The core function of a society or gated community’s Management Committee (MC) or Resident Welfare Association (RWA) lies in the general upkeep of the premises. Their biggest task under this is the repair and maintenance of infrastructure. Other tasks can include handling communications, ensuring security, managing facilities, and addressing resident complaints and concerns.
The successful execution of these tasks depends on all the residents paying maintenance charges on time, especially given that an MC or RWA has only limited options in raising funds. However, despite its importance, the timely collection of these charges remains one of the biggest hurdles for many MCs and RWAs.
This makes user-friendly and efficient solutions like Payment Gateways all the more important. With an easy payment process and attractive rates, the ApnaComplex Payment Gateway not only encourages residents to pay on time it also offers substantial benefits for the MC, particularly in ensuring efficiency. With a recent slash in convenience charges, the platform now offers upto 40% savings when compared to market rates.
Importance of Maintenance Charges
Managing any residential complex typically involves multiple expenses. Maintenance charges are levied by the MC or RWA to meet these expenses. Its calculation can depend on multiple factors and can differ from one residential complex to another. It can be calculated according to per square feet of a unit or may be the same for every flat / villa / house. It typically covers, but is not limited to areas like:
- Common areas electricity and water charges
- Insurance and taxes
- Sinking or reserve fund
- Parking charges
- Society election fund
- Service charges
- Non-occupancy charges
- Repairs and general maintenance
- Staff salaries
To know more about society maintenance charges, read our article here. Despite its importance, gaps in collecting these charges remains one of the biggest challenges for most MCs. Every measure that can prompt residents to make payments on time, therefore, can prove critical in minimising chances of defaults.
Why ApnaComplex Payment Gateway
The ApnaComplex Payment Gateway not only makes it easy for residents to make payments, it also makes the process of maintenance collection significantly more efficient. Here are just some benefits of adapting Payment Gateway for collecting maintenance charges:
Generate instant receipts: In a legacy system, residents often fail to inform the society after making their digital payment. Even in case of cheque or cash payments, there could be gaps in receipt generation due to human errors. With a Payment Gateway, receipts are generated automatically, allowing both the residents and the MCs to keep accurate records.
Automatic reconciliation: Typically, the accounts team will wait for bank statements to enter payment details in the society accounts. This involves extra effort and time, and may delay receipt allocation even further. Account reconciliation is made even more cumbersome when details of each bank account has to be tallied. With a payment gateway, accounts are reconciled automatically. Apart from saving time and effort, it also reduces any chances of errors.
Minimal convenience fee: With ApnaComplex Payment Gateway, residents can make in-app payments at a minimal convenience fee of 1.1% (plus GST) on credit cards and 0.6% (plus GST) on debit card transactions below ₹2000. This allows them to save upto 40% on when paying their common area maintenance charges and electricity bills.
Credit card benefits: Residents have the opportunity to gain other rewards and benefits when making their digital payments. They also have some leeway in making the actual payment when paying by credit card.
Defaulters’ list: Despite best efforts, some residents will still default on their payments. Timely access to defaulters’ list is essential in tracking these gaps. Apart from identifying defaulters, it helps in calculating actual collections, and in planning any corrective measures. Under a legacy system, this would be generated only after account reconciliation. However, the ApnaComplex accounting module automatically updates the defaulters’ list which can be viewed or downloaded at any time.
The Payment Gateway further strengthens ApnaComplex’s digital payment structure. It ensures efficiency by reducing time, effort, and errors. More importantly, it promotes transparency in the system, further enhanced through automation of the accounting procedures. Read our article here to know why you should adopt digital payments. If you want to know how to manage late payments and improve collections, read our article here.
Please refer to our Collection Gateway page for more details. To schedule a free demo, or to know more about ApnaComplex Payment Gateway, get in touch with us at support@apnacomeplex.