Offering Multiple Payment Options


One of the trickiest and yet most crucial parts of being a landlord is getting tenants to pay their rent on time, and in full. In an effort to avoid slow payers, you probably send out friendly reminders when rent is soon-to-be due. However, the key to getting people to promptly pay their bills, a study finds, is providing them with multiple (technologically advanced) payment options.

There is a growing shift not only in how people are choosing to pay their bills, but also a transformation to a more digital bill payment world. It is important as a landlord to stay ahead of these changes because those who pay bills online fall behind less often and incur fewer late fees than those who pay offline or by mail. Not only should you be offering digital payment methods to your tenants, you should be encouraging the use of them as well.

Additionally, according to a recent survey where everyone paid bills on a mobile phone or tablet, 50% of them said they did so to save time, 44% said they did so because it offers anytime access, and 43% said they did so because it was most convenient when on the go. Also 69% of Americans who used electronic billing services said they preferred electronic billing because of the convenience, and 31% said they liked electronic bills because they received an email reminder each time a new bill was due.

Your tenants most likely want to pay their rent online, and you should want them to as well. Not only can it lead to fewer late payments, but also can go improve your tenant relationships. In fact, according to the survey, 37% of Americans who received electronic bills in 2012 said it improved their relationship with the company from which they received the bill.

Don’t let yourself fall behind on technology. Your tenants will appreciate it.

Find us online!