Reasons to Consider Annually Informing Homeowners of the Direct Debit Payment Option of their Common Fees
While direct debit is not for everyone, there are solid reasons to consider routinely informing homeowners of the direct debit payment option of common fees, including the following:
1. It Can Help the Association - Direct Debit can help your association by decreasing your association receivables as common fees are routinely paid and cash flow is improved.
2. It Can Help the Homeowner - Direct debit is a convenient and safe way for homeowners to pay fees. It helps them to avoid late fees when they simply may forget to make a payment in a timely fashion. Homeowners have the peace of mind knowing their common fees are being paid automatically and they will never miss a payment or receive late payment penalties. Homeowners also save the postage and the time writing checks, stuffing envelopes and running to mail it.
3. It is Safe and Secure Method of Payment - Common fees paid thru direct debit are deposited directly into the association's bank account and immediately available to the association. Direct debit is widely considered as a very secure form of payment and provides a secure method of receiving payments and further helps to protect association's funds, including increasing the assurance that they are deposited properly.
During the course of each year when you routinely communicate with homeowners you may consider including a message to remind and inform homeowners of the option to sign-up for direct debit payment. If you wish to inform homeowners please request your association property manager to help identify communication opportunities and methods to deliver the information.
Thank you for reading the Imagineers Board Newsletter. If you have any question or need any additional information on any articles provided in this newsletter, please contact us at 1-800-560-7268.
Imagineers LLCEmail: Gpassacantando@imagineersllc.com
Phone: 1-800-560-7268
Fax: 860-236-3951
Web: http://www.imagineersllc.com