Property professionals are well-aware of the benefit of inbound tenant payments. These types of payment solutions enable you to vastly improve your inbound payments process to accelerate cash inflows. An online tenant payment option allows you to wave buh-bye to paper rent cheques and keep track of all tenant rent payments in one place. But did you know that an outbound payment solution can also really benefit your organization?
Here at Property Vista, we are introducing outbound payments for Vista Pay across Canada and the US, in collaboration with Dream Payments and Dream’s connectivity to J.P. Morgan’s digital payment services. Property management companies can now rely on Vista Pay to service their end-to-end cycle of payments - from collecting rental payments from tenants to sending payments to vendors, owners, and tenants.
The Top 10 Benefits of Outbound Payments
Check out how it works and why more property management companies are looking to digitize and automate their outbound payments.
1. Close the Loop
As property management companies increasingly rely on real-time decision-making information, they will need to focus on their outbound payments process. End-to-end cycle of payments - from rent and fee collection to owner distributions and vendor payments – allow property professionals to close the loop, get a 360-degree view of their financial health and see the bigger picture.
2. Pay Owners Easily
With outbound payments, handling the rent collected to property owners has never been easier. You can save time and effort when your payment solution can automatically calculate the owner distributions and deduct management fees. All you have to do is click send.
3. Save Time
Property management companies often struggle to streamline the process of payments. Without a built-in outbound payment functionality, employees spend an average of an additional seven minutes per transaction when they send payments via banking platforms or paper cheques. Add up the number of payments you make per week, across all accounting and property staff, and the time saved becomes significant.
4. Pay Multiple Vendors at Once
Have to pay for window cleaning or elevator maintenance? Send payments securely to multiple vendors all at once with a few quick clicks. An outbound payment solution can streamline your workflow and cut down on the hassle of multiple payments.
5. Improve Vendor Relationships
While property management companies do everything right throughout the accounts payable cycle, if a vendor (or owner!) doesn’t get paid in a timely manner due to mailing errors, slow delivery times, etc., it can lead to a less than optimal vendor or customer experience. With our solution, once the payment is sent, payment recipients will receive a notification. They can choose to get paid via ACH/EFT, paper cheque, or virtual cards. Your vendors will appreciate the options and flexibility.
6. Enhanced Security
Payment processes need to be efficient and secure. With an outbound payment solution, you can quickly reduce the risk of fraud via secure mobile and digital payment services. There is a built-in rigorous process that keeps bank credentials safe, secure and private. And, by minimizing paper flow, you mitigate risk.
7. More Transparency
With everything in one system, property managers and accounting team members can also see the balance of the bank general ledger on the updated Expense and Payment user interface. That means no more checking the balance on an external platform. With a digital audit trail, it is a more effective way to ensure compliance and monitoring. Everything needed to make more informed decisions is at your fingertips.
8. Cut Costs
From our experience with clients, Property Vista’s outbound payment solution can save up to 50 hours and between $1000 to $3000 in processing payments monthly. That’s a significant savings!
9. Capture All Discounts
When Accounts Payable is optimized, it can really help to take advantage of early-pay discounts or other types of incentives to earn additional revenue. The AP department can move away from being viewed as a cost center and become a profit center.
10. Integration and Collaboration
Accounts payable has traditionally been a siloed environment, with data moving one way -- from it to other functions. By leveraging a digital outbound payment solution, you can reduce silos and encourage collaboration amongst team members, whether they are working remotely or in the office.
Don’t Take Our Word for It!
See what clients and payment professionals have to say.
“Property Vista makes the collection of rent easy for both the tenant and the landlord. It saves a lot of time on both ends and is easy to use.”
Nancy Francis, Controller, Wilstar Management Ltd.
“By integrating to the Dream API and embedding Dream’s digital payment services directly into its industry leading property management software platform, Property Vista will enable fast, frictionless, and secure payments between property managers and their tenants and vendors.” Brent Ho-Young, CEO, Dream Payments.
“We are excited to power Property Vista & Dream Payments’ outbound payment solution as they foster innovation within the property management payments ecosystem.” Matthew Parker-Jones, Managing Director, Global Head of Pay by Bank & B2C Payments, J.P. Morgan.
Property management companies and building owners interested in learning more about Property Vista’s solutions can book a demo and see pricing here.