10 Ways to Get Residents to Pay Rent Online
Digested from 10 Helpful Tips to Drive Online Payment Adoption
Property Management Insider (12/29/15) Blackwell, Tim
Rent collection practices still err toward checks, despite the fact that 78 renters would prefer to pay rent online. (Sixty-three percent would also prefer to pay by credit card.)
Despite the high interest, residents have been slow to adopt online payment. Here are 10 ideas to entice residents to use online payment systems:
- Note the online payment option when new residents move in.
- Remind residents in their lease renewal notices that they can pay rent online.
- Mandate online payments in the lease (if your state allows it).
- Set up a resident portal that makes it easy for residents to access the payment system.
- Send email reminders for rent due dates with a link to the online payment system.
- Add a payment kiosk in the leasing office or business center for universal access.
- Give away gift cards or other incentives to entice residents to sign up for online payment.
- Educate residents on recurring online payment as a benefit to avoid late payments.
- Allow credit cards as a form of online payment.
- Highlight the eco-friendliness of going paperless.