Paying bills, particularly rent, has evolved tremendously over the past few years. And depending on if your renter prefers a digital or paper process, the way they pay can be vastly different. Let’s take a look:
Scene 1: A stack of bills that came in the mail, a kitchen table, a checkbook, a book of stamps. Your resident sits at their kitchen table with a checkbook, a roll of stamps and a stack of bills. He/she writes checks, inserts coupons and checks into envelopes, puts stamps on the envelopes and walks to mailbox. Bills are paid, but only in the resident’s mind. For the property manager, rent isn’t actually paid until several days later when the check arrives and it is deposited in the bank.
Scene 2: Your resident is at Happy Hour with friends getting ready for a night out. Beers and apps are just being served when someone mentions that tomorrow is the first of the month. Renter grabs their smart phone and follows a few prompts. Just like that, rent is paid they go back to the conversation.
The difference is more than generational. The technological advancements that allow us to essentially carry a fully functional computer in our pocket has revolutionized – and simplified – so many aspects of our life and mobile bill payment is just another example.
How do you ensure that you are riding this wave of technology and convenience? By having a robust mobile payment option. The advantages to you, the Property Manager, are tremendous.
- Meet renters where they are. Your renters aren’t sitting at the kitchen table with a book of stamps. And chances are that many of your renters have never written a check in their life. You need to meet them where they are. And luckily, where they are physically doesn’t matter. Meet them with a mobile payment option, and you are speaking their language.
- Increase On-time payments. Your cash flow works flawlessly when payments are made on time. Mobile options make that happen with greater regularity. Your renters can pay any time of day (or night) from anywhere using only what they have in their pocket. That is powerful and timely.
- Ease of use. With an integrated mobile payment option, your renters don’t need to type 16 credit card digits into their phone and they don’t need to know their bank account number. They can just select the form of payment from their saved profile and get back to the business of living.
Today’s renters are very tech savvy. They are accustomed to the convenience, power and connectivity that their smart phone provides. The property managers who can leverage this to their advantage will reap the rewards with happier renters and more consistent cash flow.