{"id":22866,"date":"2019-10-07T05:00:40","date_gmt":"2019-10-07T12:00:40","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=22866"},"modified":"2020-12-25T02:07:45","modified_gmt":"2020-12-25T10:07:45","slug":"online-payments-2","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/online-payments-2\/","title":{"rendered":"Online Payments"},"content":{"rendered":"<p>Are online payments really worth the fuss? The short answer is yes! But don\u2019t take our word for it. Check out seven reasons why online payments are a necessity for successful communities.<img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-22867 alignright\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2019\/08\/Yardi-Blog-Benefits-online-payments-300x184.jpeg\" alt=\"\" width=\"300\" height=\"184\" \/><\/p>\n<p><strong>Renters Seek Convenience<\/strong><\/p>\n<p>Today\u2019s residents love their smartphones. \u201cAccording to <a href=\"https:\/\/www.multifamilyexecutive.com\/property-management\/resident-life\/todays-residents-want-modern-ways-to-pay_o\">recent reports<\/a>, the average American checks their smartphone almost 50 times per day. For millennials, the number is even higher, at 74 times per day. With half of the renter population under the age of 30, digital technology is a game changer at apartment communities for both the residents and property managers,\u201d said Esther Bonardi, vice president of marketing at Yardi.<\/p>\n<p>Online banking is one of many tasks that modern renters perform on their smartphones. It offers the simplicity that renters crave: more than two-thirds of respondents to the NMHC Consumer Housing Survey said they seek technologies to make their lives easier.<\/p>\n<p><strong>You Seek a Competitive Advantage<\/strong><\/p>\n<p>Offering online rent payments gives your communities a competitive advantage. The most recent NMHC Kingsley study reveals that more than 25 percent of respondents currently pay their rent electronically.\u00a0Nearly four times as many would prefer to pay their rent online.<\/p>\n<p>\u201cAn astounding 90 percent of respondents say that online rent payment availability is important or very important when considering their apartment community.\u00a0This is the second highest rating behind online maintenance requests,\u201d shared Bonardi.<\/p>\n<p><strong>Better Security <\/strong><\/p>\n<p>Cash in the leasing office? No, thank you. Fraudulent or lost checks? You likely want to pass on those, too. Online payments offer greater security and fewer risks than cash or checks.<\/p>\n<p><strong>Flexible Payment Options <\/strong><\/p>\n<p>When residents have access to quick, easy payment options, you will receive your payments faster and on time.<\/p>\n<p>With <a href=\"https:\/\/www.yardi.com\/products\/yardi-payment-processing\/\">payment processing<\/a>, you have several options to extend to your residents. They can pay with traditional methods such as ACH, debit and credit cards. Residents may make single payments or schedule reoccurring payments. Newer options, such as text payments and Apple Pay, offer additional convenience. A growing population even uses digital assistants like Alexa to pay their bills!<\/p>\n<p><a href=\"https:\/\/www.yardi.com\/products\/rentcafe\/?autoplay=343463844\">Watch residents pay their rent via Alexa in the RentCafe resident portal.<\/a><\/p>\n<p>Even residents without access to a bank account benefit from online payments. Walk-in Payment System (WIPS) permits secure, instant cash payments.<\/p>\n<p><strong>Partial Payments? Overpayments? No Problem <\/strong><\/p>\n<p>Properties with roommate-friendly floor plans often face the issue of split and partial rent payments. On the other end of the spectrum, a few shining stars want to pay their rent in advance. You can customize your online payment platform to accept underpayments, exact payments and overpayments per your business policies.<\/p>\n<p><strong>Easier Tracking<\/strong><\/p>\n<p>Cash payments are notoriously hard to track. Check payments are easier to track, but processing times can take several days. Conversely, when an online payment is made, it automatically appears in <a href=\"https:\/\/www.yardi.com\/products\/yardi-voyager-residential\/\">your accounting software<\/a> so it\u2019s easy to track. You typically receive payment in 2-4 business days.<\/p>\n<p><strong>Scalable<\/strong><\/p>\n<p>With cash and check payments, your staff must grow as you grow. You need additional hands to help manage the paper and run errands. Payment processing software, however, grows with you. This allows you to better manage overhead costs while adding units to your portfolio.<\/p>\n<p>Want to know more about what payment processing can do for you? <a href=\"https:\/\/www.yardi.com\/about-us\/request-information\/\">Contact us<\/a> to ask questions or schedule a demo.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are online payments really worth the fuss? The short answer is yes! But don\u2019t take our word for it. Check out seven reasons why online payments are a necessity for successful communities. Renters Seek Convenience Today\u2019s residents love their smartphones. \u201cAccording to recent reports, the average American checks their smartphone almost 50 times per day. [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":22867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6],"tags":[29,2226,170,2720,662,40],"class_list":["post-22866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-multifamily","tag-online-payments","tag-rentcafe","tag-rentcafe-resident-portal","tag-wips","tag-yardi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"Are online payments really worth the fuss? The short answer is yes! But don\u2019t take our word for it. 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