Online and mobile payment methods are more popular than ever, and will likely continue to be so in a post-COVID world. Even so, you may still have tenants who prefer to pay their rent using paper checks. That could leave you with large batches of checks to process at the beginning of the month.
Get Your Money Faster
The ability to scan checks on site will save you a trip—or multiple trips to the bank—so you can get your money faster. To save time, you might wait until all checks have been received before you make a trip to the bank to deposit them. This means that you could be holding onto some checks for weeks when you could already have that money in your account.
With a check scanner for your rental property, you can scan and deposit each check as you receive it so you get your money faster. Your checks will also be processed faster, making the funds available to you faster.
Reduce Returned Payments
Check scanning processes checks faster, so you’ll know right away if there’s a problem with the payment. Additionally, scanning checks eliminates manual data entry so there’s less chance of errors that would cause the check to be returned.
Increase Data Accuracy
Even if you currently take your physical checks to the bank, you still have to log and document payments in your accounting system. That means manual entry that is time consuming and prone to errors. Using a check scanner solves both of these problems by capturing the necessary data and entering it into your system.
Panini offers the best check scanner solutions on the market. In addition to our wide range of dedicated single feed and batch check scanners, we also offer solutions for scanning other documents. In addition to scanning checks for rent payments, fees, and security deposits, you also have to process applications and other paperwork for your residents, including copying their identification. With products like the Panini Vision X, you can also scan and copy IDs and even print receipts.
Increased Efficiency Means Increased Profits
By streamlining your check processing, you can turn efficiency into profit. Fewer errors in data entry means you don’t lose time correcting mistakes later. All of these efficiencies mean that your staff will have more time to focus on bigger projects and build relationships with your tenants. It could also mean that you will need less office staff, which will in turn save you even more money.