It comes every month, but somehow rent always seems to sneak up on residents. It’s likely there’s a period in your life when you worried about how you were going to pay rent.
Maybe there was an issue with your paycheck so you didn’t have the money. Maybe you were out of checks. These are all challenges that serve as barriers to your residents paying their rent on time.
This is part of what makes a payment processor so important to a successful property management business. If the core issue of payment accessibility were solved, many of these issues could be mitigated. Here’s how.
One of the biggest perks of having an online payments partner is the accessibility it affords residents, and property managers as well. An online portal gives residents the option to pay anywhere there’s an internet connection. If there’s a dispute as to when they made that payment, you need not worry. Everything done through an online portal is timestamped and recorded for future reference.
Residents need and want accessibility when they are on-the-go, too. Ensuring that your payment provider offers mobile payment options will increase resident satisfaction and on-time payments.
Accessibility goes both ways. It’s important that your payment processor offers detailed reporting and solid customer service. While you’re checking on your other properties, your business needs to be running seamlessly. Community Managers should be able to access the information they need and understand how to utilize it appropriately.
For residents who don’t have internet or online banking (yes, there are still some people without either of these), having an additional option for residents to pay in cash is a must. But it’s not realistic to keep thousands of dollars stashed in your office. Plus, going to the bank to deposit that money is time-consuming and tedious. It’s important that your payment processor can solve these problems, not just for residents’ ease of access, but for the efficiency of your business.
Here at PayLease we offer a diverse range of online payment options including ACH, credit cards, debit cards, and an exclusive partnership with PayPal. We also offer a CashPay solution, allowing your residents to pay with cash from over 25,000 thousand retail locations. We cover all of your bases when it comes to accessibility.
Interested in learning about making payments easier and more-cost effective for you and your residents? Take a moment to get started with PayLease.