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What Is ClickPay and How Is It Used?
ClickPay allows property owners and managers to bill tenants while accepting payments via credit cards, checks, and ACH transfers.
The multifamily industry has been rapidly evolving in recent years — and with it, the way property management companies handle rent payments. ClickPay is one platform handling monthly rent payments, offering a comprehensive, convenient solution for property managers and residents.
Note: Multifamily Loans has no affiliation with ClickPay.
In this article, we will take a closer look at ClickPay, exploring its primary uses, limitations, popularity, competition, and key differences compared to other similar platforms.
What Is ClickPay, Exactly?
ClickPay is, in a sense, why you don't have to write a check for rent any longer.
The cloud-based payment platform is designed specifically for the multifamily industry. It provides a secure and convenient way for property managers to collect rent payments from residents, allowing payment via credit or debit cards, ACH, and bank transfers.
Primary Uses of ClickPay
ClickPay's main function, of course, is to collect rent payments from residents. The platform is also able to handle a wide variety of other payments related to your community, too, including:
- Utility bills
- Security deposits
- Parking fees
- Amenity costs
- Storage rental fees
- Cost: Compare the pricing of several platforms to identify what falls within your budget.
- Ease of Use: The platform should be straightforward and uncomplicated for residents while providing powerful tools for you to do everything you need to do.
- Accepted Payment Options: Not all platforms accept all payment types. If you have a disproportionate number of residents who wish to pay by card, by bank transfer, or even by check or cash, not all platforms are created equally.
- Security: Every platform out there will offer a secure way to make and receive payments. However, pay attention to service downtimes, any history of security breaches, and so on.
- Customer Support: Do you need a platform with a 24/7 support staff? How fast does a resident — or your property manager — need to receive a response if there is an issue?
- Integrations: Check if your current property management software integrates with the platforms you're considering. You may not need it integrated with everything you do, but better integration tends to mean better, more accurate reporting.
- Feedback: Take a look at each platform's ratings on independent review websites like G2. While most platforms will showcase their best reviews, it's important to understand what points some users are critical about.
What is ClickPay?
- ClickPay is a rent payment platform designed specifically for multifamily properties.
What is ClickPay and how does it work?
ClickPay is an online payment platform used by multifamily and commercial landlords and property managers. It allows property owners/managers to bill tenants, while accepting payments via credit cards, checks, and ACH transfers. It is designed to be easily integrated with accounting and property management software services, which can make it easier for property management firms to track the financial performance of their properties. Many large property management companies currently utilize the software, including FirstService Residential, Gumley Haft, and a variety of other firms.
To use ClickPay, landlords and property managers must first create an account. Once the account is created, they can then add tenants and set up payment plans. Tenants can then log in to their accounts and make payments using their preferred payment method. ClickPay also offers a mobile app, which allows tenants to make payments on the go.
For more information, please visit ClickPay's website.
What are the benefits of using ClickPay for commercial real estate financing?
Using ClickPay for commercial real estate financing offers a variety of benefits. First, it eliminates the need for landlords to process payments through traditional means such as checks or money orders. This can save time and money, as well as reduce the risk of errors. Additionally, ClickPay is designed to be easily integrated with accounting and property management software services, which can make it easier for property management firms to track the financial performance of their properties. Finally, ClickPay offers a secure and reliable payment platform, which can help to protect landlords from fraud and other risks associated with online payments.
What types of commercial real estate financing can be done with ClickPay?
ClickPay is primarily used for collecting rent payments from tenants, so it is not typically used for commercial real estate financing. However, there are a variety of loan products available for commercial real estate financing, such as bridge loans, permanent loans, construction loans, and mezzanine loans. For more information on these loan products, you can visit Multifamily.loans.
How secure is ClickPay for commercial real estate financing?
ClickPay is a secure payment platform that is compliant with the Payment Card Industry Data Security Standard (PCI DSS). This standard is designed to ensure that all customer data is kept secure and confidential. ClickPay also utilizes encryption technology to protect customer data, and all payments are processed through a secure server. Additionally, ClickPay is compliant with the Gramm-Leach-Bliley Act (GLBA), which requires financial institutions to protect the privacy of customer information. For more information on ClickPay's security measures, please visit https://www.clickpay.com/Security.aspx.
What are the fees associated with using ClickPay for commercial real estate financing?
ClickPay charges a fee of 2.95% for all credit card payments, and a flat fee of $1.50 for all ACH payments. Additionally, there is a $2.95 fee for all eCheck payments. For more information on fees, please visit ClickPay's Fees page.
How does ClickPay compare to other commercial real estate financing options?
ClickPay is not a commercial real estate financing option. It is a payment platform used by multifamily and commercial landlords and property managers to bill tenants and accept payments via credit cards, checks, and ACH transfers. It is designed to be easily integrated with accounting and property management software services, which can make it easier for property management firms to track the financial performance of their properties.
Other rental payment and property management software services include PayLease, RentPayment, and Cozy. These services are also not commercial real estate financing options.
For commercial real estate financing options, you may want to consider a commercial mortgage loan. Commercial mortgage loans are typically used to purchase or refinance commercial real estate. They are typically structured with a loan term of 5 to 25 years, and may include a variety of loan products such as fixed-rate loans, adjustable-rate loans, interest-only loans, and balloon payment loans. For more information, you can visit our commercial mortgage loan page.
The platform offers more than convenience for your residents — it can also provide invaluable insights and analysis of a property's accounts receivable. Additionally, it integrates with the most prolific property management software suites out there, including Yardi and ResMan.
What ClickPay Cannot Be Used For
While ClickPay is a versatile platform, it is not suitable for every payment scenario. For example, it is not designed for businesses outside of the multifamily industry, and it may not be suitable for large commercial properties that require more advanced payment options.
If you have a mixed-use property, ClickPay is a potential solution for your multifamily residents, but commercial tenants would have to pay via a different method. This could be a challenge for keeping your books in order.
How Commonly Used Is ClickPay?
The company, founded in 2009, cut its teeth in New York, quickly becoming the go-to payment processing service for a large number of market-rate and regulated affordable housing properties. From there, ClickPay expanded outside of the metro across the country.
In 2018, when ClickPay was acquired by RealPage for $218 million, the payment platform was servicing 2.3 million multifamily, condo, co-op, and homeowners association units nationally.
Competition & Key Differences
Unsurprisingly, ClickPay is not the only game in town. Other major payment platforms include RentPayment, AppFolio, Yardi Payment Processing, and Zego (formerly known as PayLease). While all of these platforms offer very similar services, there are a handful of key differences between them, and ClickPay stands out with its advanced reporting tools, user-friendly interface, and comprehensive payment options.
For example, while RentPayment offers a similar range of payment options, it does not have the same level of integration with popular property management software like ClickPay does. Furthermore, PayLease has a more limited set of reporting tools compared to ClickPay, which can be a disadvantage for property managers.
Which Payment Platform Should I Use?
While ClickPay offers a comprehensive solution, so, too, do many of its competitors. Every apartment building owner has different needs, so be sure to evaluate any payment platform accordingly.
Consider the following:
Once you've finishe evaluating your options using these points, you will have a much clearer idea of which platform suits your property's — and residents' — needs.
Conclusion
ClickPay is a strong platform that stands apart due to its wide variety of payment types, seamless integrations with property management software, and general ease of use. However, it's far from the only choice, so it's worth carefully considering what's important for you as a building owner or manager.