Renters have many options to pay their other bills electronically and having an option to pay rent electronically is now expected. Landlords can also improve their rental property performance and cash flow by offering electronic payment options.
From the Landlord Perspective offering electronic rent payment options is important because it improves:
Customer Satisfaction – options to pay rent electronically are becoming essential based on the convenience factor and renter’s expectations.
The Rent Collection Process – The more convenient it is to pay the rent, the fewer the excuses renters have for not paying the rent (on time).
Operational Efficiency – Stop handling paper checks and making trips to the bank to deposit them.
Cash Flow– Eliminate delays depositing paper checks.
From the Renter Perspective, electronic rent payment options are important because:
It saves renters time from writing, mailing, or dropping off the rent checks.
Allows rent to be paid from anywhere, at any time so it eliminates excuses and barriers to paying rent.
The average renter demographic doesn’t use paper checks. Most young adults who pay rent use credit or debit card accounts.
Electronic payment options are on the rise. Renters expect to have this payment option available to them.
Make sure you take advantage of the benefits of using electronic rent payments and never worry about paper checks and or late rent bills again!
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