You know you need to accept rent online. But what should you be looking for? That’s another question.
Being able to pay rent online is the number one most-asked for feature by today’s savvy renters. Today’s renters are sophisticated, tech savvy and increasingly more aware of technology that will simplify their lives. Renters want to be able to make a payment from their smartphone while on the bus on the way to work. Residents want to be able to access their past rent payment history with the touch of a button from anywhere in the world. Renters want to be able to pay rent from their favorite rewards credit card whenever they want.
But you knew all that; you didn’t need me to tell you. You’re a smart, progressive property manager and feel the pulse of today’s renters. Even more so, you hear it from them on a daily basis.
So how to do it? How can you start offering online rent payments in a secure, simple and easy way?
Here are a few things to keep in mind when looking for a company to help you accept online payments.
- Make sure they specialize in YOUR industry. You want to have a platform that was built for you and your needs. There are many nuances in property management that need to be addressed in an online rent payment system. It’s not one size fits all.
- Property management experience is a MUST. Anyone can open a business and start accepting payments, but the smart manager understands that experience makes all the difference. A system built from the bottom up with a deep understanding of property management and payments is a HUGE advantage.
- Robust reporting to track and view every transaction is vital for your ability to really benefit from an online rent payment system. Look for a system that will not only give you a real-time view of your residents payments but a 360 degree window into your past, present and future transactions.
- Ease of Use– The user experience for both tenants and managers is probably one of the most important aspects of a system. If your tenants can’t use the system easily- they wont. A simple and easy-to-use user interface is crucial.
- Offer multiple payment options for the convenience of your residents. Surveys have shown that giving tenants more ways to pay increases the probability of on-time payment.
- Mobile connectivity– Today’s renters are on the go and expect mobile options. Ensure your payment solution is available on any internet enabled device for 24/7 access and usability.