The Key to On-Time Rent Payment? Multiple Payment Options!
As a property manager, you know that no two renters are the same. And you wouldn’t want them to be – a diverse population living on your property will only make the community better. But there is probably one quality you want all your tenants to share – being on-time rent payers.
Since no two tenants are the same, the key to getting them to pay their rent on time is to offer them multiple payment options. And it’s a good idea to make sure that one of those options is a high-tech one. If your tenants are online bill payers and you only accept paper checks, there’s a good chance that writing a paper check is a duty that will fall through the cracks as your tenants quickly pay all of their other bills online.
Recent studies have also shown that not only is it a good idea for you to offer your tenants a high-tech bill-paying option, but you should also encourage them to go that route. In a recent survey, about a quarter of respondents who do not pay bills online reported that they paid a bill late because they had trouble keeping track of it. In contrast, only 7% of respondents who pay their bills online reported the same problem.
Encourage online rent payment
If you want to avoid difficulties with late or delinquent payments, encourage your tenants to pay their rent using the method that makes them comfortable. Provide your tenants with a secure portal where they can view their balance and make online payments. It’s an easy and convenient way for your tenants to pay their rent online from anywhere – on the go, at the office, or from the comfort of their homes. Property management software platforms such as Pilera can accommodate any payment providers you have, including Paylease, Authorize.net, or any bank of your choosing. This gives you the flexibility to offer multiple payment methods and improve the collection of payments.
Offer options and subtly encourage tenants to choose an online option. Not only will doing so provide you with a steady and uninterrupted cash flow, but it will likely keep tenants happy and more likely to renew their leases.
Pilera is a best-of-class, easy-to-use, comprehensive online property management solution for apartments, condos, and associations. Pilera provides the easiest, most comprehensive data management capability available to property managers, leasing agents, boards of directors, and back-office personnel. Quickly and easily access whatever you need, whenever you need it, from wherever you need to be with office or mobile phone connectivity. You are never out of touch. Act on the document/information accessed from the office or “on-the-road” with Pilera-supported mobile capability. Contact us today!