Online Payments

7 Advantages for Multifamily

By Erica Rascón on Oct 7, 2019 in Technology

Are online payments really worth the fuss? The short answer is yes! But don’t take our word for it. Check out seven reasons why online payments are a necessity for successful communities.

Renters Seek Convenience

Today’s residents love their smartphones. “According to recent reports, the average American checks their smartphone almost 50 times per day. For millennials, the number is even higher, at 74 times per day. With half of the renter population under the age of 30, digital technology is a game changer at apartment communities for both the residents and property managers,” said Esther Bonardi, vice president of marketing at Yardi.

Online banking is one of many tasks that modern renters perform on their smartphones. It offers the simplicity that renters crave: more than two-thirds of respondents to the NMHC Consumer Housing Survey said they seek technologies to make their lives easier.

You Seek a Competitive Advantage

Offering online rent payments gives your communities a competitive advantage. The most recent NMHC Kingsley study reveals that more than 25 percent of respondents currently pay their rent electronically. Nearly four times as many would prefer to pay their rent online.

“An astounding 90 percent of respondents say that online rent payment availability is important or very important when considering their apartment community. This is the second highest rating behind online maintenance requests,” shared Bonardi.

Better Security

Cash in the leasing office? No, thank you. Fraudulent or lost checks? You likely want to pass on those, too. Online payments offer greater security and fewer risks than cash or checks.

Flexible Payment Options

When residents have access to quick, easy payment options, you will receive your payments faster and on time.

With payment processing, you have several options to extend to your residents. They can pay with traditional methods such as ACH, debit and credit cards. Residents may make single payments or schedule reoccurring payments. Newer options, such as text payments and Apple Pay, offer additional convenience. A growing population even uses digital assistants like Alexa to pay their bills!

Watch residents pay their rent via Alexa in the RentCafe resident portal.

Even residents without access to a bank account benefit from online payments. Walk-in Payment System (WIPS) permits secure, instant cash payments.

Partial Payments? Overpayments? No Problem

Properties with roommate-friendly floor plans often face the issue of split and partial rent payments. On the other end of the spectrum, a few shining stars want to pay their rent in advance. You can customize your online payment platform to accept underpayments, exact payments and overpayments per your business policies.

Easier Tracking

Cash payments are notoriously hard to track. Check payments are easier to track, but processing times can take several days. Conversely, when an online payment is made, it automatically appears in your accounting software so it’s easy to track. You typically receive payment in 2-4 business days.

Scalable

With cash and check payments, your staff must grow as you grow. You need additional hands to help manage the paper and run errands. Payment processing software, however, grows with you. This allows you to better manage overhead costs while adding units to your portfolio.

Want to know more about what payment processing can do for you? Contact us to ask questions or schedule a demo.