As the multifamily industry continues to turn to more internet based solutions, there are a growing number of property management products and services marketed as cloud computing businesses.  A cloud computing business is an internet based company that allows clients to manage, analyze, and store data online (in “the cloud”) rather than through it’s own investment in IT, hardware, data centers, and servers.  For the multifamily housing industry, the most popular cloud computing businesses include Software-as-a-Service (Saas) payment companies, hosting services, email archiving solutions, property management softwares with cloud computing systems and more.

A recent article in Multifamily Executive noted that apartment IT executives are continuing to evaluate  costs and investigate the ROI benefits of transitioning data to SaaS and cloud companies.  The article quotes Scott McCurdy (Vice President of Information Technology at Pinnacle) suggesting that management companies “evaluate your environment and determine the types of cloud services that will provide cost savings, flexibility, scalability, or come combination of those to your enterprise.” Read the full article >>>

There are many online solutions for the multifamily industry that can help Property Management companies reap the benefits that cloud based systems provide.  Several multifamily SaaS based companies allow apartments to migrate certain business activities from physical to online data storage quiet seamlessly.  One example of this is moving from paper based rent collection to a completely online payment solution.

The RentPayment SaaS Solution:  a completely online payment software.  This allows the transition of rent collection from a paper-based, physical activity to one that is completely digital.  Here are some of the benefits of internet-based payment processing:

  • No more paper checks.  Paper checks require several manual and physical steps by property managers before money is deposited into the bank, not only does an online solution reduce physical data and records, but it also automates accounts receivable and increases cash flow.
  • Online data storage.  Records of all payments and notifications are stored online, in real time, forever.  There is no need to keep paper records or to keep payment information stored on the company’s own data servers when it can be accessed via the internet any time.
  • Email records.  Records of all emails regarding payments and all payment notifications sent are archived on RentPayment’s system, meaning there is no need to archive thousands of email records on the company’s email server.

Although many companies still prefer an in-house data center vs. cloud-based applications, the trend continues to grow and there is no denying the financial and operational benefits of going digital.  Even without transitioning all data to cloud based applications at once, many companies like RentPayment.com make the transition a step by step process.  With various software and accounting program integrations, RentPayment can also sync with almost any other cloud based system available.