For tenants, landlords and developers alike, a common headache is billing. Utility billing more specifically. While tenants and landlords can work out different deals and payment methods to cover rent and common area costs in the case of apartments, townhouses or condominiums, utility bills often require an actual physical presence in order to pay the bills.
Through the Internet, most banks allow for a simple and effective way to transfer funds from a tenant’s account into that of a landlord, while living in a condominium or subdivision means monthly collections for common area or road maintenance bills is also very simple. But one thing housing developers and societies couldn’t rely on the Internet for was utility billing. Until now.
As per Tropical Post, through payment providers like PayU Money, housing societies can offer their tenants and residents the option of paying their utility and maintenance bills online or through the phone, cutting out the need to physically visit a utilities outlet/branch, or go to a different location providing bill payment services.
How Payment Solutions for Society Maintenance Payments Work
Housing societies communicate with local utilities companies to connect their properties to local infrastructure and make use of basic utilities like power and water. But it’s still up to the residents to provide the funds necessary to keep those utilities flowing.
In many cases, however, a primary headache and common hindrance for on-time utility and maintenance payments is the hassle that residents have to face before paying their bills. As urbanization is rapidly growing as per the MOEF, so does the usage of electricity and the need for better payment solutions.
A particularly big issue is office hours – most residents are busy professionals, and cannot pay their bills due to being unable to visit a society’s office while it’s open. But by partnering with both utility companies and the housing societies themselves, PayU Money has made it possible to remotely pay for these costs, which is a huge benefit to both the residents and the societies that manage these properties.
It’s all managed through a simple online portal that housing societies can make available to their residents. Through the portal, residents and tenants are presented with a number of payment options through which they can deposit money directly into a society’s bank account – and from there, the society can settle the bill with utility companies and take care of maintenance issues.
Benefits of a Remote Payment Solution
The benefits that housing societies can glean from a remote online payment solution like PayU Money are obvious.
- Security: With the absence of large amounts of cash, handling payments is made much more secure as societies no longer have to physically deposit money into their accounts but can instead deal with payments digitally.
- Flexibility and Ease: For both the societies and their residents, the ability to pay any time, and anywhere makes sense.
- Speed: Because payments are made remotely, office hours are less of a factor. While transactions still have to be approved by banks, a lot of steps are cut out, making the entire process a lot faster.
While it may only seem ideal in theory, as the Ciol, PayU Money has already integrated this service in hundreds of housing societies throughout India with resounding success.
What truly matters when choosing a payment provider to handle these tasks is experience, and reputation – and PayU Money offers plenty of both.