Ever forget your wallet and wish you could use your cell phone to pay for your daily cup of coffee? Those days have arrived. It’s 2012 and mobile payment technologies are booming, making payment transactions for residents faster and easier than ever. According to a Juniper Research study, it’s predicted that mobile payment users will grow by 40% to reach 2.5 billion globally by 2015. Payment transactions made through text messages continue to grow rapidly while other new mobile payment technologies and smartphone applications gain in popularity every month. Other mobile technologies, such as near field communication (NFC), allow people to make payments in stores, directly from their mobile phones quickly and securely.

With our lives mostly on the go these days it just makes sense to find ways for people to easily pay their rent. RentPayment has vowed to give renters a multitude of payment options including mobile payments with RentByText and our RentPayment Mobile iPhone App. Below is a video with more information on our mobile payment options:

Mobile payments help Property Managers Bridge the gap between technology and in person payments making them fast, easy, and secure. Properties see the benefits of accepting electronic payments for rent, including more on time payments, integrated accounting and higher closing rates on leases. Email us at Marketing@RentPayment.com to find out ways we can help get residents at your community making mobile payments today!

The CEO of YapStone Inc., RentPayment’s parent company, Matt Golis, was recently interviewed and featured in an article by Multifamily Executive titled, “Durbin Does Debit: Dodd Frank Amendment Saves Multifamily Some Dough.”  The article discusses the widely debated Durbin Amendment and its potential effect on the multifamily housing industry.

The Durbin Amendment is an addendum to the Dodd Frank Financial Reform and Consumer Protection Act passed by Congress in 2010, which calls to expand Federal Reserve powers for setting interchange fees in relation to debit card transaction processing.  In laymen terms, the Durbin Amendment, which went into effect on October 1, will lower the fees associated with processing debit card payments.

This is a great benefit for the multifamily housing industry, as it will facilitate the transition to electronic payment options for properties and their residents. Property Management Companies and individual rental property owners can now provide their residents with the luxury of paying their rent online, by phone, or by text, with a debit card, at lower prices than ever before.

To read the entire article click here.

Just as promised, we are excited to announce the BIG PREMIER of RentPayment’s 2011 Student Housing Promotion Wrap-Up Video!  Seeing the “Love at First Click” Promotion come to life was extremely exciting for us and we couldn’t wait to share this video with all of you.

Sit back, relax and enjoy the “show”!
 

Once again, thank you to all the property managers and their management staffs! Without your help, dedication and enthusiasm this promotion could not have been such a success.  We promise to keep the promotions and prizes coming for you and your residents.

Don’t let your community miss out on a chance to win BIG for just paying their rent online! Stay tuned to the RentPayment blog for future promotions, giveaways, coupon codes and sweepstakes.

Keeping in theme with our “Love at First Click” 2011 Student Housing Promotion, we thought it would be fun to share some thoughts about the things we love, which can all be done with just one click!

Here is a list of the top ten things we fell in love with at first click:

1. Paying rent online with one easy click for a chance to win prizes through promotions!  Hundreds of renters have won great prizes with RentPayment.com.
2. Sending emails.  Electronic messaging allows us to communicate instantly, with the click of a button. No more snail mail!
3. ClickPay emails from RentPayment – What could be easier? One click and your rent is paid!
4. Becoming “friends” on social media sites, like Facebook.  Keeping in touch and finding long lost friends and relatives has never been easier.
5. Sharing RentPayment blog posts with one click!
6. Online shopping.  Indulge in your shopping cravings and add items into your shopping basket with just one click!
7. One click phone installs from the iTunes store – downloading the RentPayment App takes only seconds!
8. “Undo-ing” an action on your computer. I always sigh with relief when I remember that I can utilize the trusty “Undo” function to fix any mistake with just one click.
9. Retweeting or social sharing RentPayment posts.  Be sure to tell all your residents about RentPayment or remind them rent is due, with just one click!
10. Video chatting with someone in another country. Not only is talking to someone across the globe just a click away, so is seeing them!

Share what you fell in love with at first click on our Facebook page, or tweet to us, using #RentPaymentLoveAtFirstClick.  Happy Clicking!

Top 5 Underused Leasing Tools

Leasing Agents and Property Managers alike often neglect to utilize certain readily available resources that can help close more leases and fill more vacancies. Here are five apartment leasing tools that you might already have at your disposal but may have overlooked:

1)      In-person payments to close leases on the spot.

Properties accepting electronic payments with RentPayment have the capability to collect application fees, security deposits, and first month’s rent with a resident’s credit card or debit card.  This can be done using the online RentPayment website or in-person using a credit card swipe terminal.

