In the real estate industry, technology continues to play an instrumental role for both residential and commercial property owners. Specifically, the use of mobile payments – and the convenience associated with this service – will transform the way landlords and tenants process transactions, manage business relationships and provide the necessary oversight to handle multiple accounts. These benefits will eliminate the need to write, send and deposit paper checks, a system too dependent on antiquated forms of delivery and unexpected events like weather delays or holidays.
Best of all, these payments can be made from a smartphone, laptop or tablet: the union between finance and innovation is thus genuine, offering added speed, reliability and confirmation governing these deals. The challenge, however, rests with finding the right merchant services company that can offer landlords and building owners the flexibility and security necessary to process these payments from potentially tens of thousands of people throughout a particular city or nationwide. Without that partner, the real estate industry cannot make mobile payments the new standard it deserves to be.