It is true that property managers are more concerned with their day-to-day duties and less concerned with implementing new solutions for collecting rent online. To many property managers, online payments seem complicated; they will say “I’d need to setup a merchant account for my business, market the offering to my tenants, and then answer all kinds of questions to tenants. And many of my tenants don’t pay with checks! Basically, it’s just another thing to worry about.”
This popular sentiment is simply wrong. We believe it can all be summarized in four simple steps.
Setup and Support
Supporting you and your tenants should not be a chore. Let your payments vendor do that work. This means providing you with clean templates to help you notify and market this new payment program to your tenants. Also, your payments vendor should be willing to get on the phone with you and your tenants to help them get comfortable.
Provide Payment Options
Not all tenants pay the same way. Not all late fees are the same. Your online rent payments vendor should provide you the flexibility you need to receive rents how your tenants like to pay: cash, check, debit, or credit. (Yes, cash can be processed through an online rent payments platform). Your vendor should also provide options for you to customize and automate late fees. You deserve options and should demand them from your vendor! If the vendor you are considering doesn’t have what you are looking for, don’t be afraid to ask – the feature could be on their roadmap.
Seamless Brand Integration
Are you concerned that your tenants will be confused if they rent form the “The Oaks” but then they need to go to some other random site to pay rent? This can get confusing for some tenants. Ask your vendor if they integrate their payment solution into your website so you can keep the branding experience for your tenants as seamless as possible.
Your vendor cannot forget to support the ongoing questions and needs of your tenants. Questions will come up and who will be around to answer them? You don’t want them, do you? Can you or your tenants get a real person on the phone? Solid communications are necessary to keep your customers happy.
Online rent payments result in significant time savings for you and your tenants. It distinguishes your property from your competition, which is certainly a consideration factor for both current and prospective tenants. And let’s be honest, today, most tenants would rather pay online!