There has been an alarming increase in book manipulation by property management staff to steal rent payments and at the same time causing undue stress on residents and other property management employees. This is because some residents are being wrongly evicted which does not help anyone. These residents paid their rent on time but because of internal theft, their rent payment is never recorded.
There have been cases where the site employees have diverted large amounts of rent payments to their personal accounts, and rent checks have been reported stolen from drop boxes.
Ultimately, it is the paying tenants, the property owner, and the property management company that suffers. Even though most of these crimes are solved, residents have to endure inconvenience, stress, and even agony, including legal payments and issues as well. The consequence is a much greater loss than the rent payment or money order was worth.
The best solution to these issues is implementing a secure electronic payment system. Such systems can now integrate seamlessly with payment sources and many popular property management software, thus minimizing the risk of fraud and theft. For residents who do not have credit cards or bank accounts, can still make cash transactions and make their rent payments through electronic money order from anywhere.
The level of integration available in today's systems enables cash payment transactions from numerous retail locations, which can be done securely and without risk of employee theft. Tenants do not have to make a separate trip to purchase a money order and then deposit it into the drop box. In most instances, they can make their payments while they are shopping for their groceries.
Integrated electronic payments systems provide several advantages to tenants, as well as property management.
Security and Convenience to Tenants
Tenants can make their rent payments securely through an integrated electronic payment system. Retailers or shops in the area are designated, which offer the electronic portal for payments. Residents can make their payments any time, even after office hours, and there is no necessity of depositing payments in drop boxes.
Helps Property Management in Eliminating Internal Fraud
Identity theft and other types of fraud are possible when the checks provide personal information, account, and routing numbers. This information can be easily stolen and manipulated from checks, whereas in an electronic payment system, all this information remains secure and it is not easy to pilfer.
An electronic payment system will eliminate the paper trail at the property office, and employees will not be able to manipulate account books or even a record keeping system kept on a computer. In fact, employees are not involved in the whole process, and only an acknowledgement is received by the office that the particular resident has made his rent payment.
Real Time Transactions
Rent payments can be made in real time from anywhere. Even when the tenant buys an electronic money order, the payment is posted to the tenant's account in real time.
Integration with Property Management Software
Certain property management software allows full integration with electronic payment systems, while others can interface. Both ways the payments are accepted according to conditions and rules mandated in the system, which ensures a safe and secure transaction and easy processing.