utilize internal staff to manually disburse thousands of payments per month via paper check. As a result, getting payments out on time can be a particular challenge and is operationally inefficient. The costs to print and mail paper checks can be significant as well.
The good news is that these challenges are not insurmountable. Property management companies are evaluating their payments strategies and realizing that outsourcing their payments processes and migrating check printing processes to electronic payments can help them reduce costs and complexities.
Learn how FIS’ global payments portfolio empowers you to deliver a truly differentiated, frictionless payment experience to your customers in real time.Contact us