The latest data shows that Americans pay more than half their bills using online payment options. Many still prefer to write checks, use money orders, or even pay rent in cash. How can you increase the number of online rent payments that you receive at your property? Check out these three easy tips!
Educate residents about the benefits of paying online
Helping your residents understand the benefits of paying online can increase your online rent payment adoption. So, what are the benefits for your residents to pay their rent online?
- No trip to the office! Skip the trip to the office and pay rent online when it works for you. For some renters, it can be tough to find the time to make their way to the property office to drop off a check – with online payments, they don’t have to worry about that. Plus, if a resident has a smartphone, they can make their payment from anywhere!
- Option to set up recurring payments. With the ability to set up recurring payments, residents can ensure their rent payments are on time. Many online rent payment platforms like RentTrack give residents the option to view their account details and update their recurring payments from the dashboard, making it easy to track and manage recurring payments.
- Receipt for transaction (including date when processed). Every time residents make an online rent payment, they receive a receipt for their transaction – including essential details like the amount paid and when it was processed.
Make it easy for residents
Simplifying the process to sign up for online rent payments can increase online payment adoption significantly. Include a link, for instance, in your resident portal so they can easily access the online rent payment platform.
In addition, increasing visibility to the online rent payment platform can make it easier for residents to remember how to sign up and where to do it. Setting up a tablet or computer to create a kiosk in the property office offers access for everyone – and a great reminder for residents to sign up when they come to the office.
Whether you include it in billing statements, monthly newsletters, or under-the-door flyers, reminders go a long way with online rent payment adoption at your property. Find ways to give your residents information about how to make online rent payments and the benefits for them.
Give your residents a reason to pay online
Offering an extra incentive to get your residents to make online rent payments may help drive online payment adoption.
RentTrack Payments, for instance, gives residents the option to opt-in to report their rent payments to all three credit bureaus. A recent survey from TransUnion found that more than seven in 10 renters would be more likely to make on-time rent payments if property managers reported rent payments to a credit bureau.
Interested in learning more about how to get more online rent payments? Join us for our FREE webinar on Tuesday, August 27 at 11 a.m. CT. Register now!