How Can Digital Payment Systems Benefit Your Housing Society?
Nowadays, online payments are an integral part of society management. From generating invoices for rent collection and generating maintenance bills, the significant volume of such transactions is often the biggest challenge for managing committees. It can include managing society accounts, keeping up with the defaulting payments, managing online payments, monitoring vendors' contracts, and sending out regular payment reminders.
Until now, most societies depended on legacy systems such as cheques and cash payments for collecting and managing payments. Even though transfers through the internet have gained popularity, most societies are still far away from today's vibrant payment ecosystem. The advent of multiple payment options, from payment gateways, and bank transfers to UPI, has made it all the way, replacing traditional payment systems across societies and gated communities.
At AppSociety, we offer a single comprehensive platform where all the digital payments are consolidated. Coupled with end-to-end accounting software, the application streamlines the overall financial management of gated societies to improve cost and labour efficiency.
Benefits Of End-To-End Accounting Application
There are multiple reasons end-to-end accounting applications are becoming the norm in apartment management solutions. The payment digitalization has resolved some of the prevailing challenges in the financial management of housing or commercial society, significantly reducing time and effort.
- Round-the-clock access: Contrary to depositing cash or cheques, with AppSociety, there are no fixed office hours to worry about. One of the significant reasons that digital payments work for both residents of the society and the management committee is the open access at all times. With the help of a comprehensive app, residents can easily make payments at any hour of the day, and management teams are not hampered by bank hours to withdraw funds.
- Prompt status update: Unlike bank transfers and cheque deposits, which take days to process, digital payments take minutes to complete. The payee receives payment confirmation as soon as the payment is made, suggesting that the payment status can also be updated within minutes.
- Minimizing payment failure: Digital payments are much more secure and almost eliminate the risks of bad cheques or human errors in writing or recording cheques. Nowadays, almost every electronic payment system has built-in systems for verifications, effectively decreasing the chances of payment failure.
- Process automation: Digital payments enable the automation of financial transactions and bookkeeping, which helps boost the efficiency of financial transactions and recordkeeping. Apart from automating billing and collection, AppSociety can also help automate reminders for defaulters.
- Paperless operations: Online payment also eliminates using cheques or paper receipts. Instead, it relies on secure e-receipts, which encourages paperless operations.
How AppSociety encourages digital payments
As a comprehensive society management app, AppSociety provides a single platform to consolidate all digital payments, from B2B transactions to rentals and online maintenance fees collection. With the help of it, residents can easily make all their payments from one app. In addition, they can also check their transaction history and trace different payments. It is a powerful tool for society management teams to streamline billing and collection.Back to List
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