Today, we wanted to share some insights on why HOAs are turning to Digital
Payments in the time of Covid-19. If you are part of the management team (or
have to pay your home owner’s association fees yourself), it won’t be surprising to know that we have seen an uptick in the use of digital payments and elimination of paper check acceptance.
From E-checks to online payments via a secure payment portal as well as EFT and even ACH methods, our HOA clients have been able to set up an automatic recurring billing process quickly. TransAct supports HOAs in ways that align directly with their revenue collection timing.
Home Owner Association fees that are paid on a monthly, quarterly, or annual basis are easy to set up and are deposited right into the HOA account in a completely automated method. With TransAct support, integration of these transactions with QuickBooks is also recommended, further streamlining the bookkeeping and accounting process, too.
From other industries we support, we know that contactless payments and digital transfers of funds are on the rise. People don’t want to write and mail a check any more than an office wants to have to process a lot of mail and manually endorse, record and deposit checks. While this may have seemed like a temporary health and safety concern, the trend to accept a wide variety of digital payments is a solution that is here to stay.
Fortunately, we have been able to help our clients leverage our built-in digital payment processing options and help them shift quickly even if they have closed their office temporarily, limited in person office staff, or are running A/B shifts – with one group in the office on one week – another the next. These clients have not missed a beat when it comes to managing and maintaining revenues in spite of the current health crisis the country is continuing to experience in 2020.