Show Me the Money! Five Ideas to Step Up On-time Payments | National Apartment Association

Show Me the Money! Five Ideas to Step Up On-time Payments

Every month my credit card company ticks me off with an email telling me that my payment is due in 10 days. I’ve never been late with a payment and half the time I don’t even have a balance. I do however, appreciate their proactive strategy, and I understand that it works.

How do you get the best bang for your buck when it comes to cultivating high-value, on-time payers? It’s a fact: seeking is easier than chasing. With that in mind, here are five ideas to consider for a low-cost, low-effort, proactive strategy to address payment compliance:

  1. Target your efforts towards habitually late payers. Late payers? Delinquent accounts? Zero in on the segment with the most potential for improvement and retention. Step up your communications to this group to seek their payments before they’re due.

  2. Send personalized reminders that are most likely to reach your target. Use voice messages, text messages, emails and even social media. Send several and stagger them to make sure you hit the forgetful and unorganized.

  3. Protect everyone’s comfort level by adding an anonymous voice to your staff. For voice reminders, choose a natural-sounding, automated voice. Don’t jeopardize your staff’s relationship-building efforts. Get off the phone and out of the hot seat.

  4. Deliver reminders in the languages your tenants speak. It can only help!

  5. Get documentation. If you have to eventually pursue collection options, documentation will be helpful.  Keep reports that confirm your messages were received.

Seeking payments or chasing them down… a proactive approach beats a reactive response every time.