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Electronic Assessment Payments: Are You Offering Them?

electronic payment

Electronic Assessment Payments: Are You Offering Them?

As a board member in Chicago, you try to do your best to make sure your residents have safety, security, and that assessments are paid on time. If you are not working with a Chicago property manager, it can be a harrowing task to try and take care of all that plus maintaining the building, working with vendors and other aspects of overseeing a Chicago condominium association.

One aspect that you may want to consider is offering electronic payments to your residents. You can do this by hiring a property management company such as Connected Property Management to assist in the financial management of your association.

One aspect that you may want to consider is offering electronic payments to your residents. You can do this by hiring a property management company such as Connected Property Management to assist in the financial management of your association.

No More Bounced Checks

When you take a check from an owner, the association may or may not get paid for that item. It’s difficult to know when the check will be good and when the owner may not have enough to cover the check itself. With electronic payments, the risk of returned payments are minimized due to the relative immediacy of the payment processing times.

Payments Any Time

If your residents have to go to an office or the post office to pay their assessments it can make it difficult to take payments after hours. Of course, there are after hour drop box ideas, but they are not always secure. If you have an electronic payment system you can accept payments any time of day or night.

Payments on Time

One aspect of electronic payments is there are options for your residents to set up an auto pay such that their payments are debited automatically on a monthly basis. This feature makes collecting assessments easy and seamless for everyone involved.

No More Chasing

In the past, you may have had to chase your owners down to get their payments. The added flexibility and convenience provided by an electronic payment option removes the excuses historically offered by delinquent owners and minimizes the board’s associated follow up work. Your residents can make their payments without ever having to coincide with busy schedules.

Most companies now accept electronic payments and people are moving farther and farther away from writing physical checks. Maybe it’s time you consider adding property management services in Chicago to your side and provide an electronic method for your residents to pay their assessments. Contact Connected Property Management today to see how they can help you get started.

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