Online payments have always made all kinds of transactions convenient for customers. With the COVID-19 pandemic in tow, online payments have become more than essential. Many property owners don’t know that they can also start accepting payments online through a secure and dedicated portal for tenants and renters. Some renters also don’t know that this can be done quickly when a property management software is used. With support from BAS and your team, we can make this happen for your business and investments as well.
We are now entirely in transition with even more online purchases than ever before. Digital offerings are always welcome as the contactless transactions are a must these days. There is also nothing wrong with sustaining the effort even after the pandemic has gone because automatic, online payments will always be a massive help to lessees and renters. Statistics show that property owners who have shifted to online payments report positive changes and improvements in their cash flows. In short, automated payments are having a massive, positive impact on business.
How can you help your customers transition to digital offerings, specifically, online payments?
Use a System That Specializes in Online Payments
Not all property management software can handle online payments easily. Some of them have to be adjusted for that, while software like Yardi is built to receive online payments and make everyone’s lives more comfortable in the process. Additionally, it would help if you also operationalized or mobilize the accounting software for various other processes or actions such as payment renewals, screening, and bill payments.
When your renters have become accustomed to performing all these actions or transactions in the renter’s portal, they will stick to it because it works so well. Those who do it from the very beginning will likely not seek brick and mortar solutions anymore. Everything is on the cloud, and your renters will have the best experience ever.
Don’t Forget About Reminding Them
This is probably the most crucial step from your side as the property owner. Regular reminders can help people transition to digital platforms. Some of your tenants may be new, but if you own multiple properties, then some of your reenters may have been around for years. Send them regular notifications about upgrades in how they can pay their bills and rent. They may not know all shift at once, but every customer who opts to give your new software system and technology a try is already a success.
Reminder emails are easy to distribute, and the goal should be to educate them on how to use the renter’s portal and link bank accounts or cards in the process. Notifications can also be sent through the mail if you want. The goal is to get them to visit the Web app or mobile app and perform their contact-free transactions. Automated payments are a massive attraction because the amounts are settled immediately, and all the payment data is stored securely where your renters can easily access them.
Explore the Benefits with Your Renters
Selling an automated payment platform for renters is no different from selling a new product or service. People have to be aware of how the changes will affect them and what benefits are in store. While the full advantages of automation in payments is not always visible, it’s essential to show them all the known benefits. You can add these additional explanations when you send reminders and emails to them.
Some of the benefits are:
– Automated payments will save renters time, as they no longer have to go to the post office to mail their checks or visit a bank for manual payments.
– Automated systems increase the visibility and transparency of all parties concerned. Data from all transactions also become available. Renters can also request accounting statements pertinent to their stay in the renter property should they need the statements.
– Online payments are extremely social distance-friendly; for apparent reasons.
– Online payments make it easier for renters to plan and establish a payment plant. Payment plans to track and streamline the path to recurring payments and helps shorten accrued debt.
– Online payments have now become more secure than paper-based payments. There is now more control when you are using renter portals such as Yardi or AppFolio.
– Online payments are eco-friendly. No gas for your car needed or paper receipts. Over time, the savings for both parties are made apparent.
Multiple Payment Methods Are Essential
There might be a little resistance in the beginning, but this is to be expected. The goal of shifting to a more comfortable solution is to provide better peace of mind to renters. These changes also increase renter satisfaction over time. Providing multiple methods of payment ensures that you can cover all kinds of consumers.
Some payment methods that have already become common nowadays are bank drafts, money orders, electronic cash payments, debit cards, credit cards, and eCheck payments. If you are interested in providing flexibility in renter payment plans, you can also take care of the minute details through your property management software. Changes or upgrades will be reflected immediately in the renter’s portal.
Provide Rewards of Incentives
If you want 100% compliance with the shift to digital payments, you may want to try incentivizing it. Small tokens or gifts such as Amazon gift cards are always significant. Small discounts in the rent next month can also improve compliance and make your renters more interested in making the shift.
Another idea would be to make it a community event and hold a draw for renter’s who pay online. You only have to think creatively. Exert effort in making the transition more effective and easy on everyone. Emphasize the benefits and make sure every renter is on board why it is a good idea to shift to online payments.