Transforming The Way Landlords and Tenants Process Transactions

Best of all, these payments can be made from a smartphone, laptop or tablet: the union between finance and innovation is thus genuine, offering added speed, reliability and confirmation governing these deals. The challenge, however, rests with finding the right merchant services company that can offer landlords and building owners the flexibility and security necessary to process these payments from potentially tens of thousands of people throughout a particular city or nationwide. Without that partner, the real estate industry cannot make mobile payments the new standard it deserves to be.

I write these words from experience, where, in my role on behalf of a merchant services provider, I understand the requirements related to, say, meeting business goals, expansion and measurable results. It is, therefore, essential to have credibility in the marketplace and a thorough understanding of the mechanics governing a particular industry. For building owners, which may include managers of multi-family apartment complexes or office parks, there should be - indeed, there must be - a premium on working with a trusted technology company. The alternative, which is neither practical nor necessarily affordable, is to select an inexperienced brand that has little knowledge of the use of online payments and secure transactions.

This latter point deserves added attention because, in an environment where e-commerce is the principal means by which we buy, sell and advertise goods and services, there is no room for a learning curve or on-the-job training. Meaning: merchant services and credit card processing require the expertise, infrastructure and availability of proven leaders. Any compromise in service - even a temporary (albeit minor) disruption of payment confirmation - can forever ruin a company's reputation and ability to work with building owners, tenants and property managers. The principle at stake here is simple: a sincere merchant services provider can easily handle credit and debit card payments. More importantly, that same provider should customize solutions for each client.

Of more recent interest, and as further proof of this opportunity, a recent class action lawsuit involving Visa and MasterCard allows merchants or landlords to add a surcharge for accepting credit cards. This fact is important because credit card fees can consume at least three-percent of each rental payment. That cost can now be legally passed on to tenants. And, since MasterCard recognizes this field as an emerging market, the company now offers rates that are fifty-percent cheaper than standard rates. Also, electronic checks - which cost pennies to process - can fully automate charging fees to tenants who bounce checks. Those fees help to recoup administrative and overhead costs. All of these things can be integrated online, with mobile and telephone payments to simplify operations while increasing collection rates.

In my experience, credit and debit card processing will remove much of the paperwork and personal frustration that continues to plague the real estate industry. The subsequent goodwill among all parties will produce greater customer satisfaction, increased likelihood of lease renewals, client referrals and an overall sense of satisfaction that no amount of conventional marketing can match. And therein lies the true power of working with an established merchant services provider: trust, the confidence in knowing there is a foundation of support - at any hour, during any day of the week - to answer any questions, resolve any issues and process transactions with speed and consistency.

These advantages will make the real estate industry more efficient and competitive. But again, those rewards come from selecting the right merchant services provider. With that partner, landlords and tenants can prosper and enjoy the peace of mind they deserve. Let us make this goal a top priority for everyone.