Apartment Communities Keep Checkbooks Alive
Rent is one of the few items people still pay by check. But why?
Paying bills online is a common practice for credit cards, utilities, cell service — you name it. One commodity it’s not quite popular for? Rent.
Checks still remain the primary form of payment for 70 percent of U.S. renters, Bloomberg Business reports. And although many residents, especially younger tenants, claim to want the ability to pay online, online payment sign-ups are slow because tenants seem to be reluctant to adopt a new system. Even dedicated events and incentives designed to entice and help walk residents through the process aren’t always successful.
Some property managers also may be averse to setting up online payment systems in place of receiving checks, depending on how many units they manage.
Experts don’t anticipate this to remain the case forever, however, especially as online payment systems such as Venmo and Apple Pay continue to become more convenient and easier to use. One payment option experts don’t recommend converting to is credit cards, because of the steep processing fees.