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Why should collections be automated? Let us share some tips.

Updated: Sep 14, 2022

Automation is the future. Businesses from all sectors are looking for different methods of bringing automation to their organization. Here, in this article, we would like to emphasize the benefits of digitalization and technology in businesses, especially in your tenancy management. The main benefit of automation is that it reduces the need for human intervention by performing mundane, repetitive tasks. This can lead to greater efficiency and often improved accuracy— which ultimately leads to fewer errors and faster turnaround times, especially in due reminders, or reconciliation of payment.

Below are a few benefits to bring collection automation into your tenancy management business

1. Enhance Your Customer Experience

The best way to collect rent is to require tenants to pay their rent via an electronic payment system. Methods like deduct from your bank account & direct debit or a recurring payment system such as BD Pay- White Label Payment Gateway. These systems will automatically collect the tenant’s bank account into your business bank account to improve your collections rate through systematic scheduling of collection dates. With results shows that through automation in collections, 70% of payment is collected 5 days within dues.

2. Increasing Work Efficiency through Automation

Automation is based on rules instead of intuition or judgment calls. By configuring your automation to work based on your guidelines, you will have fewer grey areas for your staff to operate in, reducing errors and increasing efficiency. In life, it’s easy to get overburdened. With T+ Tenancy software, we will provide ease to business, like due reminders, SMS & email reminders to the tenant when it comes to rental collection due date. With a white-label payment gateway, you can receive your rental collection within 24 hours.

3. Audit Trail Logged in the System

As part of accepting a new tenant, all transactions will have an audit trail records will contain details that include the payment, date, time, and user information associated with the transaction, including changes and submissions, timestamps of dates and times, and user logins that will be captured for future reference. The purpose of an audit trail is to reduce errors, fraudulent activities, and unauthorized system access, improve internal controls, and verify the accuracy of underlying accounting transactions flowing to financial statements.

What Are You Waiting For?

Time to redefine your collection with automation tools by subscribing a modern software. Freeing up time to focus on important day-to-day revenue-generating tasks. T+ is the modern software that assists you in automating your rental collections in a singular software. Modern, low maintenance, and lower your human dependency through software subscription.

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