Sometimes getting accustomed to new ways of making payments can be a bit intimidating or even frustrating for residents, and unfortunately some residents might not be ready to completely ditch those paper checks.  If you face this problem but still desire to automate rent collection at your community, check scanning allows property managers to seamlessly convert slow paper checks into fast and efficient electronic payments!  Check scanning reduces manual data entry while still allowing managers to accept checks from residents who are not ready or willing to make payments online via eCheck or credit card. Converting payments from paper to digital transactions can bring a multitude of benefits to a Multifamily property; here are top 10 reasons you should take advantage of Check scanning with RentPayment!

1.       100% Automation of Accounts Receivable:  With check scanning, all paper checks can be processed electronically, making record management completely automated and more organized since property management software can be synced with your check scanner and immediately updated.

2.       Time Savings: With check scanning, property managers can save themselves a lengthy trip to the bank.  Checks are easily processed from the comfort of your office and no longer need to be photocopied.  Every paper check has an electronic version which can be securely archived for as long as you wish!

3.       Improved Cash Flow: Check scanning quickly automates the payment process.  No more waiting around for slow paper checks to clear; with check scanning next day funding is always available.

4.       Lower Costs: Check scanning costs are much lower than both the hard and soft costs of processing paper checks as well as the fees associated with processing credit cards.

5.       Eliminates Duplication of Tasks: After a resident pays via check once, subsequent checks that pass through the scanner are automatically attributed to that resident’s respective account and RentPayment’s Optical Character Recognition technology automatically reads the amount on the check.

6.       Integration: If your RentPayment account is integrated, all check scanning information will be automatically posted into your accounting software for you!

7.       Improved Reporting: By using check scanning, a single platform for all payment methods is established, giving you a robust assortment of 20+ RentPayment reports — including a Batch Reconciliation Report for all payment types which simplifies reconciliation.

8.       Faster NSF Notification: Receive notice of non-sufficient funds in 2-3 business days as opposed to waiting around for 4-7 days with conventional paper check processing.

9.       Better than Bank Check Scanning: RentPayment check scanning allows you to apply business rules specific to the property management industry; a feature not available with check scanning from banks.  For example, check scanning through RentPayment lets you assign multiple checks to one unit, a great feature when trying to accommodate residents that live with roommates.

10.   Multiple Check Types Accepted: Check scanning is not only available for personal checks, but also to money orders, certified checks and business checks, giving your residents flexible and versatile options!

Change can be difficult, but RentPayment is here to make the transition to electronic payments as smooth and easy as possible.  One of the easiest ways to transition to electronic payments is with RentPayment’s check scanning option; plus you can reap these 10 amazing benefits at your property while doing so! All you have to do is sit back, relax, and let the scanner do the work for you.