“Pay in Full” is one of those terms that seem cut-and-dry at first, but can actually mean different things to different people. When this term comes up, tenants, owners and property managers may not only have different reactions, but different definitions.
To most, “in full” means the full balance of what is owed, all-inclusive. But to some, it simply means the entire minimum payment due by a certain date. Still others – say, insurance policy holders – may consider “in full” to indicate the part of the balance they owe, excepting certain charges or fees for which they may not be responsible.
For a Section 8 tenant, payment “in full” means paying only a certain portion of the full rent amount, since the rest of their rent is paid through government subsidies. In cases like these, especially when payment is automated, it’s important to have the flexibility to redefine “in full” on a case-by-case basis.
That’s where Propertyware’s Exclude Charges feature, located in the Tenant Portals tab, comes in. With this option, when the “Pay in Full” requirement is set to as “Yes,” another option, “Exclude Charges,” appears. From here you can stipulate exactly which types of payments will satisfy your “Pay in Full” requirement – or to put it another way, determine what “pay in full” will mean to you and your tenants.