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Although electronic rent payments may sound like a boring subject, trust us, it can be fun! RentPayment, the world’s greatest apartment and multifamily electronic payment processor is Touting!
Tout is a new social media platform in which members “follow” one another. This video micro-blog allows users to post 15 second video clips in lieu of standard text status updates. We hope to share some of the fun that goes on at the RentPayment offices as well as at our company events. Through this, you’ll be able to get to know some of our dedicated employees that help your business accept electronic payments smoothly each and every month!
Another NAA Annual Education Conference & Expo has come and gone. For RentPayment, this NAA show was our largest trade show presence in the company’s 12 year history. With 14 employees representing our brand and a state-of-the-art 20’x20’ booth, we were out in full force to connect with current and future clients on the exhibition floor.
RentPayment was proud to discuss and educate NAA participants on our newest ePayment technologies including RentByTextTM which allows residents to pay their apartment rent via text message, our innovative iPhone app, our customizable eBlasts to help you market RentPayment to your residents, and much more! Many conference attendees were also eager to learn about the various types of property management software that RentPayment is capable of integrating with. Online payments are only a piece of the technologies and services that RentPayment offers its clientele. While learning about RentPayment’s unique features, guests were able to unwind from their busy day in Vegas and relax with complimentary massages.
If you missed us at NAA and are interested in talking to one of our Sales Representatives regarding our services, please contact us at Sales@RentPayment.com and stay tuned for more information on where to find us next!
Most of you aren’t as lucky as I am to be able to nap and exercise all day. Being a Property Manager usually means hectic & busy days, spending hours in front of a computer, and dealing with stressful resident situations. This can be strenuous on your body…
My advice? Take breaks during the day and do a few simple yoga positions to release the tightness and stress. Plus, taking a moment to get a good stretch can really revive your energy!
For many of us (Generation X and older) the personal check as a payment method is something we grew up in managing our finances (“balancing our checkbook”). Despite the convenience of managing our finances online between bill payment (direct biller websites and online bank bill pay services) and personal finance tools (like Mint.com) checks are still necessary for most charitable contributions or paying for maintenance work at our primary residence (mowing, snow shoveling, pest control). In addition, there are those few renters that still haven’t signed up for RentPayment that may be living in the dark ages of paying their rent with a check as well.
In contrast, Generation Y who represents the greatest influx of new renters (particularly when unemployment goes down and they FINALLY move out of their parents’ house) has probably never owned, let alone carried a checkbook. That means that minus a special trip to 7 Eleven or the post office for a money order, the fastest-growing demographic of renters will not have a way to pay rent unless properties embrace electronic payments. The necessity of offering renters the ability to pay by mobile technology (RentByText, iPhone app, mobile-optimized version of payment screens) is driven by the way they communicate in their day-to-day lives. In addition, renters who have paid with a credit card or E-check in the past are shifting to using mobile devices and away from a desktop computer connected to the Internet.
Electronic payment acceptance is no longer a differentiating amenity for property management firms. Mobile payment options for rent and communicating with renters by text and email received on smartphones is the future for properties to efficiently collect rent and minimize delinquencies.
-Matt Golis – CEO and Founder, RentPayment (a YapStone company)
Matt Golis – CEO and Founder, RentPayment (a YapStone company)
With so many changes happening in the payments industry, I thought it would be appropriate to begin a regular blog on topics that address where payment services delivered on the Web can benefit vertical markets like multifamily and other bill payment-related industries.
Delivering electronic payments-as-a-service (ePaaS) has been a solution that more of our clients are seeking as a way to offer more choices to renters paying online. With the variability in cost associated with credit/debit cards, ACH/E-check, scanned items and other emerging payment methods, property managers regularly express concern with transaction fees attributed to increasing adoption by renters. After pioneering online rental payments back in 1999, this migration to offering a complete payment service has made bundling more technology (as opposed to simply card or ACH acceptance) the next logical step in this evolution away from check acceptance on-site. With a flat bundled service, properties have the freedom of promoting electronic payments to renters since the incremental cost per transaction is eliminated. This provides certainty around the costs of offering this critical amenity, while saving money in reconciliation, posting, and depositing payments through a complete Web-based reporting and batch reconciliation service.
To provide the convenience of accessing a payment service from the renter standpoint, offering the most mobile-enabled options has proven vital to adoption. RentByText, iPhone apps, and other smartphone-enabled RentPayment interfaces are what Generation Y uses as their primary communication tool. As popular as the Apple iPhone has been, renters using an Android phone for paying rent are the fastest growing segment in the past quarter. Delivering more value in both the mobile and desktop computing channels will be a top priority as RentPayment continues to innovate and deliver technology value to property management clients.
