Property management is a business built on recurring payments, and yet many property managers are still relying on checks for rent collection. We recently worked with Julia Luncar, a property manager who came to us looking for a better way to collect rent from her tenants.
The Challenge
Julia was only accepting checks from her tenants, which created several problems. Checks get lost in the mail, bounce, and require manual processing. She wanted a solution that would allow her to set up recurrent billing for her tenants so rent collection would be automatic and reliable every month.
The Solution: Simple Virtual Terminals
We set Julia up with a Simple Virtual Terminal that transformed how she manages rent collection. The virtual terminal allows her to:
- Store customer data securely for easy repeat billing
- Send recurrent bills automatically each month
- Pass the credit card processing fee to the customer
By passing the credit card fee to her tenants, Julia actually generates an extra 4% in revenue compared to her previous check-only system. Her tenants appreciate the convenience of automatic payments, and she no longer has to chase down late rent checks.
The Swipe Virtual Terminal
The Swipe Virtual Terminal was the perfect fit for Julia's property management business. It includes everything a property manager needs:
- Invoicing: Create and send professional invoices directly to tenants
- Recurrent Billing: Set up automatic monthly charges for rent payments
- Payment Reminders: Automated reminders sent to tenants before payment is due
- Stored Customer Data: Securely save tenant payment information for seamless recurring charges
Every Business Is Different
One of the things that sets The Merchant Way apart is that we understand that different businesses have different needs. A property management company has very different requirements than a restaurant or a medical office. That is why we offer a variety of processing options and take the time to understand your specific business before recommending a solution.
Whether you manage five units or five hundred, we have a payment processing solution that fits your operation and helps you collect rent more efficiently while saving money in the process.