BillingTree, the leading payment technology provider, recently revealed key findings from the latest report in its ‘2017 Operations and Technology Survey’ series. The survey, which targeted community association and property managers, found 50% of respondents plan to implement additional payment solutions in 2017 suggesting that firms view adopting technology as a way to streamline efficiencies.
According to the report, these companies ranked technology adoption among the most important cost reduction strategies relating to company growth for 2017 with respondents indicating they were considering adoption in three key areas—online portals, mobile apps and IVR.
All the survey respondents currently deploy live agent phone payments and, in contrast, just 50% accept payments via online web portals. Checks were found to be the most widely provided payment option, with all respondents processing them, however credit/debit card, cash and ACH payments are only accepted by half.
When asked about channels offered to clients and tenants, none of the firms surveyed currently accept payments via an automated phone system—although adoption of Interactive Voice Response technology was identified as a key avenue for growth.
This is the first time BillingTree has surveyed the property management industry as part of its annual Operations and Technology Survey series, which maps the current state of the industry in terms of payment channels, technologies, challenges and opportunities. The survey also found that regulatory compliance and the economy were top concerns among all the companies surveyed.
“Community Association and Property Managers are facing an increasingly diverse customer base with evolving payment preferences, while at the same time having to balance compliance with revenue goals,” says Dave Yohe, VP of marketing at BillingTree. “Adding new payment technology offers a perfect middle ground, and it will be interesting to see how these survey results change over time; with the projected adoption of online portals, mobile apps and IVR.”