PayHOA

About PayHOA

PayHOA operates as a software-as-a-service (SaaS) provider, offering a specialized platform for the management of homeowners associations (HOAs), condo associations (COAs), and property owners associations (POAs). The company was founded in 2018 by Mike Bollinger and is headquartered in Lexington, Kentucky. Bollinger started the company to address the inefficiencies he observed in HOA management, where associations often rely on a disconnected collection of spreadsheets and various tools to handle their operations. PayHOA aims to consolidate these functions into a single, unified system.

The company's business model is subscription-based, with tiered pricing that varies according to the number of units in a community. Plans are offered on a monthly or annual basis, with a discount provided for yearly commitments. This structure primarily targets self-managed communities, providing them with tools typically reserved for larger, professionally managed associations at a more accessible price point. As of May 2024, the platform served over 622,000 homeowners across the United States and Puerto Rico.

The PayHOA platform is an all-in-one, cloud-based portal designed to handle the core aspects of community association management. Its features include comprehensive accounting tools comparable to standalone small business software, allowing for both cash and accrual reporting, bank synchronization and reconciliation, and the generation of over 30 types of financial reports. The system automates invoicing for dues and fees and facilitates online payments from homeowners, who can also set up automatic payments. Beyond financials, the platform includes tools for communication, such as mass emails, texts, and calls; document storage and sharing; and management of maintenance requests, architectural requests, and rule violations. In May 2024, the company secured a $27.5 million Series A funding round led by Elephant, its first external investment, to accelerate product development and team expansion.