Why Digital Payments form the Backbone of Property Management
Financial transactions are a vital part of property management. From vendor invoices to rentals, and maintenance dues, the volume of such transactions is often the biggest challenge for management committees. It can include keeping up with defaulting payments, calculating late payment charges, and sending out timely reminders.
Legacy systems that depended on cheques and cash payments were the norm until recently. While transfers through internet banking had gained ground, we were still far away from the vibrant digital payment ecosystem that exists today. With multiple options, from bank transfers, payment gateways, to UPI, digital payments have fast gained ground, replacing legacy systems across housing complexes and gated communities.
ApnaComplex offers a single platform where all digital payments are consolidated. Coupled with its award-winning ERP solutions, the program streamlines the overall financial management of gated communities to improve cost and labour efficiency.
Benefits of switching to digital payments
There are good reasons digital payments are fast becoming the norm in apartment management solutions. The digitalisation of payments has resolved some of the long-pending challenges in the financial management of a housing complex, significantly reducing time and effort.
24/7 access: Unlike depositing cheques or cash, there are no fixed office hours to worry about. One of the reasons that digital payments work for both residents and MCs is the open access at all times. Residents can make their payments at any hour of the day and MCs are not hampered by bank hours to withdraw funds.
Quick status update: Unlike bank transfers or cheque deposits, digital payments take minutes to be completed. The payee receives confirmation as soon as the payment is made. This means that the payment status can also be updated within minutes.
Minimising loss of payments: Digital payments almost completely eliminate risks of bad cheques or human errors in writing or recording cheques. Since most electronic payment systems have in-built systems for verifications, any chance of payments that fail to come through are almost completely negated.
Automating processes: Digital payments facilitate automation of financial transactions and bookkeeping, further boosting the efficiency in financial transactions and recordkeeping. Other than automating billing and collections, we can also automate reminders for defaulters.
Paperless operations: Online payments mean that there are no cheques or paper receipts. Instead, digital payments rely on secure e-receipts. Hence, it is critical in transitioning to and maintaining paperless operations.
How ApnaComplex facilitates digital payments
As an apartment management software, ApnaComplex offers a single platform to consolidate all digital payments, from B2B transactions to rentals and maintenance fees. Residents can now make all their payments on one app. They can also access their transaction history to trace different payments. For property managers, it is a powerful tool to streamline billing and collections. Among its many features are:
- Secure: The platform offers a safe and secure payment gateway.
- Multiple options: One can choose from different options, including NEFT transfers, netbanking or credit/ debit cards.
- Economic: There are zero convenience charges. In addition, it also saves valuable operational time and costs on accounting and billing.
- Virtual account: This account is assigned for each flat.
- Facilitates automation: With ApnaComplex ERP solutions, digital payments are further leveraged for automation, setting up recurring invoices, ensuring accounting entries are automatically recorded, receipts issued on time, and defaulters report sent to members. The system also sends reminders to defaulters.
Digital payments are a crucial part of the Indian government’s flagship Digital India initiative. As we move towards greater integration of smart solutions in our daily life, we will see the emergence of more innovative products that facilitate cashless transactions. With both residents and MC benefitting from the ecosystem, it’s a win-win proposition that also promotes paperless operations.