Property Managers are responsible for collecting and keeping track of payments from tenants on a monthly basis. Tenants need to be held accountable to pay their rent every month on time which presents its own set of challenges. With ReliaBills, property managers are fully equipped with automated invoicing software with a number of features to ensure that all rent payments are paid on time.
Collecting monthly payments from multiple people is no easy task, and property managers face many challenges with late payments. They also face issues with partial payments, calculating late fees, returned payments, etc. With everything done manually, this made managing payments very difficult and time consuming for GarMel.
Without the option to pay online, GarMel had to waste a lot of time taking trips to the bank, keeping track of physical checks and cash, and hunting down tenants who did not pay on time or had failed payments. They needed an automated billing solution that would take away the need for collecting payments manually and open up their time.
ReliaBills Key Features That Benefit Property Managers
- Automated late fees: Late fees are automatically added to the initial payment amount.
- Automated process for failed/reversed payments: Tenants are automatically notified when payments have failed or been reversed.
The ReliaBills automated late fee feature was an instant success for GarMel. A day before late fees are applied, every customer with an open invoice is emailed a late fee reminder. The result is a flood of online payments. The very next day, the late fee is automatically calculated based on the open amount and automatically applied to unpaid invoices. This automated process has had a tremendous impact on reducing past due receivables.
Contractually, GarMel requires their tenants to enroll in auto payment of monthly rent. Since credit card payments are not accepted, all auto payments are made via direct bank debit. However, banks can take up to ten days before reversing a payment. When a reversal is received, ReliaBills automatically applies our reversal fee and the late fee and notifies the customer. Everything is automated and all tenants are notified throughout the process.