Are you tired of the hassle involved in keeping track of hundreds of cheques, lost cheques, and reports of cheques that are presumably “in the mail” for an extended period of time? If you answered yes to the above question, then you are not alone. As your company expands its horizons, what you need is more time on your hands, not less. Expansion brings even more paperwork, many more tenants to keep track of, and an increase in the volume of payments that need to be reviewed and processed. Online payments will rid you of much of the stress that usually accompanies rent week.
Here are five ways to encourage online payments and increase usage amongst your tenants.
1. Encourage tenants to sign up when they renew their lease
Many tenants may be simply unaware of the options available to them when it comes to paying their rent since they have lived in your property for years and are oblivious to the improvements you have implemented in the payment process. This is an opportunity for you to provide them with assistance in getting their accounts set up should they need help with the initiation.
2. Employ a tenant portal for the most convenient payment options
Empower your tenants to pay easily and on-time with an online portal option. This enables them to pay wherever they may find themselves in the world and at any time of day or night.
3. Automate rent reminders to tenants
More often than not people appreciate friendly reminders of their upcoming bills and payments that are due. By setting up an automated rent reminder to your tenants you can potentially save yourself and your tenants a lot of trouble. You likely will not have to worry about as many late payments when you eliminate the factor of simple forgetfulness for your tenants. Of course, if tenants wish to opt out of these reminders, give them the option to do so.
4. Educate tenants on the advantages of your online payment system
People tend to get comfortable with their familiar routines and can be pretty resistant to change. This resistance can simply be due to ignorance of the advantages of the opportunities that come their way. This is where you, as their property manager, can effect change. Simply educate your tenants on the facts of how the system operates, the security features, and how it can greatly improve their payment experience. You may be surprised at their willingness.
5. Accommodate multiple payment methods
Being flexible as to which payment methods you accept will broaden the scope of people who will sign up for your online rent payment system. Allow for one time payments as well as for recurring payment schedules based on the tenants’ needs. Make it worth their while and it will definitely be worth yours!