For property management companies, maintaining a competitive edge requires seamless operations, tenant satisfaction, and frequent maintenance. These critical success factors cannot happen without streamlined and efficient financial operations.
In the Canadian real estate industry, there is a perceived need for certified cheques to expedite and secure the deposit upon acceptance of an offer to rent or purchase property. This sector has heavily relied on commercial cheques as a primary method for handling transactions, including rent collection, utility bills, vendor payments, and owner disbursements.
However, when looking at the state of digital transformation within this sector and more broadly across corporate Canada, it is clear that traditional methods of handling financial transactions – particularly the age-old use of paper cheques – are rapidly becoming relics of the past. The moment to “cheque out” is coming with an urgency that cannot be ignored.
Easier business payment processing with Interac e-Transfer for Business
According to a survey of financial decision makers commissioned by Interac Corp. in June 2023, about six in 10 business decision makers across all industries canvassed believe cheques are an outdated payment method, as customers and vendors expect the convenience of digital or other forms of payment.1 What’s more, 74 per cent of companies surveyed expect to fully phase out cheques within the next five years. This is a significant shift that will completely change how payments are made.
From optimizing how businesses collect and process payments to enhancing tenant experiences, the property management industry is turning the key to a new era. As technological advancements continue to reshape how business is conducted, it is crucial to reevaluate the role of commercial cheques in property management and explore the compelling benefits of transitioning toward more modern methods, including Interac e-Transfer for Business, as a more streamlined and secure alternative.
By analyzing the advantages of Interac e-Transfer for Business, including ease-of-use, familiarity, security, and cost-effectiveness, this report underscores the urgency and transformative potential that Interac e-Transfer for Business holds for elevating the efficiency and reliability of financial operations within the property management industry.
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1 Interac Survey of Financial Decision Makers, June 2023