Online Versus Traditional Payment: Where Do We Stand?
A recent study revealed a growing shift in how residents pay their fees.
It’s been a long-held belief that older people prefer the traditional way of paying by check, younger people prefer paying online, and the sandwich generation still hasn’t made up its mind. That notion has been dispelled, however, as people from all generations are discovering the ease and convenience of online bill pay. That means, as a property manager, if you don’t have multiple payment options available to your residents, it’s time to think about doing so.
Many property managers who saw this trend coming and have long-standing EFT systems in place are now offering incentives to use them. Residents who are using them are less often late with their payments, which is good for everyone.
So of those who have switched to online payments, why do they prefer it?
- 50% say it saves time
- 44% prefer the “anytime” access
- 43% find it most convenient on the go
So as the younger generation becomes the older generation — and all generations start to see the benefits of online payments — your residents will most likely want to pay their fees or rent online, and you should want them to. It will mean fewer late payments and delinquencies, and a lot less wasteful paper processing.
Technology continues to march on. As a property manager, are you in step with it?
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!
