Top 3 Ways 100% Digital Payments Boost Operational Efficiency

The multifamily industry has faced residual challenges due to the “Great Resignation,” with up to 70% of workers leaving their positions in 2021 and 2022, as reported by the National Apartment Association. High turnover and the necessity of operating with leaner teams have led many property management companies to seek innovative solutions to maximize operational efficiency, which can have a positive ripple effect on resident retention, revenue and net operating income. 

Digital payment technology has emerged as a critical tool in revolutionizing property operations, streamlining processes by eliminating manual tasks, improving staff satisfaction, and reducing turnover. The recent introduction of the Domuso Payment Insights dashboard marks a significant advancement in this technology, offering a comprehensive, portfolio-wide view of payment operations. This centralized dashboard provides unparalleled visibility into key performance indicators, enabling owners, operators and property managers to make informed decisions quickly and efficiently.

Here are the top 3 ways 100% digital payments boost operational efficiency:

#1 Streamlining Payment Processing

The process of rent collection has traditionally been cumbersome and outdated. Transitioning to a 100% digital payment system through best-of-breed platforms like Domuso eliminates the need for manual processing of money orders and physical checks. With the addition of the Payment Insights dashboard, property managers can now gain a deeper understanding of their payment operations, enabling them to identify trends, pinpoint issues, and streamline the rent collection process further. This not only eliminates the need for manual check scanning but also allows employees to dedicate their time to more critical aspects of property management, like resident experience and happiness.

Additionally, Domuso’s innovative Rewards program incentivizes residents to adopt digital payment methods by offering rewards for online payments and setting up automatic payments. This initiative not only enhances the resident experience but also improves cash flow for property management companies, further contributing to operational efficiency.

#2 Eliminating Outdated, Manual Tasks 

On average, processing paper checks and money orders can consume up to 120 hours per year for onsite teams, not to mention the additional burdens of monthly bank trips, troubleshooting banking and property management system (PMS) issues, and managing untraceable money orders. By adopting 100% digital payment technology, such as Domuso, property management companies can significantly reduce data-entry errors and shorten resolution times. The Payment Insights Dashboard further enhances this capability by offering real-time data and analytics, helping site teams to quickly identify and address payment issues, thereby ensuring faster resolution and increased operational efficiency.

#3 Boosting Staff Satisfaction to Reduce Turnover

Retaining experienced staff is a critical objective for property owners and operators. Implementing technology that eliminates tedious manual tasks has a direct impact on staff satisfaction. The elimination of inefficient payment-related responsibilities, coupled with insights gained from the Payment Insights dashboard, can significantly improve staff morale. This improvement in work conditions leads to a reduction in turnover rates and contributes to overall team efficiency, enabling operators to navigate labor shortages with a more productive workforce.

The integration of 100% digital payments with advanced analytical tools like the Domuso Payment Insights provides a robust solution for property management companies facing staffing shortages. This technology not only streamlines the monthly rent cycle but also empowers onsite teams to focus on more pressing operational issues, leading to a more specialized allocation of tasks, faster issue resolution, and improved staff productivity and morale.

For those interested in learning more about enhancing operational efficiency through 100% digital payments and gaining insights into portfolio performance via a single, comprehensive dashboard, while also encouraging digital payment adoption through Domuso Rewards, Domuso offers a revolutionary solution.

Domuso is driving digital transformation for the multifamily industry with an advanced platform to manage payments and communication throughout the entire resident lifecycle. Domuso captures 100% of a property’s receivables electronically while giving residents the flexibility to access multiple payment methods from any mobile device.

Ready to chat about how Domuso can help your organization? Request a demo today.

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