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The founding principle of every relationship between an ISO and a merchant is simple: The former will always be there to support the latter. A key component of this partnership is a POS solution with great service, intuitive design, and trackable insights. With this tool in hand, your merchants will be on the road to growing their […]

All merchants, no matter their size or industry, now face enormously challenging times. Companies across the globe are adapting to changes in government policy, transitioning from brick-and-mortar to online, navigating unpredictable consumer demand, and much more. At Poynt, they are committed to helping our customers ride out this storm and roll with these changes that […]

The coronavirus pandemic is spurring on a growing number of restaurant chains to build restaurants with new bells and whistles focused on convenience and safety. Concerns about the virus, restrictive lockdowns and disruptions to everyday routines have drastically changed consumer behavior this year. Customers downloaded restaurant apps for easy ordering and delivery, while others took to the […]

Cash registers have a certain nostalgia about them. They can remind us of a family business we grew up with, or perhaps our favorite general store. Point-of-sale (POS) devices, on the other hand, reflect the high-tech world in which we live. They combine the functionality of a cash register with modern technology and computing. You […]

There is a movement afoot among the big players in the QSR industry. The COVID-19 pandemic, combined with pre-pandemic trends, is causing the industry to rethink the brick and mortar restaurant and how they divvy up the space in those restaurants. A recent article in Forbes, Burger King Unveils A New Restaurant Design To Meet Consumer Habits […]

Don’t miss another episode of Truth In Data! Data for today’s episode is provided by Mercator Advisory Group’s report – U.S. Small Businesses are Reeling as a Result of COVID-19 Small Business Payment Methods Are Changing: Business credit cards are still the dominant transaction type (56%), but a host of transaction types are gaining popularity. Small businesses’ […]

A study by Red Egg Marketing reveals that as much as 82% of shoppers will pay more to support small businesses. Revealing shoppers’ motivation to support local businesses in the wake of COVID-19. A whopping 82.76 % of shoppers say they would rather support a local business than a large corporation. With eight out of 10 of them willing […]

This research report provides analysis and insight on the current state of the U.S. payments gateway market, supported by e-commerce sales data forecast. Highlights of this research report include: How gateways have become an essential payments vendor category Market data forecast for retail and travel e-commerce Gateways that compete in the U.S. market Contrasting paths […]

Integrated payments are transforming property management

The COVID-19 pandemic has forced everyone to rethink what “normal day-to-day activity” means, and adjust accordingly, including the ways they pay. One impact on society has been an accelerated shift to online payments in many industries, including the property management space.
Property management is a unique industry, where many tenants have traditionally used paper checks, cash and money orders to pay their monthly rent. But since COVID-19 when many residents found themselves quarantined in their homes, tenants were asking for more electronic options to make their rent or HOA/COA payments. A large number of property managers therefore transitioned to accepting online rent payments in an effort to provide convenience to residents as well as limit their in-person exposure related to handling physical checks or other forms of in person payments.

This presents property management software companies with a great opportunity to add integrated payments to their platforms if they haven’t already done so yet. Integrated payments can help software platforms scale while bringing efficiency to both property managers and tenants. The shift from physical to digital payments for rent looks set to be a permanent one; while COVID-19 may have been the catalyst, it is these benefits that mean landlords and tenants are unlikely to revert back to in-person payments.

With this ever-changing landscape and the increase in online rental payments happening already, now is a great time for property management software companies to prioritize adding payments to their platform. So let’s dive into what integrated payments can do for your software, property managers and tenants.

1. Recurring billing streamlines the payment process
One of the major benefits of integrated payments is recurring billing. Tenants can easily sign up for recurring payments and it gives them the flexibility to schedule their monthly rent payments in advance. This means tenants won’t need to remember to pay it each month and the payment will be made automatically. Through a Customer Vault API integration, it securely stores sensitive payment information with tokenization, enabling recurring payments without property managers having to re-collect tenants’ payment information. Recurring billing eliminates late payments and property managers can save time by not having to track down missed payments. This helps property management businesses streamline and improve their cash flow as well.

