Trust receipting: how much time spent is too much?

Receipting trust money–particularly tenant’s rent payments–is one of those regular but unavoidable tasks that simply must be done. But how much time does your business spend on trust receipting each day? Do you spend fifteen minutes? Thirty minutes? More than an hour?

If you are spending more than five minutes on trust receipting, then we have good news: there is a better way! What if we told you there was a way to automate a good chunk of your receipting processes in a way that was both secure and accurate?

Here’s how to use Console Gateway to minimise all that manual work, and breeze through your receipting in minutes.

Tip #1: Bulk Receipting with Banklink

Banklink is a feature in Console Gateway that can bulk receipt tenant’s payments. Banklink enables you to issue each of your tenants with a unique reference number, which they can then use as the transaction reference on all of their rent payments. When tenants transfer rent directly into your trust account using their unique reference number, Banklink will be able to automatically match and receipt it on your behalf. This saves you the trouble of manually doing it yourself.

To set up the Banklink feature, you will need to download a file from your bank, and upload it into Console Gateway. Once you have done this, you will receive unique reference numbers that correspond to each tenancy. As soon as a tenant has their number, they simply need to use it as the transaction reference each time they pay rent. Banklink takes care of the rest, and automatically receipts them on your behalf. That’s all there is to it!

Note that Banklink does rely on the tenant to correctly identify their unique number as the transaction reference when transferring rent payments. This means that all payments made into your trust account that either don’t correspond to a tenant’s payment, or that have been made using an incorrect reference number will still need to be receipted manually.

Nonetheless, for the majority of tenants, Banklink will be able to save you a LOT of time that would otherwise have been spent receipting.

But perhaps you have heard there is an even faster, even easier and even more automated way to save time on trust receipting? Well it’s true: there is.

Mega Tip #2 One-Click Bulk Receipting, with Console Pay

Console Pay is a new feature in Gateway that allows you to set up one-click bulk receipting. It is by far the smartest, simplest and fastest way to bulk receipt your trust account money. Console Pay has an automated payment capability that allows your tenants can pay rent, invoices, bond and tenant deposits easily, meaning that you won’t have to match and receipt them yourself.

Once your Console Pay feature has been activated, all your trust account transactions will automatically pop up in your Console Gateway window at the end of each day. It takes just one button press to receipt them ALL. Press the button, and Console Gateway will power through the receipting process automatically for you–no unique reference numbers required!

How easy is that? It’s just one of the ways we can help make your life that little bit simpler. Best of all, if you already have Console Gateway, it’s ready for you to activate now.

 

So what are you waiting for? Get in touch with us today, and make manual trust receipting a thing of the past.