PREIT recognized that its current homegrown system was not a viable long-term solution.
PREIT is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates over 22 million square feet of retail space.
PREIT has made it easier for tenants and retail merchants to do business with them. By implementing a solution that facilitates all payment processing, provides tenants with a 24/7 communication and collaboration tool and ensures compliant handling of payments, PREIT has drastically transformed its AR process and improved the tenant experience.
The Starting Point
PREIT had a problem with costs and compliance. At the center of PREIT’s AR process was a homegrown payment platform. The platform needed to be constantly upgraded and modified to keep up with changes in regulations, operating systems, software, and payment gateways. This maintenance required a dedicated IT developer. In addition to finding a way to reduce maintenance and development costs, PREIT also sought to deploy a fully PCI compliant solution. PREIT also had a communication problem. Billing disputes could only to be dealt with through face-to- face interactions in the management offices of its shopping centers. Tenants with billing issues were limited to dealing with local bookkeepers or office managers during office hours, which are typically 9 to 5, and there was no formalized tracking or audit trail.
The PREIT platform was not a viable long-term solution. PREIT knew it needed a more robust solution that would grow with the company for years to come.
“We look at Versapay as more than just an AR platform. We see it as a tenant portal.”
PREIT implemented Versapay ARC®, a cloud-based solution that automates the entire invoice-to-cash process: presentment, collaboration, collections, payments and cash application. With the ARC platform, PREIT was able to replace its own payment system, improved tenant relations and ensure PCI compliance.
With ARC, tenants can pay rent, CAM, taxes, and other billings using their preferred method of payment. With 24/7/365 access, tenants are able to review billings and make payments at times that are convenient for them. Now, when issues arise, tenants can communicate with PREIT directly within the ARC platform. This online collaboration leads to issues being resolved faster and ensures there is an audit trail.
Because of the way in which ARC allows the tenant to add a payment method, the PREIT team are kept a safe distance from payment details which ensures compliance in all transactions. With ARC’s in-platform reporting and analytics, PREIT’s credit and collections team is able to figure out where collections issues might occur and proactively solve them.
ARC has made managing PREIT’s receivables more intuitive for both the PREIT team and their tenants. For PREIT, ARC is more than just an AR portal, it’s a tenant portal.