Obviously, the RenterUp team is passionate about paying rent online. To us, it simplifies everything for both the tenant and the property manager. For the tenants, no more digging for checks, envelopes, and stamps. The value for property managers is even greater: there are no more checks, cash, or money orders to be lost or stolen; there are no more costly trips to the bank; and, honestly, manually reconciling rent payments is a tremendous time killer.
We believe everyone should pay rent online; we do not believe everyone must pay rent online.
I recently stumbled upon a story from July 2014, by Lindsay Bramsom at KXAN, an Austin-based NBC affiliate station, describing how an apartment complex in Austin was forcing their tenants to pay rent online. Forcing them. (View or read Lindsay’s piece here: http://snip.ly/aGKc)
Forcing tenants to pay rent online is bad business. I manage seven units and have personally seen the challenges many of my tenants have with online payments: some don’t have email accounts, some don’t have checking accounts, and many don’t do well with online accounts (“I can’t remember my password” and “I don’t have internet” are the two reasons we often hear).
At RenterUp, we believe that providing rental payment options to tenants is good business. Next week we will officially announce our newest product to support the needs of cash-paying tenants, like many of those in Lindsay’s story. Our product, called Paper-or-Plastic, will allow tenants to pay rent directly in the registers of normal check-out lanes at any of tens-of-thousands of nationally recognized big-box retailers. More details will be available next week.
The point is that property managers and apartment complexes would do well to provide more payment options rather than imposing payment types. Providing more payment options illustrates goodwill and understanding that everyone’s needs are different.
We believe everyone should pay rent online, but we don’t believe that should be so limiting – we believe online can mean rental payments via cash, money order, check, or credit card.