This apartment sales tool will help you to close leases quickly by keeping the potential renter on-site throughout the leasing process.  For example, if a property does not accept credit card payments for application fees and security deposits and the potential renter does not have their checkbook with them, the renter will have to leave the property thus delaying the close of the lease and another opportunity might not arise.  However, by being able to accept application fees and security deposits by credit card, managers can instantly approve prospective residents, their deposit and lease payments which results in a lease much quicker and diminish the risk of losing the lead.

2)      Social media sites in the absence of community web sites.

If financial or technical restrictions prevent your property from creating a website of its own, using free social media outlets can be a viable substitute.  These avenues allow you to stay in contact with potential and current renters via the internet.  To make sure it functions as an apartment marketing tool, be sure to update the community profile constantly with move-in specials, renter testimonials, applicable online links, and photos of your property, specifically model units and floor plans.

3)      Updated after-hours voice recordings with leasing info.

By updating your property’s answering machine regularly, you can help potential renters that call in after-hours learn about your community’s amenities and current leasing specials even when the office is closed.  Including apartment leasing information in your voicemail greeting such as time-sensitive specials and unit availability can help create a sense of urgency for the potential renter.  Also, be sure to inform potential renters of the online resources available to them; such as filling out their applications and paying the application fee online anytime (after office hours) using RentPayment.

4)      Over the phone and online rent payment capabilities for site unseen prospects.

More than ever, potential renters are using the internet to find a new home.  Because of this, it is important to have online rent and deposit payment options available to these potential renters.  A remote prospective renter is more likely to sign a lease with your property if you make the research and application process convenient and efficient for them.  Offering potential residents the option to pay their fees in advance, online or over the phone with RentPayment’s ePayment platform simplifies the process for the renter. This can also help the leasing process for many corporate housing properties where site unseen property payments are necessary.

5)      EPayment capabilities as an amenity on online apartment listing sites.

Monitor rental listing and ILS websites to ensure that your property’s online credit card and eCheck rent payment options are listed as a community amenity.   Paying rent online and flexible payment options (including mobile payments) are becoming an important selling point to potential renters.

The year is 2011 and it’s fair to say that most residents own a computer and a cell phone.    Since most renters have the tools necessary to pay electronically, management companies should take advantage of all the inherent benefits in digital transactions. Additionally, as technology shifts to mobile devices and PDAs, it will also make sense for apartments to expand their electronic payment options into the mobile payments arena or at least partner with a company that does.

Mobile payments are an increasingly popular form of electronic transactions and include payments by text message, smart phone apps, and through mobile web browsers.  Payments by text message are the fastest growing payment method for RentPayment customers, averaging 1,000+ sms rent payments per month. Accepting mobile payments can be a solution to many of the recurring problems Property Managers face each month.  For example, mobile payments are perfect for residents who need to pay when they are out of town and for renters that need to pay after hours or at the last minute to avoid a late fee.   For Property Managers, it’s extremely helpful to be able to accept payments 24/7 and give renters several flexible options for how they can turn in payments.  With this is mind, why would property managers bother themselves with slow paper checks or late rental payments from forgetful residents?

Research suggests the insecure stigma often associated with mobile payments may play a role in the lack of mobile payment adoption but RentPayment customers show no signs of delay.

Despite the high number of American households that utilize mobile payment solutions, many still question the security of these mobile devices.  A recent study by Mobio Identity Systems reported that 51% of respondents have made one or more mobile payments within the past three months.  However, the same study reported that 94% of respondents would make mobile payments if they could be ensured of its security.

For RentPayment clients, security clearly is not an issue. Property managers can assure residents that all mobile payments processed through RentPayment’s mobile interfaces are 100% secure.  RentPayment’s mobile payment options, including RentByText and the iPhone app, pass rigorous audits to ensure that all renter credit card data and personal information is “lock and key” safe.   If security is the issue, then RentPayment is the solution.

More about RentPayment’s Mobile Payment Options:

RentPayment is truly the industry leader in mobile payments for today’s on-the-go renter.  We are the only payment processer with a channel to accept payments via text message through RentByText and the only payment processor with an iPhone app exclusive for payments and any RentPayment community.  In addition, mobile payments can be made over the phone using both IVR (automated voice response) and live Client Care Representatives 24/7.

Allow RentPayment to be your leasing tool for apartment rentals!  With RentPayment, property managers can supply an amenity any renter would love to have: the efficiency of quick, convenient, effortless and most importantly SAFE digital transactions!

