Taking time out of a hectic day and visiting the housing society office or the committee members of the housing society is a task that every resident would want to avoid. The housing society related payments compels residents to do just that. Running behind the society office members for making the payment and collecting the receipt is the definitely the most undesirable work every month.
Some housing societies make it the process even more complicated for the residents by asking them to make payments through cheques or demand drafts. Unlucky months are those when the residents have to go through the entire process more than once for additional payments towards redevelopments or unexpected repairs.
The task of the society treasurer or manager is not easy either. Being available for collecting payments, issuing receipts, clarifying doubts regarding payment issues and maintain records regarding the payments makes their task tedious as well. Especially when it is a small society and it’s a resident managing everything, his/ her personal life definitely gets disturbed.
Housing society payments through payment gateways come as a solution to everyone’s problems!
The 100% automated payment gateways send the amount directly to the society’s bank account from the resident’s account. The following are the benefits of using payment gateway in housing societies.
- Society payments are directly made to the society’s bank account
- Room for manual errors and loss of data is minimum
- No necessity of being physically available to make or receive payments. Payments can be made from any place at anytime
- Records are easy to maintain even without constantly following up as the payment details can be viewed whenever necessary
- No chances of fraudulence as there is complete transparency in the process
- The receipts are directly sent to the residents without anyone taking additional efforts
- The resident can maintain his/ her own receipt and doesn’t have to wait for the society members to acknowledge the payment
- If the resident is unavailable or busy on the day of payment, the payments can be scheduled in advance
- No wastage of resources for issuing signed receipts from office bearers
- The office bearers can save time as they do not have to manually deposit each residents payment into the society’s bank account
- The office bearers do not have to stay stressed about losing the payment amount till they have deposited the amount into the bank
- Urgent collection of funds become faster as the entire process is simplified
- Lesser number of unaccounted for transactions can be made
- Auditing at the end of financial year is simpler.