7 Advantages of Payment Processing Software 

Are online payments worth the fuss? The short answer is yes.  

In today’s fast-paced, digital world, online payments have become the preferred method of financial transactions. From e-commerce to utility bills, the convenience and efficiency of online payment processing helps create a frictionless experience for your customers.  

Here are several advantages of online payments and why they’re a necessity for your flexible office.

Members Seek Convenience 

According to a 2021 Ofcom survey, people in the UK check their smartphones every 12 minutes on average of their waking day. The UK has the second-highest smartphone usage rate in the world at 78.9%.  

“With over half the population using smartphones, leveraging technology is necessary if you wish to stay relevant within the flex sector,” said Justin Harley, regional director for Yardi. 

Online banking is one of many tasks that people perform on their smartphones. It offers the simplicity and convenience members crave. For prospects browsing your website, payment processing enables them to purchase one-time services or book and pay for meeting rooms with a couple of clicks. For members, an easy-to-use member app allows your customers to review their balance details and set up their preferred payment method through direct debit. Thus, providing a quick and effortless way to make payments on time and automatically – preventing late fees and overpayments. 

You Seek a Competitive Advantage 

By providing an online payment system through a customer portal, you can gain a competitive edge for your coworking and flex space communities. This solution not only simplifies communication and interaction with members but also automates time-consuming tasks. As a result, your customers can effortlessly manage their payments while your staff have more time to enhance the member experience.  

“Flex space operators often mention they would like members to be more self-sufficient as some are taking a hands-off approach to staffing their centres around the clock. Having an online payment system helps enable members to do it themselves.”

Megi Cara, solutions consultant for Yardi

Embracing this technology empowers both customers and staff, optimising efficiency and elevating the overall experience within your real estate ecosystem. 

Better Security 

Online payment platforms ensure that transactions are encrypted and protected by secure payment gateways, therefore reducing the chances of fraud. Additionally, member apps often require multi-factor authentication and use advanced verification methods, thus adding an extra layer of security. By eliminating the need for physical payments and embracing digital solutions, customers can enjoy the convenience of making payments securely from anywhere. While owners and operators benefit from a streamlined, secure payment process. 

Flexible Payment Options 

When your members have access to quick, easy payment options, they can make payments faster and on time. With payment processing, members can choose to pay with their debit or credit card, right from the member app on their phone, so they never fall into arrears. Also, through payment processing, your customers have the option to make one-off single payments or set up and schedule reoccurring payments, thus offering additional convenience.  

Easier Tracking 

Utilising technology for payments helps you keep track of everything. When an online payment is made, it automatically appears in your accounting software. Digitising your payment processing for bank reconciliation allows seamless matching of member payments, expenditures and ad hoc debts. As a result, payment processing technology not only streamlines cash flow but enables quick completion of bank reconciliation – reducing the time spent on this task to a matter of minutes. 

Scalable 

Payment processing software grows with you. Cloud based software provides a scalable solution so you can better manage overhead costs while adding new properties or memberships to your portfolio. It also enables you to increase storage and add additional features without the need for new software. Therefore, having a digital payment solution not only ensures your business can keep up with growth but it also allows you to streamline your property management operations with ease. 

Easily cater for prospects 

As mentioned earlier, prospects can also benefit from payment processing. By including a prospect portal on your website, you can allow prospects to book and pay for things immediately. This includes, day passes, meeting rooms, parking and any other services you offer as one offs. Catering for prospects allows them to ‘test out’ your space. They simply add what they want to their online cart and pay for the services, just like they would do when shopping online. 

Enable Faster & Secure Online Payments with Yardi 

Oversee your accounts receivables in one place. Simply raise invoices based on a members’ use of your space, collect payments online using Yardi Payment Processing and give your members the visibility of their outstanding balances either online or via the member app. For more information, visit yardikube.co.uk/billing-and-payments.

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