Making Big Moves
How Payrix is helping a SaaS property management platform take up residence as a PayFac
ResMan is a leading property management software platform for multifamily, affordable, and mixed-use properties. The SaaS company recently began its journey to become a PayFac, but understands the importance of offering embedded payments within its platform.
“Our customers want to make it as easy as possible for their residents to make application, rent and other payments, and they also want to make accepting and processing payments as easy as possible for their team,” said Michael Dunn, ResMan Chief Technology Officer. “Adding payments to the system our customers use to manage resident engagement, property operations and financials creates a seamless payments experience for residents and provides one system of record for the property management company — which eliminates risk and ensures more accurate and timely reconciliation and reporting.”
ResMan customers manage anywhere from two hundred units to over 40,000 units across multiple properties. “Our full stack of features with payments helps reduce complexity for our customers. We’re still an open platform that allows customers to use our partner payment companies in the multifamily rent payment space, but we wanted to make payments simpler for our merchants.”
Facilitating Payments through a Branded Experience
Michael explains that ResMan is focused on offering property management customers and their residents the best experience, and differentiating ResMan in the marketplace. As ResMan transitions to becoming a payfac, Payrix was the solution that supported all three goals.
“Partnering with Payrix helps us in many areas,” Michael said, “especially in creating a seamless payments experience across our resident journey — whether it’s application fees, security and pet deposits, ancillary fees, or recurring rent charges.”
ResMan previously was working with a Payrix competitor and had even begun initial development with them. “The competitor’s platform didn’t offer the risk underwriting and onboarding tools we needed to accelerate our journey to become a payfac,” Michael said, “so we switched course and went with Payrix. They’ve made our journey more manageable, as opposed to a more traditional payments provider.”
What helped differentiate Payrix from the competition, Michael explained, was the ability to use Payrix’s APIs and hosted payment fields. “We did everything from a front-end perspective, building our own UI for the payment flows within our platform. It was really important for us to use our own UX, so we could customize and keep the look and feel of our branding within our software, to achieve the most intuitive and easy experience for residents.”
Michael said the other big differentiator was the fact that Payrix is a payfac. “As we’re introducing payments as a capability inside our platform, working with an actual payfac made all the difference. The folks we work with at Payrix have years and years of experience, which is important in the relationship, as they can advise and sponsor us as we go down the payfac path.”
Impact and Results
Since partnering with Payrix, ResMan has seen strong payments conversion with new and existing customers because the ResMan solution offers a native experience — and payments capabilities are included as part of the ResMan platform subscription. “It’s about growing our business,” Michael said. “Payrix is allowing us to fuel our growth and expand into other areas of functionality within our SaaS platform.”
Michael added, “A high percentage of our transaction volume is from ACH payments versus a card. Our property management company customers typically pass on card fees to their residents, while paying ACH fees themselves. Payrix’s pricing flexibility allows us to include unlimited ACH per unit in our platform subscription fees. Our customers see it’s all covered under one per-unit price.”
Payrix has also allowed ResMan to significantly reduce its onboarding time for payments. Customers using a third-party processor usually have to go through separate processes for contracting, integration and activation. “With ResMan having payments as a capability within our platform, a customer can be up and running with payments much faster – in some cases, as soon as the same day,” Michael said.
“Overall, Payrix has allowed us to start operating as a payfac, and start learning the risks, liabilities and processes. When we eventually complete our registration as a payfac, we’ll already have those things in place — while still being able to take advantage of Payrix tools, so we don’t have to make further technology investments.”