Although many HOAs have begun to offer the option of electronic dues to their residents, some communities are still stuck in the age of paper statements and checks. If your HOA has not yet provided this option, here are five reasons to begin offering electronic payment options.
Electronic Dues Decrease Expenses in Your HOA
It may seem obvious, but switching to electronic statements and payments will cut back significantly on the amount your HOA has to spend each month in areas such as postage, paper, and ink. When statements are delivered into the email inboxes of the homeowners, your HOA incurs no expense, giving you money you never had before to use in other areas.
Electronic Dues Increase On-Time Payments
Electronic dues can be paid monthly online by residents by whichever method they prefer. Payments can be made via credit card, debit card, or electronic check. In addition, this gives homeowners the option of setting up an automatic payment. This is not only incredibly convenient for the resident, it helps to prevent late payments, saving your board the time and energy it would take to track down delinquent homeowners.
Electronic Dues Help You Meet Cultural Expectations
Electronic payment options are now the expectation of most homeowners. When an online portal is established, residents can not only pay their bills online, they can view previous payments, governing documents, and even request maintenance. Residents now love the freedom to accomplish all of these things quickly by themselves without having to stay in constant contact with the manager of the HOA. In order to stay competitive with the surrounding communities and to keep bringing in quality residents, online options are now a must.
Electronic Dues Help the Environment
The amount of paper that can be saved by offering, or even requiring, electronic payments and other announcements, is staggering. At the moment, 50% of waste from businesses comes from paper. Not only do physical bills waste paper, approximately 5 liters of water is used in the production of one piece of paper. Many HOAs exclusively conduct transactions online, cutting down significantly on their paper waste. This also helps to attract residents, many of whom are passionate about caring for the environment.
Electronic Dues are Convenient for Everyone
There are so many benefits and conveniences of using electronic dues. Accounting work is made much easier because payments are received and processed automatically and instantaneously. The likelihood of lost checks and undelivered statements is greatly reduced, and all of the information that a homeowner could ever need is right at their fingertips. Electronic payments also end the necessity for the bank to act as the middle man and eliminates the need for lock boxes.
It is becoming essential for HOAs to use electronic means to process dues. Going digital means saving money, helping the environment, staying competitive with other HOAs, preventing late payments, and significantly increasing the convenience for everyone concerned. We hope that after perusing these five reasons for offering electronic payments options, that you will consider making the change.