Top 10 Reasons Renters Utilize RentPayment for Online Rent Payment

1. CONVENIENCE! RentPayment’s flexible payment options allow renters to pay any time from anywhere using almost any device.

2. Save time.  EPayments can be made in less than 20 seconds.

3. Pay on the go. RentPayment’s remote payment options include: online, by phone, by text, or with our new iPhone application.

4. AutoPay. Enrolling in AutoPay ensures rent is paid on-time, every time, with no oversight.

5. Secure and reliable. Online payments are PCI Compliant and secure. There is no need to worry about checks getting lost in the mail; residents receive instant payment confirmations and email notifications that they have paid.

6. Service. Customer Care Representatives are available 7 days a week.

7. Incentives. Recurring renter promotions and rebates are available, offering exciting prizes for switching to electronic payments.

8. Rewards. Renters can earn rewards from their credit card company. If they need to keep their cash they can pay their rent on a credit card.

9. Payment reminders. Renters can receive monthly reminders from RentPayment, ensuring no late fees are accrued.

10. Go green. Reducing paper consumption tremendously reduces waste and is great for the environment.

Brody’s Yap:   Top 10  Reasons Why Managers Love RentPayment

1.  Automate accounts receivable. Online payments eliminate administrative work and the potential human errors associated with manually processing paper checks.

2. Close leases quicker. Close leases on-the-spot by accepting credit card payments for application fees and security deposits.

3. Lead the competition. Distinguish properties from the competition by promoting online payments as an amenity that has been added for renter convenience.

4. Optimize cash flow. Electronic payments help more residents pay on-time, which optimizes cash flow. AutoPay and mobile payment channels are just some of the features that allow Property Managers to collect more on-time payments.

5. Support. All RentPayment clients receive a dedicated Account Manager for training and on-going support for all technical questions. Each RentPayment renter has a Client Care Representative ready to process payments over the phone or trouble shoot any account questions that may arise. In addition, the RentPayment Marketing team provides a variety of tools to help Property Managers increase resident adoption of electronic payments and reach their goals.

6. Payment security. EPayments reduce the risk of delinquent checks and protect renters and properties from fraud, check theft, and administrative errors through next generation payment technology and certified PCI compliance.

7. Increase productivity. Payment data automatically posts in real time to your accounting software, email deposit notification and superior line item reporting save time and increase productivity for onsite management.

8. Predict revenue. Money is in the bank account and at the property’s disposal in two business days.

9. Instant payment platform. Create an online payment platform or webpage just by signing up; a community website or web developer is not needed.

10. Increase lease longevity. Tenants are more likely to stay at a property longer when signed up for automatic payments via AutoPay.

Paper money is wasteful, time consuming, and expensive.  Cash transactions are extremely dirty and contain millions of bacteria cells and germs that fuel the common cold and other infections outbreaks. The exchange of cash currency has also been tied to black market crimes and money laundering.  Checks are also not exempt from security issues, tied to check fraud and identity theft they are the most antiquated form of payment in exchange today. Checks require tedious steps to write and process and consume a large amount of paper waste.

In addition, paper money (cash & checks) is slow.  In this fast paced ecommerce world, why slow down the line waiting for change or filling out and processing paper checks.  Today most transactions occur electronically, but why not all of them?

One third of all Americans rent, and unfortunately most still pay their rent with a paper check.  At RentPayment, we encourage renters to go green and experience the efficiency of fast, clean and safe digital transactions.

Don’t be paper in a plastic world.

Art by Amy Orr.  About the artist:  Amy Orr has been working with credit cards for several years. She cuts them up, then rearranges the fragments into mosaic-like compositions.

Win $500 just for converting residents to electronic payments!

Ultimately RentPayment is here to help Property Manager’s jobs easier. Electronic rent payment can help managers collect more on time payments and also means having to deal with less paperwork and manual record keeping for all incoming rental payments. We know that the managers who realize these benefits already work very hard to promote electronic payments at their communities and we’d like to reward them for their efforts.

The Community Incentive Contest is exclusive to RentPayment Property Managers and/or Community Representatives, offering a $500 prize to the representative who can collect the most points in April and May 2011! The contest begins April 1st and entrants have until May 31st to earn points and be eligible to win.  Points are earned based on the percentage of residents who use RentPayment’s online rent payment services during the promotional timeline.  Managers can also earn extra points for doing certain activities to promote online payment, including:   ordering/displaying marketing materials, posting on their Facebook or Twitter page, and making a short video about RentPayment at their community..

For more information on the promotion and how to earn points>>>