Top 3 Reasons I Pay My Rent Electronically
BY LAUREN BOSTON
I’m 24 years old, and I learned how to write my first check last year.
This makes me sound like the spoiled daughter of a rich entrepreneur, but I’m actually the self-sufficient offspring of a high school teacher. I just pay for everything online—rent included.
We all know the operational benefits of electronic rent payments, but what’s in it for the renters? There will always be elderly, cautious or technologically challenged residents who insist on paying their rent in person, but for the majority of today’s residents, the more that can be done on the computer, the better.
Following are three reasons I pay my rent online:
1. I’m Losing My Mind. I have difficulty remembering to pack my lunch every day, so do you really think I can remember to pay my rent? Electronic payments are the best way for absent-minded renters to pay their bills on time, with most programs offering an automated withdrawal option. My bank account is linked to my resident portal, and money is transferred on the first of the month—an incredibly helpful option for someone who has racked up way too many late fees at the library. Now I can sit back, relax and rest assured my rent is paid on time. I just wish I could find my keys…
2. I’m Anti-Social After Work. The leasing office at my apartment community is nicely decorated and the employees are friendly, but it’s still not on my Top 10 list of favorite places. When I get home after work, I want to hibernate in my apartment until it’s time for bed, not trudge down to the leasing office to pay my rent and socialize with a pack of prospective residents. Not to be Mrs. Scrooge here, but I’ve just spent half an hour fighting for a seat on the bus home and I need some peace and quiet. If I can pay my rent from the comfort of my couch, sign me up. Bah, humbug!
3. I Live in a Fantasy World. If you paid top dollar for a Liberal Arts degree like yours truly, chances are you have a pretty meager salary, a good chunk of which is allocated to rent. I know having a roof over my head is one of those necessary expenses—just like the four bottles of nail polish I purchased this week—but it’s a big investment that I don’t want to think about any more than I have to. And because I’d prefer to live in a fantasy world, I want my rent to tip-toe out of my bank account automatically, without so much as a whisper. Writing out and delivering a check somehow seems much more real and depressing. Yes, I understand it’s still the same amount of money, but automated payments feel less painful. I was aware of the monetary sacrifice I’d have to make when I signed the lease; I don’t want to be reminded of it every month. Hey, ignorance is bliss.
Lauren Boston is NAA’s Staff Writer. For more of her blogs, check out www.naahq.org/blog. She can be reached at lauren@naahq.org or call (703) 797-0678.
The August issue of Units Magazine provided a list of reasons detailing why missing rent payments can be a risky habit. A few of the reasons mentioned include:
- A paper trail of poor rental history
- Possible eviction from community
- Negative impact on your credit score resulting in:
- future rental application issues
- trouble gaining employment
- denial of future mortgage, automobile or student loans
At RentPayment we believe our services benefit renters and help stem the risks associated with late payments. We focus on providing a simple, easy way for renters to pay their rent – either online, via text message or over the phone (with an agent). One of major advantages of our services is assuring that your rent is paid every month on time, no matter what.
When rent is paid using RentPayment, everybody wins. The property manager is assured they will receive rent monies on time and renters can rest easy knowing their rent has been paid – and they didn’t even have to walk to the manager’s office to drop off their check!
It’s a seemingly easy task to pay your rent on time, but one that is often put on the bottom of a “to do” list. When rent isn’t paid on time, it turns into an unnecessary hassle for renters and property managers alike. For renters that are continuously late in paying their rent, late fees start stacking up and their credit starts to dwindle. For property managers, late payments mean they must chase down renters and potentially begin the collections/evictions process.
Missing rent payments is a risky habit for renters to get into, especially when the consequences of missing payments can be so long lasting and far reaching. Furthermore, there are services available that will ‘remember’ to pay your rent for you! These services even allow you to pay your rent when you’re on vacation and can’t get to the rental office to deliver a check. There’s no reason to suffer from the effects of missing rent payments with the services available today.
So, the question of the day is: why do renters take on the risk associated with paying their rent late? Is it because they don’t think their late payments will truly affect their credit or is it because they just don’t know there are E-payment options out there to help them remember?
This post is open for discussion, please share your thoughts!
© 2012 YapStone, Inc. | RentPayment Blog