Case Study: JWB Property Management & Real Estate Capital
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JWB Real Estate Capital is a prominent real estate investment and management firm established in 2006. The company boasts an impressive portfolio of over 6,000 properties, serving a substantial resident base.
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Real Estate Construction & Property Management
Florida
6000+ Units under management
CRM for internal communication, invoice management, and other company- wide processes.
For cash-in, cash-out transaction records and reconciliation of deposits and payouts.
For all inbound payments. MoneyGram for all cash payment management.
Direct Integration with bank of america (using PHP server): For outbound payments.
"I want the staff to operate at their highest and and best capacity. What I've been able to eliminate are all of the mundane admin tasks.Those tasks have mostly gone away."
- Adam Rigel
CFO
Overview
JWB Real Estate Capital successfully transformed their financial operations by implementing REDA Pay, a centralized banking and accounting platform seamlessly integrated with their Salesforce CRM. They have been using REDA Pay for the past few months to automate their financial processes and improve their overall efficiency. As a result, they have seen a significant reduction in the time it takes to process payments, generate invoices, and reconcile bank statements. They have also seen a dramatic decrease in the number of errors.
In this case study, we delve into the challenges encountered by JWB and explore how they successfully navigated them with REDA Pay as their automation partner. Additionally, we analyze the transformative impact this transition has had on their business and financial operations.
Immense & visible gains from centralizing banking and accounting with REDA
The Challenge
Despite employing industry-leading technologies, JWB encountered significant challenges with their previous payment processing system, impacting their operations, transparency, and user experience. Some major challenges included:
Lack of transparency and visibility: To review transaction audit trail, it was required to login into different apps because the data was not available in Salesforce. This made it challenging during audits to trace specific fees back to their corresponding transactions.
Compliance issues with payment processing: Leasing representatives use to fake login as tenants to process payment on behalf of tenants. This created a lack of accountability and raised concerns about potential misuse or fraud. This made it difficult to ensure compliance with relevant financial regulations.
Poor cash-flow: Extended payment settlement times negatively impacted JWB's cash flow. The delay in receiving funds made it difficult to manage expenses, invest in growth opportunities, and maintain a healthy financial position.
Dependency on banks: Direct bank integration, using an intermediate PHP server, was costly to maintain and required significant effort across multiple banks. This made the whole process bank dependent and limited options to work with multiple banks.
Bank reconciliation difficulties: The lack of detailed data visibility made bank reconciliation a time-consuming, error-prone and time consuming process. It was difficult to match transactions across multiple systems and identify discrepancies.
Inefficiency due to multiple system logins: JWB's employees had to switch between multiple systems (Salesforce, Accounting Seed, Stripe, Bank of America) to manage financial processes. This required repetitive data entry, increased the risk of errors, multi-layered approvals and slowed down workflows.
The Solution
The implementation of REDA Pay at JWB Real Estate Capital was a carefully planned process, executed in five distinct phases over a month to minimize disruption to their ongoing operations.
Phase 1, "App Configuration and Bank Account Setup," involved setting up the foundation for REDA Pay. This included configuring the app, linking it to JWB's existing systems, and establishing secure connections with their bank accounts. This laid the groundwork for a smooth transition to the new payment processing system.
Phase 2, "Setting Up Inbound Payment Methods," focused on offering tenants and residents diverse payment options for rent and other fees. This included implementing immediate payments, scheduled payments, link payments, integration with JWB's lease app for payment validation, and a system for binder payments. This phase streamlined payment collection, reducing manual effort and increasing customer satisfaction.
Phase 3, "Setting Up Tenant and Owner Portals," aimed to create user-friendly portals for tenants and property owners. Tenant portals allowed for viewing payment history, making payments, and communicating with JWB. Owner portals facilitated tracking rental income, viewing financial reports, and managing properties. These portals provided a centralized, transparent platform for communication and financial management, enhancing the user experience and improving overall transparency.
Phase 4, "Integrating with Accounting Seed," focused on seamless integration between REDA Pay and JWB's existing accounting system. This ensured accurate and efficient data transfer, automated reconciliation processes, and streamlined intercompany transactions. This integration reduced errors, streamlined financial management, and provided a comprehensive overview of financial performance.
Phase 5, "Setting Up EMD (Earnest Money Deposit) Management," implemented a secure and efficient system for managing earnest money deposits from potential tenants. This included developing a process for receiving, holding, and disbursing EMDs, configuring secure storage, and implementing automated tracking and reporting features. This streamlined the EMD process, reduced the risk of errors, and ensured compliance with legal requirements.
By implementing REDA Pay in this phased approach, JWB Real Estate Capital successfully revolutionized their financial operations, increasing efficiency, improving customer satisfaction, and paving the way for continued growth and success.
The Benefits
REDA Pay transformed JWB Real Estate Capital's financial operations by seamlessly integrating their fragmented tech stack, automating key processes, and enhancing transparency. With REDA Pay, their CRM became the master of operations, integrating banking and accounting systems seamlessly. This streamlined workflow eliminated multiple logins, reduced manual errors, and significantly improved efficiency. The system's clear separation of transactions, fees, and income facilitated audits, ensuring compliance and simplifying dispute resolution. REDA Pay also strengthened security by attributing payment initiators, minimizing fraud and unauthorized transactions. The automation delivered by REDA Pay resulted in substantial cost savings. Bank reconciliation, previously a time-consuming week-long process, was reduced to a single day thanks to detailed data visibility and automated reconciliation processes. Additionally, faster payment settlements, with a 24-hour turnaround, improved cash flow and reduced operational costs. Overall, REDA Pay's impact was significant, enhancing efficiency, security, and profitability for JWB.
"Before we implemented REDA Pay, our team was constantly struggling with visibility and the tedious task of reconciling thousands of transactions every month. We wasted countless hours on manual data entry and tracking down transaction audit trails on the processor side. But ever since we started using REDA Pay, everything has changed. We're now fully compliant, and we have clear transaction trails directly in Salesforce. Plus, our cash flow has improved dramatically with settlements happening three times faster. We've even received positive feedback from tenants about their experience. I highly recommend REDA Pay!"
REDA Pay has given my organization the flexibility to continue our growth and scale while enhancing the user interface and experience. Implementation and support have been white-glove and highly recommended if you are experiencing growing pains with a current payment processor. Great product!
We recently transitioned from our last payment handler tool to the RedaPay payment tool in salesforce in our organization and we couldn't be more happier than using this.
The best part was that the transition was smooth and we rarely have any major issues with payments in/out from Salesforce. We do not encounter any major bugs and any add-on implications requested are done within hours so the after-service of RedaPay is commendable. While the product is good and the service is amazing we assumed that it would be heavy on our pocket but this is truly under our budget. Thanks from a happy customer.
REDA has a wonderful team that we've worked with for 6+ years. Our previous payment processing system had many challenges and we've moved to this pay app in the last quarter. The transition has been one of the smoother experiences during our with Salesforce. Encourage any business exploring a new payment processing system to consider this pay app.
