PayProp, the automated rental payment platform for residential property managers, is excited to announce its new arrears fee billing feature, available to all PayProp users in the United States.
Property managers will have greater control over late payments and improved cash flow thanks to this game-changing addition to PayProp's end-to-end rental payment automation platform. PayProp already enables users to send automated payment reminders to late-paying renters, and adding automated arrears fee billing gives investors another line of defense against defaults.
The arrears fee billing feature automatically calculates and applies fees to overdue payments based on flexible rules set by the property manager. PayProp users can choose a billing start date, add a percentage or fixed charge, and specify whether their business or the property owner should receive the fees. PayProp cautions that late fees billing must comply with local regulations regarding how, when and who receives arrears fees.
By streamlining the payment recovery process, property management businesses can redirect valuable resources towards core operations and growth initiatives, while incentivizing prompt payment and improving landlord and property manager cash flow.
"At PayProp, we constantly strive to make property managers’ work easier by automating as much of their payment administration tasks as possible,” says Bruce Jackson, PayProp’s Chief Technology Officer.
"We are confident that the arrears fee billing feature will save you time and allow you to focus on your business’s real priorities, rather than on time-consuming payment administration."
Samantha Ferreira, Head of Client Services at PayProp North America, is excited about what the new feature represents:
“With each new feature, PayProp continues to enable the property management industry and add value through innovative solutions that empower businesses.”
