How to Solve the Rent Payment Puzzle [eBook]
In recent years, the millennial generation has been scrutinized by businesses looking to appeal to younger consumers. What many have overlooked is that the influence of this convenience-seeking and tech-savvy group extends far beyond their age group. Millennials have set a generational change into motion, setting the standard for what is expected from the marketplace as a whole and inspiring an entirely new segment of consumers.
“Gen C” or “the connected generation” is not defined by age, but is made up of anyone who buys, communicates or connects via digital interactions. Renters from this group have driven demand for more advanced technology and a broader range of options from apartment communities, particularly related to online payments. 68% of renters now take advantage of this method, with the millennial demographic leading the way at 85%. This is a huge leap from 2012, when 70% of renters paid their rent by check.
The rapid adoption of online payments has presented new challenges for property management companies, who need to provide as many choices as possible to maximize revenue while still keeping up with technology. The rent payment process is often puzzling, but it can be easily solved with the right resources.
Here are five factors to keep in mind when deciding what payment options to offer multifamily residents:
Some providers charge either a flat fee or take a percentage of each transaction—which can add up quickly. Choose a money services business that shifts the responsibility for fees to renters.
To protect your business, you need to ensure all transactions comply with legal regulations. A money services business is your best bet to protect your business from fines and penalties.
Select a system that offers multiple payment options to make the process easy for residents and maximize rent collection.
4. Integration with Accounting
Select a payments solution that integrates with your property management systems to increase productivity.
When a resident is taken from your website to an unfamiliar page to pay rent, they may question if their payment information is secure. Look for a payments solution that customizes their system to look like your own for an easy transition.
To meet the needs of your residents and fit their lifestyle interests, multifamily communities need a payments solution that meets all of the above criteria. In our new eBook, you will learn how to provide the convenience renters expect, while still cutting costs. Download today and learn how to solve the rent payment puzzle!