Visa Acceptance for Property Management
Accepting electronic payments with Visa makes a lot of sense for property owners and managers. Unlike checks, Visa transactions are settled and processed quickly. Moreover, card payments are preferred by tenants, making it a true win-win.¹ Merchants that accept Visa are guaranteed payment (as long as they adhere to simple authorization rules), usually within 24 to 48 hours. In comparison, it can take up to five days to receive payment from checks.
By accepting Visa, you make it easier for renters to pay you. Plus, you enjoy a host of benefits for your business, including:
Improved cash flow– Checks take time, both in transit and to post. Visa payments are immediate, so funds become available faster.
Savings in time and money– When customers pay with Visa, you never have to worry about returned checks. Plus, you save the time you’d spend processing checks. A 2012 study found that 69% of U.S. businesses surveyed that accept payment cards saw improvement in some area of their cash management process.²
Improved customer satisfaction and loyalty– Renters may want to pay with cards. Your competitors may already be offering this option.
Ability to help tenants earn rewards– Tenants enrolled in rewards programs (miles or points) can earn rewards faster when they make payments with Visa.
Streamline recurring payments
Another advantage offered by Visa acceptance is the ability to set up recurring payments, which can simplify how you receive monthly payments. Your acquiring bank can enroll you in Visa Account Updater (VAU), a service that enables the secure electronic exchange of updated account information automatically when a tenant’s card information changes.
Invested in the future of property management
Our ongoing commitment to safe, reliable transactions is just one way Visa supports property managers’ goals to attract new tenants and improve their operations. Visa also innovates around new products and technologies to broaden available payment options. These include initiatives around mobile payments; Visa Checkout, our digital payment service; and chip cards for extra security. As the payment landscape evolves, you can count on Visa to give your business new and better ways of handling payments that tenants will appreciate too.
1 Sources: Purchase PCE from BEA, Nilson #939, SEC Filings for publicly held companies
2 2012 Visa Small Business Cash Management Survey