Not so long ago, online payments seemed like a strange, foreign thing that made people very nervous. Send my money online? How do I know it’ll really get there? How do I know I can trust the people with whom I have to share my financial info? Why can’t I just send a check? Nowadays, most people have gotten over their anxiety about online bill pay, and many HOAs have started accepting online payments.
If your association hasn’t started accepting online payments yet, it’s not just behind the times. It also means that your HOA isn’t taking advantage of many of the cool benefits of online bill payment.
Convenience and Security for All
One of the most obvious benefits of online payments is that they save time for everyone involved. Non-digital payments involve envelopes, stamps and bank trips. Paying online eliminates all of that, and can be scheduled at any time. When money is sent from one account straight to the other, it means less work and more convenience for everyone.
Another benefit of accepting payments online is that it is more secure than the old checks-and-paperwork methods. Online security is always a concern, but in reality, it’s more secure than using the mail and sending paperwork with personal information through multiple third parties. All the news stories about hacked accounts and leaked financial information aside, digital security makes taking payment online the safer option.
Don’t Forget the Savings!
If security and convenience weren’t enough reasons to accept online payments, there’s also the fact that online bill pay saves everyone involved money. Residents will save on checks, postage and envelopes, as well as late fees that result from forgetting to send payments on time, or delays in mail delivery. At the same time, associations will save money by reducing paperwork and not having to spend man-hours on trips to the bank and other money-handling tasks.
There are some concerns that come with online payments. Residents have to train themselves not to forget about scheduled payments in order to avoid overdraft fees, and the association will have to get used to keeping track of finances entirely digitally. But, those concerns aside, accepting association dues online will save everyone in the community time, money, and stress, and make paying and handling dues easier than ever.
Are you now interested in online payments for your community? Contact us at: [email protected]!