Property management companies implement online payments to eliminate unnecessary work and to add convenience to their life. Sadly, some property managers are so overwhelmed at the office that they don’t have extra time to maintain or promote the system.
What they don’t realize is that with a little effort, the number of online payments received can drastically increase – resulting in a huge time savings when it comes to collecting rent. And even better news is that your payment vendor may be willing to do all of this on your behalf. And for free! Here are some things your payment provider should offer you to maximize utilization of your online payments program.
- Custom Resident Marketing Pieces: Custom marketing pieces should be a standard offering from your provider. Based on your portfolio type, your payment provider can make recommendations for the types of materials that will be the most effective. Additionally, they should customize the pieces for your company and print them for free. The more residents that know about online payments increases the likelihood they will choose to pay that way.
- Training Programs: Instead of conducting trainings yourself, lean on your vendor to train employees on your online payment system. Your payment vendor’s reps are experts on the system and can answer any questions your employees may have. They can also give pointers on the most efficient way to process payments online. Be sure they also provide you with user guides and/or knowledge base articles for you to reference should you have a problem.
- Quarterly Business Reviews: Quarterly business reviews are a great opportunity to learn exactly how your company utilizes online payments. Your account representative will analyze your account metrics and can put together a plan for how to improve payment performance. They can also recommend products and features that might make sense for your organization.
- 24/7 Resident Support: When residents have questions about their payment, it’s ideal if they have a 24/7 support line to call. This will reduce the number of inquiries your property managers receive and cater to those residents who prefer to speak to a live person when processing their payment. Finding a vendor with adequate resident and property manager support resources is a must!!
- Resident Reminder Programs: A last minute reminder that rent is due is a great way to prompt residents to pay online. Email reminders are extremely effective and your vendor should be able to not only provide content, but should handle the logistics of sending the message. Some online payment providers can also coordinate a mass text (from your organization) to your residents.