{"id":14604,"date":"2016-01-29T05:00:52","date_gmt":"2016-01-29T13:00:52","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=14604"},"modified":"2020-12-24T03:45:49","modified_gmt":"2020-12-24T11:45:49","slug":"online-payment-essentials","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/online-payment-essentials\/","title":{"rendered":"Online Payment Essentials"},"content":{"rendered":"

The newest National Multifamily Housing Council (NMHC) survey<\/a> offers dozens of helpful insights. The gathered data reflects 120,000 responses from 44 markets nationwide. Though the survey covers everything from home features to community amenities, we found one action item that can save you \"onlinepayments\"<\/a>time, money, and headache: make online payments essential.<\/p>\n

Of those surveyed, 78 percent of renters prefer to pay rent online. If you aren\u2019t offering online payments<\/a>, your property instantly poses an inconvenience to renters.<\/p>\n

By offering online payments, you are reaching renters in a place where they spend much of their time. Pew Research Center data states that nearly 75 percent of Americans are online daily. Of that amount, more than 50 percent connect multiple times a day and 21 percent are on their mobile devices \u201calmost constantly.\u201d<\/p>\n

Online payment processing is a value-added convenience for renters. It allows them to automate payments, avoid late fees, and skip the hassle of ordering, paying for, and writing checks. Since so many Americans are already paying their bills online and through apps, the option to pay online becomes an expectation rather than a novelty.<\/p>\n

Online payments are also a great way to cut costs. InfoTrends<\/a> analyzed costs associated with online billing versus paper billing. Electronic bill delivery and online payments averages $0.32 each, compared to paper-based bill delivery and payment at $0.76 each.<\/p>\n

Receiving online payments come with additional benefits. Rent payments are sent directly to the property bank account. There is no risk of a lost or stolen check. You can also minimize human error associated with check processing, such as a check sitting on an agent\u2019s desk for weeks.<\/p>\n

Online payment processing simply makes sense for all involved parties. Below are a few tips to make property-wide adaption a breeze.<\/p>\n

Make It Feasible <\/strong>Be sure that your residents can take advantage of mobile services by providing fast, consistent internet coverage. They can\u2019t pay online if they can\u2019t get online.<\/p>\n

While speedy internet is great for making online payments, it\u2019s also a must-have amenity for your property. NMHC reports that \u201cmobile is king with 91 percent of apartment renters using a mobile phone.\u201d The report also states that \u201c53 percent of residents tested connectivity during their apartment tour.\u201d It\u2019s worth adding that 98 percent or renters state that good reception is important.<\/p>\n

Make It Effortless<\/strong> Adapt a user-friendly online portal. Yardi\u00ae RentCafe<\/a>\u00ae makes it easy by integrating payment processing amidst other renter-friendly features. Renters can pay rent online, submit maintenance requests, and get updates on the community blog.<\/p>\n

Make It Known<\/strong> Do your renters know that they can pay online? There are several ways that you can highlight this service.<\/p>\n