Pagers, fax machines, brick-like mobile phones — these things may have their nostalgic charms, but for many businesses they are tools of the past. Another item in this category? Cheque payments.
For decades, cheques have been one of the primary ways for property managers across Canada to process payments. But, just as many sectors are embracing tech and the digital world, so too is real estate.
In fact, the rise of PropTech (property technology) has been particularly rapid over the last several years, and the integration between real estate and technology is only expected to deepen in those to come. According to a new report from Interac, approximately six out of 10 Canadian-based business decision makers surveyed — from across multiple industries — believe cheques are an outdated method of payment. And it makes sense; customers and vendors have come to expect the convenience of digital. In fact, the report says, 74% of companies polled anticipate they’ll phase out cheques entirely within the next five years.
“This is a significant move that will completely change how payments are made,” reads the report. It goes on to highlight the importance of property managers maintaining a competitive advantage via “seamless operations, tenant satisfaction, and frequent maintenance.” Of course, none of these can be facilitated without more streamlined and efficient financial operations.
There's an appetite for change, and financial decision makers know it.
This new Interac report also introduces Interac e-Transfer® for Business as a solution property managers can incorporate — one that covers some of the fundamentals of their money-related needs.
Safe, Speedy, and Transparent
First and foremost, Interac e-Transfer for Business provides a safe and secure way for property managers to, well, manage many of their financial transactions, as well as the systems surrounding them. Per the Interac report, the payments system is equipped with security features that help safeguard financial information. Think: advanced encryption and authentication methods, which minimize the risk of fraud and unauthorized access to payment data, unlike cheques.
What’s more, when money’s involved, there’s safety in speed. Cheques can take time to transport. Every time they move from one location to another, there’s a risk they could be lost and, ultimately, won’t get to where they’re supposed to go. These stresses can be mitigated with Interac e-Transfer® for Business.
Online payments also boast transparency; real-time deposits, immediate payment confirmation, and the ability to monitor payment status, for example. The Interac report explains that increased transparency means trust-building between partners, vendors, and customers, while risk of payment disputes or errors are reduced.
Efficient and Easy
When property managers embrace Interac e-Transfer for Business, their payment workflows are streamlined from paper-based practices to digital ones. This helps to reduce processing time and paperwork-related delays. Automated systems — complete with accounting software and global payment standard accommodations — make reconciliation and financial reporting simpler, all while reducing the risk of human error.
Paper-forward payments also involve manual tasks: printing, mailing, and auditing recipient details. These can be time-consuming and, once again, open an opportunity for error. Luckily, back-end payment processes can be modernized and simplified through digital solutions, resulting in increased speed and convenience (while reducing administrative burden).
The ultimate result is three-fold in savings: property managers’ attention, property managers’ energy, and, of course, cost.
“A common motto in business is that time is money,” reads the Interac report. Indeed, the cost of producing, printing, and distributing cheques can add up over time. Implementation of Interac e-Transfer for Business can help decrease these costs.
This means property managers can reallocate more resources towards growth, research and development, and improving the bottom line.
If the rise of PropTech, the prevalence of the Internet Of Things, and the ability to buy a coffee by tapping your phone to a payment terminal are any indication, the days of cheques may be already behind us.
Today's property management professionals are navigating an evolving landscape, marked by shifting tenant preferences and tech advancements. Thus, they must be proactive in considering modernizing financial practices. Interac e-Transfer for Business invites property management companies to align with contemporary expectations, enhance the experiences of tenants and owners alike, and position themselves as industry leaders committed to embracing innovation for sustainable growth.
For property managers who want to stay more competitive in a fast- and ever-evolving industry, modernized payment methods are an integral part of the process.
To learn more about Interac e-Transfer for Business, including how to make the switch, read the Interac report in full here.
This article was produced in partnership with STOREYS Custom Studio.