Plexflow Case Study | Property Payment Case Study

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Integration Time

8 weeks

Intro

Plexflow is a property management platform designed to help property managers and landlords manage properties more quickly, easily, accurately, and efficiently than ever before. However, as Plexflow's user base continued to grow, the organization quickly learned that navigating the complexities of rent collection remains a pivotal challenge in the real estate management sector. It is a critical task that remains highly inefficient and extremely labor-intensive.

Designed with the modern digital landlord in mind, Plexflow's Proptech solution was missing a key element: automated rent collection at scale Plexflow, wanting to establish themselves as a real estate technology disruptor, sought out VoPay’s API solution. By embedding the payment process into the UI of their existing software, they were able to introduce automation into the rental collection process, delivering an optimized experience for property managers and landlords alike.

The Problem

The property management software market is fiercely competitive, with every platform striving to gain an edge in a $3.04 billion industry. To stay ahead, innovation is key. Proptech platforms, like Plexflow must navigate various hurdles to deliver a positive user experience to retain customers and attract and grow their user base. This includes managing a high volume of financial transactions, lack of visibility payment traceability, and labour intensive manual reconciliation tasks.

• Processing a large volume of payments - when all your transactions fall on the same day, it becomes difficult to scale effectively
• Visibility over incoming and outgoing funds - if all your transactions flow through the same account, it becomes difficult to maintain financial clarity
• Poor payment experiences - tenants and agents alike expect faster and more efficient digital payment methods

Before enlisting VoPay's services, Plexflow’s users had to navigate a complicated rent collection process. In some case property managers were manually collecting paper cheques, and in others landlords and property management companies were putting an excessive amount of workforce hours towards manually tracking and reconciling rental payments.

The Solution

Capturing the potential of a growing rental market valued at $48.4 billion with the most advanced payment API on the market. Plexflow saw VoPay’s payment technology as an avenue to expand their service offerings, grow their user base and deliver a positive end-user experience.

By integrating VoPay’s white-labelled payment API into their platform, Plexflow gained a fully branded custom built solution to manage the flow of funds. With access to multiple payment rails, transaction monitoring, secure encrypted bank account connections, and split payments Plexflow was able to fully automate and optimize the collection of rent and the disbursement of payments to agencies and other entities.

• Multi-Tenancy Structure - virtual accounts and dedicated ledgers ensure fund segregation and easier visibility
• eLinx Connect - bank account connection workflows to streamline onboarding and reduce errors when setting up recurring payments
• Scheduled Recurring Transactions - simplified recurring payments with the ability to split payments between parties

The Results

Plexflow comes out on top. Today with the help of VoPay’s Fintech-as-a-Service solution, Plexflow has removed some of their customer’s biggest payment pain points. By eliminating the manual processes and introducing payment automation workflows Plexflow greatly improved the rental experiences,for landlords and agencies, and tenants alike.

Plexflow's adoption of VoPay's payment technology has propelled them to the forefront of the property management market. By offering automated rent collection and an exceptional customer experience, Plexflow has positioned itself ahead of competitors. With continued support from VoPay, Plexflow remains committed to innovation and improving services to meet customer needs.

• Increased Demand - grew user accounts on the platform and closed 20% more deals thanks to superior payments
• Reduced Churn - doubled overall user retention rates on the platform and reduced customer churn
• Payment Growth - scaled to over 9000 transactions processed at a value of $7 million

“Their unwavering reliability and exceptional support have enabled us to provide our customers with a superior experience. Integrating their payment solution into our platform has been a game-changer, allowing us to scale our business and access new markets while retaining our current customer base Plexflow’s users now spend less time chasing payments and reconciling deposits—and more time keeping tenants happy”

Youssef Hifdi - Plexflow Chief Revenue Officer