Online Assessment Payments: The Future is Now
Years ago, the only way to pay HOA dues was to mail in a check or provide payment in person. Today, technology changes has made it possible for residents to make their payments online and most prefer this method. For condominium board members, a qualified Chicago condo management company can easily provide this service, helping owners to make payments on time and online. As the coronavirus pandemic continues to be an issue, it seems that online payments are growing, providing a secure and immediate form of payment in a social distancing world.
Keeping Up with the Times
For a condo association community to be successful, you must be willing to keep up with the times. As technology changes, so does the way we do things, particularly financial transactions. Right now, millennials are making up a growing portion of the condo market. This group prefers online and mobile payment options.
At the same time, Generation Z is also entering the world of condominium living. This is the first generation to never know a world without the internet. Making payments online to this generation is second nature. If you are still using traditional in-person payments, this might cause individuals from this generation to overlook your community.
Consider this. As the years go by, online and mobile payments will take over the consumer space. Incoming owners will expect that you offer an online option.
The best way to integrate online and mobile payments for your condo association is to use a payments platform. A Chicago property management company will be able to set up a platform for you to securely accept online payments from your residents.
With a payment platform, your property manager will input owner details and connect their accounts for payment. This helps to eliminate mistakes and provide a seamless way for your residents to make monthly payments.
Condominium management companies today have a large selection of online services they can provide your brand. Along with online payment solutions, managers can keep lease agreements, proof-of-insurance and other documents online for easy access. Work orders can be tracked as well as providing a messaging system for your residents.
There will always be resident populations who like to use the traditional format of check or cash to pay their assessments. However, the younger generation is getting older and setting out on their own. As the pandemic is currently an issue and online payments a top choice among the majority of consumers, it is important to start integrating online options now.
If you do not currently offer an online system, speak to your Chicago property manager today. With a little effort, you can install an option for your owners that is easy to use and beneficial to you. With online payments, you receive the assessments quickly, which helps you to avoid wait times for payment. Find out more today and get started venturing into the online payment world.