Innovating your HOA payment processing can be done in minutes.
Like a lot of volunteer-run organizations, innovating your predecessor’s existing process may not always be at the top of your list. But when lack of innovation gets in the way of timely payment and general efficiency, it’s worth exploring.
Why innovate your HOA?
Whether your HOA is big or small, its purpose is important – to ensure all dwellings are secure, maintained, and beautiful. And, for many neighborhoods, HOAs are also tasked with creating community. Check out our COVID-friendly HOA event ideas that do just that.
But when it comes to innovating your HOA payment processing, the goal is to ensure that the right funds are collected from the right people at the right time—quickly and easily for all involved.
You know it’s time to innovate your HOA payment processing if your HOA is experiencing:
Late or delinquent payments
This can create fiscal bottlenecks, especially when undergoing capital-intensive projects.
Poorly documented payments
When you receive payments without clear markings of the associated resident makes tracking difficult.
Wasted time
If your HOA is spending unnecessary time and resources on data entry, trips to the bank, and manual mailings or invoices and late payments.
Community complaints
Let’s face it, people are used to convenience, and when it’s not offered, you’ll hear about it, often in the form of questions and comments such as: “Can we pay online?” or “Can I pay with a credit card for points?” or “I don’t have a checkbook, is there another way.”
“I got responses from the references Cheddar Up provided and they were glowing. I set up our account on Cheddar Up and sent out the dues notices last night. In less than 12 hours, I had 10 responses! I never thought it would be this popular with our residents, or this easy!”
Nancy Spicer, Tall Trees Homeowners Association, Glenview, Illinois
Benefits of moving your HOA payment processing online
In a COVID and post-COVID world, almost everyone is forced to go digital. Why should your HOA be any different? Fortunately, there are a lot of benefits for all parties that make it a smart move.
Benefits for HOAs
No transaction fees
Benefits for Residents
Multiple payment methods
Benefits for HOAs
Create recurring payments on any schedule
Benefits for Residents
Low, flat $0.59 echeck fee option available
Benefits for HOAs
Robust tracking and one-click reporting
Benefits for Residents
Easy payment—no app or login necessary
Benefits for HOAs
Automatic receipts and reminders
Benefits for Residents
Mobile friendly and on-the-go paying
Benefits for HOAs
Collect for all HOA needs
Benefits for Residents
On-time automatic payments
Benefits for HOAs
No transaction fees
Create recurring payments on any schedule
Robust tracking and one-click reporting
Automatic receipts and reminders
Collect for all HOA needs
Benefits for Residents
Multiple payment methods
Low, flat $0.59 echeck fee option available
Easy payment—no app or login necessary
Mobile friendly and on-the-go paying
On-time automatic payments
How to get started
When you’re ready to get started with innovating your HOA payment processing, check out these guides in the Cheddar Up Knowledge Center:
• Watch this quick “how it works” video to get acclimated.
• Check out this example HOA online collection page
• Create a Cheddar Up account (it’s free, so it’s zero commitment).
• Start creating a collection. Need help along the way? Tap into our How-To Video Library. Be sure to check out this article on recurring payments, a popular feature used by many HOAs.
Not up for reading? No problem!
Check out our video library that will guide you every step of the way. Or contact Cheddar Up Support to help you set up your HOA collection.
Fun fact: Our Director of Customer Success is the Treasurer of her HOA. (She gets it.)
Ready to move your HOA payment processing online?
Bring it home with Cheddar Up’s online payments, forms and tracking.
