Our latest webinar, Increasing Online Payments, with special guests Lisa Trosien and Doug Chasick, had a tremendous turnout. Doug and Lisa fielded questions from property managers and gave excellent advice about how to get more residents to pay online. If you weren’t able to attend, here are the takeaways that resonated most with our audience.
Implement a full suite of e-payment options
Most management companies stop short at ACH and credit card payments since this is how the majority of residents will choose to pay. Take advantage of all electronic payment options your provider offers to accommodate residents who cannot pay this way. Cash pay options, which allows residents to make a payment from retail locations like supermarkets or Walmart, are rapidly gaining popularity. And since some residents will always prefer to pay the old fashioned way, implement a check scanning solution to convert those payments into electronic transactions.
Electronic payments don’t require internet access
Some residents do not have internet access, but that doesn’t mean they are forced to write a check. Remind them that PayLease offers live call center assistance (available 24/7) for credit card or ACH payments. Additionally, in-person payments (like the cash pay option mentioned above) let residents pay from a retail location.
And if you don’t already, you may want to consider dedicating a computer in your leasing office to resident use. This will provide residents without a computer or internet access an avenue to pay their rent online.
Remind residents that ACH – or e-check – is the most cost-effective way to pay their rent electronically
While ACH and debit card transactions have the same end result (money being withdrawn from a checking account), they are processed through different networks. ACH transactions are processed through the Federal Reserve System using an account number and a bank routing number. Debit card transactions are processed through proprietary credit card networks, which have higher processing costs. If you are passing along the convenience fees to residents, they can expect to pay just $2.95 for an ACH transaction.
Take advantage of free marketing materials
It’s simple. If residents don’t know about the different ways they can pay, you won’t see any electronic payments. PayLease offers a variety of custom marketing materials that are tailored to your portfolio type. And they are free! If you are interested in ordering free materials for your company, click here.
For more tips about increasing the number of online payments you receive, watch the recorded webinar. And for more information about decreasing the number of money orders you receive, read our case study on Franklin Management.