Some managers and tenants may find themselves hesitating when it comes to online payments due to concerns such as payments failing, or having to navigate the technology on their own. However, with the proper tenant portal these concerns are removed and the benefits far outweigh the concerns. Here is why online payments are so integral.
Save Time and Money:
To begin, in today’s digital world we are moving away from the unnecessary use of paper at every opportunity. Paper is costly and sometimes inefficient. Paper checks in the mail is a slow process which has only been exacerbated by the pandemic. This method of payment can also easily result in lost payments. Research shows that tenants appreciate the ease and speed that digital payments provide, and will inevitably improve your cash flow as well.
Offer a Safe No-Contact Method of Payment:
Since the start of the Covid 19 Pandemic, safety has been the foremost concern on everyone’s minds. Digital payments provide the perfect solution for paying rent in a safe and socially distanced manner. There is no need to go into the management’s office or to a public bank when every resident has the ability to make payments from the comfort and security of their own homes.
Eliminate Geographical Boundaries:
Managers and tenants can rest easy when they find themselves out of the country towards the beginning or end of the month, since rent payments can continue uninterrupted from anywhere in the world when using digital methods.
Set It and Forget It:
Digital payments also present the opportunity to set up automatic recurring payments. This enables renters to rid themselves of the headache of remembering to pay their rent on time, and avoid late fees or penalties.
Offer Simplicity and Convenience:
Eliminate trips to the bank for both management and residents with digital payments that are completed within minutes. No need for checks, envelopes of cash or money orders when a resident can simply pay his rent while lounging on his living room couch. On the management end, you will also no longer need to keep track of hundreds of checks or bother with chasing down tenants for late payments.
Digital Record of All Payments:
Digital receipts offer visibility and accountability. Having all receipts in one place is highly beneficial for accounting and tax purposes, as well as to avoid potential disputes between management and tenants. Digital receipts also greatly reduce the use of paper to help keep our environment a safe place to live.
Cater To Today’s Shifting Demographic:
Did you know that the majority of renter’s now are Millennials or Gen Z? These renters practically grew up with smartphones in their hands. In fact, gen z renters consider property technology such as an online portal to be a crucial factor when looking for a rental unit. These renters don’t want to bother with anything other than quick online payments.
The MyPortal by Payquad Solution:
Some tenants may worry about late fees for failed payments, and managers may worry about late payments altogether. Other worries may include incurring NSF fees due to automatic withdrawals, or dealing with the hassle of figuring out how to operate the technology. However, there are numerous ways to avoid all of these problems and Payquad has you covered. Automatic emails are sent out as soon as a payment is declined, to notify the tenant that action is needed on their end. We also offer both options of either one-time payments or automatic payment schedules, in order to best suit the individual needs of each tenant. This helps to prevent NSF fees and/or late payments. Most importantly, our dedicated support team is available to answer any inquiries that your management staff or tenants may have through our online chat, support line, or support email. Sign up now for a free demo!