ENCOURAGING RESIDENTS TO SWITCH TO ELECTRONIC PAYMENTS IS CRITICAL IN THE TIME OF COVID-19

April 27, 2020 — COVID-19’s greatest continuity challenge for payments is the handling and processing of paper checks. Whether residents drop checks at on-site offices or mail checks to lockboxes for processing, multiple systems and people are needed to physically handle the paper payments – some or all of which could be delayed with COVID-19 due to client responses and government requirements.

Clients are adapting their businesses to protect their staff while maintaining operations. Normally, residents drop rent and utility checks in the property drop box or with staff at the site office. Site managers – and leasing agents processing application fees and holding deposits – often spend many days per month focused solely on manually processing payments. COVID-19’s shelter-in-place orders may require site staff to work from home, where they do not have access to check-scanning hardware and systems to complete the processing of rent payment checks to the bank.

Similarly, checks processed at lockbox facilities could also be at risk for delayed payment processing. All lockboxes rely on U.S. Postal systems, couriers, and people working inside a secure processing center. Checks are extracted and scanned using very advanced, large equipment. However, in the worst-case scenarios, U.S. Postal Offices could shut down a processing center to protect workers or a legal mandate could close all lockboxes. Even if not closed, lower density requirements could result in a reduction of check processing throughput and affect the flow of funds.

Electronic payments are more critical now than ever to ensure the continuity of cash flow. ClickPay enables safe, contactless remote payment options—like ACH, credit & debit card, and bank bill pay, which are received quicker, reducing the potential for late fees. Our bilingual resident call center is available 24/7 to help any resident who may need extra support making their first online rent payment. In addition, ClickPay’s real estate-specific lockbox migrates all resident payments out of the office and into our check scanning facilities. By removing all checks from on-site processing, property managers eliminate any potential risk of fraud.

Best practices from Property Managers who successfully drove electronic adoption include:

  1. Require residents to pay electronically (i.e., do not allow checks to be dropped off at offices)
  2. Communicate continually through various channels, including email, flyers, and posters
  3. Provide community welcome packages that include online payment and Resident eMoney Order instructions that can be used at move-in and recertification
  4. Text message reminders to sign up for online payments
  5. Remove drop boxes from the property
  6. Help residents who drop off or mail in checks to setup online recurring payments
  7. Fee absorption or crediting after the fact
  8. Temporarily removing fees associated with late payments
  9. Leverage on-site human resources to guide residents through ClickPay (specifically, Invitation Wizard)
  10. Utilize fee collection pages for the one-off payments that typically come through
  11. Take the opportunity to collect emails from residents in a time where digital communication is key

 

The tactics listed above have helped many ClickPay clients achieve above industry average payment collections, even in areas affected the most by COVID-19, such as New York City and Florida. Roscoe Property Management, Texas’ third largest PMC and ClickPay client, reported that 95% of its 38,000 apartments under management made online payments through ClickPay by mid-April. By providing their renters with the option to pay online and waiving all late fees and credit card transaction fees, Roscoe exceeded the industry average reported for April rent collection. Please contact your account manager to discuss which best practices can improve your electronic adoption and help you achieve full rent payment collection.

About ClickPay

The complete platform for automating 100% of real estate payments.
As the industry-leading platform for automating real estate receivables, ClickPay accepts all payment methods, including paper checks, e-checks (ACH), cash, and credit & debit cards. ClickPay delivers integrated print and e-bill presentment and payment services to increase operational efficiencies and enable profitable growth. Shaping the future of real estate billing and payments with innovative products and services, ClickPay provides property management companies with customizable solutions to connect with their tenants, residents, and homeowners. To learn more, go to www.clickpay.com.

BA INSIGHT INTRODUCES ENTERPRISE SEARCH FOR AMAZON WEB SERVICES

BOSTON, Mass. – February 26, 2020– BA Insight, a leading provider of internet-like search for enterprises, has announced availability of its connector-driven software portfolio for Amazon Web Services (AWS).  Using BA Insight’s products with AWS makes enterprise search askable, enabling users to more quickly and efficiently locate the information they need regardless of where it resides.

BA Insight for Amazon Web Services brings the following benefits to AWS customers:

Connectors to over 70 enterprise systems to provide a unified search experience.

The ability to leverage Amazon Elasticsearch Service as a fully managed, scalable and secure search platform by itself or in conjunction with Microsoft 365, SharePoint, Elasticsearch, or Solr.

SmartHub integration with Lex to provide Internet-Like Natural Language Query and a personalized internet-like experience, including Bots, Dynamic Relevancy Tuning, and Machine Learning-driven Recommendations.

Automated content analysis and tagging for greater findability and content understanding:

AutoClassifier for Rules or Machine Learning-based meta tagging

Natural Language Processing by Amazon Comprehend to automatically identify and extract key concepts, language, and sentiment from documents

Image and video analysis and tagging using Amazon Rekognition

Amazon Comprehend Medical automates the task of extracting medical information from documents

In-App Search takes AI-driven search directly to the users from within the apps they use every day, such as ServiceNow, Teams, Salesforce, NetDocuments, Dynamics, and Outlook

By seamlessly integrating into their existing work practices, users don’t need to learn a new application or change their processes. They simply get better information – faster and easier.

“In support of providing customers with full freedom in their choices of search engines and AI platforms, BA Insight is the only company with support for five search engines and three AI Platforms while providing connectivity to more than 70 enterprise systems,” said Massood Zarrabian, CEO of BA Insight. “This is in response to a market that is commonly rejecting complex, closed, integrated platforms that take months to deploy and half a dozen or more resources to manage it.”

Support for Amazon Comprehend and Amazon Elasticsearch Service, and Amazon Comprehend Medical is available immediately.  Support for Amazon Rekognition and Amazon Lex is scheduled to be delivered in the second quarter of 2020.

About BA Insight

BA Insight is the leader in providing open, modular, AI-driven enterprise search solutions. We help organizations achieve digital transformation by enhancing the findability of critical information, bringing internet-like search across enterprise assets with our modular, scalable software. Our approach enables organizations to leverage their preferred search engines and AI platforms to provide employees with personalized and relevant search. Our software is helping millions of users worldwide, including at customers such as BearingPoint, Blizzard Entertainment, Chevron, DLA Piper, Duke Energy, Gilead, Nvidia, and Valero.

BA Insight is a Microsoft Gold Certified Partner, a member of the Microsoft Enterprise Cloud Alliance, and an Elastic Partner. For more information, please visit our website at www.bainsight.com, e-mail us at sales@BAinsight.com, call us at +1.339.368.7234, or follow us at @BAinsight.

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