Debit Collection by Credit Card (Virtual POS): How Ease of Payment by Credit Card Affects Residents

“I have no cash”, “My salary has not been paid”, “I sent it to the IBAN, but forgot to write a statement...” Do these phrases sound familiar? The collection process in apartment and site management is one of the most stressful tasks for managers. But in the digitized world, the solution is now in our pocket: payment of dues via Credit Card with Virtual POS.

So let's sort out what benefits collecting dues by credit card will provide;

- Increase in Your Dues Collection Rate Making a
cash payment can sometimes force the resident but when offered the option to pay by credit card, residents can schedule their payments by the card's due date. This, in turn, allows money to enter the treasury of management in a timely manner.

- Ease of Payment in Installed Payments with the Possibility of Installments
Especially in large items that require “additional payment”, such as elevator renovation or exterior sheathing, it is difficult for the resident to pay the loaded amount at once.

• Advantage: Thanks to the virtual POS, residents can installment their payments. The manager, on the other hand, does not disrupt the business plan by taking the total amount the next working day.
  
  

- Wrong IBAN, Missing Explanation, Who Was This Money Sent For? It is a complete puzzle to decipher payments made on behalf of the resident of the apartment in the last
bank transfers “where the apartment number is not written” or in the name of the resident of the apartment.

• Biyos Difference: Payments made by credit card are deducted directly from the debtor of the respective resident. Who paid, when did he pay? All of them automatically match in the system

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- 7/24 Ease of Making Payments The time for knocking
on the manager's door or waiting for bank business hours is over. Residents can safely pay their dues via the Biyos web or mobile app with one click, even when they are on vacation or at midnight.

- Secure Payment Infrastructure (3D Secure) Security comes first when it comes to paying by
credit card. A professional Virtual POS infrastructure protects both the administrator and the resident. Since payments are made with 3D Secure approval, the risks of objection are minimized.

Are there any disadvantages to paying by credit card? If you ask, the only drawback is the commission rates that banks charge. But this rate of commission is never reflected in the building and is taken from the resident of the apartment. The net amount is transferred to the bank account of the building on the next working day, regardless of the single withdrawal or installment payment.

Conclusion

The

use of virtual POS is not a luxury, but a necessity of modern site management. Start using Biyos' advanced payment integrations now to speed up collection, reduce margin of error to zero, and offer payment convenience to your residents

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Check It Out Now: Contact us at biyos.net to see the benefits of credit card collection live!