What is clickpay and how is it used?
ClickPay is a cloud-based payment platform that enhances the efficiency of rent collection in the multifamily industry. By offering a range of payment options such as credit/debit cards, ACH, and bank transfers, it caters to the evolving demands of property managers and residents. This platform not only facilitates rent payment but also manages various other charges like utility bills, security deposits, parking fees, and more. Integrated with leading property management software, ClickPay provides valuable insights into accounts receivable, contributing to operational efficiencies.
A notable aspect of ClickPay's success is its impact on the profitability and operational efficiency of multifamily operators. In 2015, ClickPay completed a Series B financing to accelerate its growth and invest in product and security infrastructure enhancements, indicating its robust financial performance and growth potential. The company, processing billions in payments across millions of residential units, selected Thayer Street Partners for additional capital, aiming to expand into new markets and innovate its product. The platform's role in automating real estate receivables has enabled real estate enterprises to enhance operational efficiencies and resident satisfaction, as evident in its $7.6M revenue in 2021 with a 91-person team.
A case study of Century Management Services, Inc., using ClickPay, provides a concrete example of its impact. Century, managing approximately 11,500 units, experienced significant time savings (30-50%) and labor cost reductions (an estimated $100,000) by automating accounts payable (AP) and receivable (AR) with AvidXchange and ClickPay. This automation eliminated the need for additional staff hiring during growth, streamlined payment processes, and enhanced resident relations. ClickPay's solution alone saved Century nearly $50,000, avoiding the need for more hires as the company scaled. The ease of payment processing and account management through ClickPay's portal notably improved Century’s relationship with its residents.
In summary, ClickPay serves as a versatile and efficient platform for property managers in the multifamily industry, offering comprehensive payment options and integration with major property management software. Its significant role in increasing operational efficiencies and profitability for property management companies is evidenced by its successful financial growth, strategic partnerships, and positive impacts in case studies like that of Century Management Services, Inc.