2. Flexibility in payments
Tenants want flexibility to pay their rent how they want – whether it’s via ACH, e-cash, credit or debit card. When considering a payments partner, it’s important to think about the payment options available. According to our recent report, Lost in Transaction: The new relationship for ISVs and payments, 80% of ISVs stated that the range of payment options an integrated payments provider could offer was a very important consideration when selecting a partner. Split payments are also a key factor to take into consideration. Many tenants tend to split rent payments amongst various roommates or property managers need to split payments across multiple bank accounts

3. Secure payments
Online security is more important than ever. When considering a payments partner, they should be PCI DSS compliant, provide you with fraud management tools and take on the risk for you. This will ensure your clients and their tenants are protected and give them peace of mind that their payments are secure.
With the impact of COVID-19, integrated payments play an essential role in property management. If you haven’t already integrated payments or are looking for a new partner, now is a great time to do so.

Learn Why Merchants Are Optimistic About The Future

As small businesses struggle to survive the economic havoc caused by Covid-19, new research shows that small business owners are optimistic about the future. Some 75% of small business owners agree that if a crisis like the coronavirus pandemic were to happen again, they’d be better prepared to handle it, according to a survey by the Society for Human Resource Management.

Additionally, 52% of small businesses surveyed expect to recover to pre-Covid profitability in six months or less. This optimism is encouraging to Liz Supinski, SHRM’S director of research products, who says that Covid-19 has been a “big driver of innovation.” Many small businesses, spurred by the limitations imposed by the coronavirus, have invented new products, while one in three of those surveyed say they’ve found new ways to deliver services. “For the whole world of work, this has been a large, uncontrolled experiment in changing what work looks like,” Supinski says. “It’s opened the door to a lot of ideas that have been dismissed because change is hard. And if things are good enough, then why would you change?” According to SHRM, 43% of small business owners have pivoted their business models. One of those entrepreneurs is Denise Woodard, the founder of Partake Foods, an allergy-friendly, gluten-free, vegan cookie company. Since much of her New Jersey-based company’s marketing involved live demos and local events, Woodard has had to come up with new ways of promoting her brand digitally, including partnering with minority- and women-owned brands on a “Spot Us at Target” campaign and teaming up with The Blackbird Collective on Instagram Live and Facebook Live events.

This sort of flexibility is something that Supinski expects to see from businesses of all sizes during this period of business recovery. Three fourths of small businesses are planning to change their policies in response to employees’ childcare needs, with 43% implementing or considering flexible hours or compressed schedules, and 31% offering full-time remote work. “Small businesses are in a unique position because often they’re able to be more flexible with workers than larger businesses. They don’t have the same kind of issues,” Supinski says. However, she adds that small businesses run on small margins, which makes it harder for many to offer this kind of help to employees.
Not only has the coronavirus pandemic spurred innovation, but it’s also led to an uptick in reskilling and upskilling. SHRM found that 22% of small businesses have asked employees to learn new skills to support changes in their business. “There’s certainly a lot of opportunity here for businesses and workers to explore different ways of doing business and having a career and new ways that those two things can come together and change the way the world of work works,” Supinski says. “Opportunity out of adversity.

None of this is to say that small business owners aren’t without worries—53% report feeling somewhat or very concerned about the increased risk of lawsuits and liability while reopening amid Covid-19, as the cost of defending one can be burdensome. Despite these concerns, the way in which small businesses have been able to successfully pivot has made them optimistic about the future, and the support they’ve received from their local communities has only helped. “We’re seeing a lot of people put their money where their mouth is and really work hard to support local businesses during this time,” Supinski says. “You would hope that people would continue to appreciate those local businesses going forward.”
Woodard has witnessed this increase in support from the community around her. The company first saw an uptick in sales in March, when consumers were stockpiling groceries due to the pandemic. One of few Black-owned nationally scaled businesses in the country, Partake Foods, saw another increase in sales in May, following the death of George Floyd. “Our business has really received a large outpouring of support from people wanting to support small-owned business, women-owned business, Black-owned business,” Woodard says. “I’m hopeful for the future of small business in America.”

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