Knowledge Center

Switching to Digital Rent Payments During a Pandemic

By biz williamson
Posted May 29, 2020

The “new normal” has been an adjustment for all of us and has created new routines, which may incorporate more take-out and less face-to-face interactions. COVID-19 has affected how we all connect with people and businesses on a daily basis. By now we’re well acquainted with the changes we’ve had to make adjusting to this new reality with a widespread pandemic and how it’s impacting the multifamily rental industry. For that reason, with rent week approaching, we wanted to share our insight with you on how to remain on top of it while adapting to these rapidly changing times.

 

SAFETY FIRST

Many of you have been following the advice of the CDC by working remotely to reduce risk to you and your team. We’re here to help by offering a platform that allows you to remain fully operational during rent week, no matter what your current “(home/garage/shed) office” looks like.

Digital payments offer the safety of paying remotely, fully contactless, with the security of our top tier PCI Compliance.As we navigate this situation together, we want to offer you some tips on how to increase resident adoption when remaining apart is a top priority for all.

 

PREPARATION FOR RENT WEEK — TAKE IT ONLINE

  New to Online Payments

Is your property new to digital payments? Digital payments offer your residents convenience. Did you know that 8 out of 10 US residents prefer to pay with a credit or debit card? That’s why RentPayment offers various payment solutions to give tenants what they want. Not only does it benefit your residents but it also helps you, the PMC, reduce administrative time on paper checks and streamlines your rent collection process.

With various payment methods available, it makes it easier to comply with this wide range of preferences. RentPayment’s digital payments processing system reduces time spent on paper trails and operations and helps streamline all important information to one place. It’s the easiest way to accept rent online and offer the payment options now demanded in the market.

 Expand Your Experience

If you’re a current RentPayment customer, you can always learn more about what RentPayment has to offer. We support a variety of integrations to include to create a seamless experience for your managers onsite. We’re happy to assist you with anything from a question about our platform to setting up a new payment method.

 Back to Basics

Let’s talk about the basics of RentPayment. With our platform, residents can pay online via ACH, Debit, or Credit Cards from anywhere via our mobile app or website. These features can be enabled on existing accounts to help your residents continue practicing social distancing.

 

HOW YOUR RESIDENTS CAN HELP YOU

First things first, how do you get the message out about moving to digital payments?

Get Their Attention

You can have marketing materials available and accessible at your properties to inform residents about online methods of paying rent. Having a visual reminder will help increase adoption by getting physically in front of the resident, and there are a number of ways to do so in order to entice residents to sign up.

*Above image: door hanger collateral

We Love a Reminder

Sending electronic monthly rent reminders is another great way to inform your residents about their online payment options. These reminders can feature a general message along with a link to sign up. This creates an interactive experience for your residents. Rent reminders don’t always have to be strictly business!

Ways to Motivate

Another idea is to approach this from the property by incentivizing your property staff to keep residents signing up and well informed. This can be done by:

  1. Setting a goal adoption rate (such as 60%) for each Property Manager.
  2. Offer incentives for Property Managers to receive once that goal is reached (i.e. a gift from management)
  3. Encourage utilizing our available marketing materials to assist them in this initiative. This could include our door hangers, magnets, and marketing print-outs.

*Above image: lease insert flyer

Get in front of the resident when they’re thinking about rent most. Using a lease insert is a great way to introduce digital payments. It’s a relevant way to let your residents know about all the benefits from the start of their relationship with you.

Our goal is to assist you in making paying rent simpler for you and your residents during this time.

 

WHY DOES THIS MATTER TO MY COMPANY?

Save time, paper, and money. Digital payments mean:

  1. Convenience for you and your staff 
  2. Reduce chances of theft 
  3. Real-time transactional data

 Demonstrate the Value of Digital Payments

Overall, digital payments mean funds get to your properties more efficiently. Communicating why this matters to your staff is an important step in promoting digital payments. Our playbook can offer you a variety of tools and promotions to better equip staff when speaking to residents about our digital payments platform. It gives key information to speak to and collateral to offer, all in one place.

Whether you send an email campaign or deliver print materials for inside use (such as a flyer in the elevators and common areas) we have the options to have a flexible solution to your preference. Not to mention, these will certainly grab the attention of your residents to sign up! If you’d like more information, contact our marketing team at marketing@rentpayment.comor your Relationship Manager to receive a copy of the available collateral.

 Increase Adoption

As touched on above, incentivizing your property managers is a great way to promote increasing adoption. But what about also incentivizing the resident? We can provide door hangers to individually reach out to your residentshighlighting the benefits of online rent payments. They also feature more exciting news on how they can have a chance to win prizes just for signing up.

A Sample of Our Adoption Initiatives:

  • Sign-Up and Win. Offer residents a chance to win a number of prizes. For every resident that signs up for RentPayment, they are entered into a random drawing for an exciting prize (e.g. free dinner via GrubHub, Postmates, groceries/instaCart, or Apple Airpods – for all those Zoom calls).

There are a variety of ways digital payments can support your team and their hard work during a time when being apart from people is best. On the bright side, the benefits of utilizing digital payments can extend to when (a version of) “normal” life has returned. Paying rent online leads to more on-time payments, increases cash flow, reduces time spent on payment processing operations, and increases portfolio value.

 

RENTPAYMENT IS THE DIGITAL PAYMENTS LEADER

Curious to know more about us? RentPayment is the digital platform that can provide all these fundamental services and collateral to give your residents the ultimate experience when paying rent online.

RentPayment specializes in rent payment processing for the multifamily industry. We represent hundreds of thousands of apartment buildings and their residents. Our solution provides a comprehensive selection of online payment methods for property management companies to choose from to best fit their needs. Our goal is to supply a top online payments platform that provides security in digital transactions and streamlines the rent processing workflow.

Now you can collect rent payments online confidently and without breaking quarantine. Remember, we’re all in this together! We hope you and your communities stay safe and healthy.

 

 

Knowledge Center

Zoom Registration Guide for Webinar Series

By biz williamson
Posted April 28, 2020

We are so pleased that you are interested in learning more about RentPayment through our webinar series. We are excited to share with you our insights to give you a deeper understanding of the services we offer as well as the benefits of digital payments. 

Before the webinar begins, we want to make sure the process is as easy as possible for you. For security measures, the webinar series is hosted for users with a Zoom account. If you are new to  Zoom, we wanted to provide you with a guide to set up a free Zoom account and the instructions explaining how to register for the webinar. Let’s begin!

 

Step One

Click the registration link we have provided in our latest email. It should direct you to a separate window in your internet browser.

Step Two

It will ask you for your name and the email address and password to your Zoom account. If you do not have one, click on the “Sign up free” hyperlink. 

Step Three

It will ask to verify your birthday. It should look like this: 

Step Four

Enter your preferred email address. 

Step Five 

A confirmation email will follow and be sent to the given email address.

Step Six

After you have confirmed your email address you will finish creating your account by choosing a password. Once this is complete, you will return to the link with the webinar registration (the link from our latest email) and enter your name, email address, and account password.

 

Zoom will send you an email following your registration with an option to add to your calendar! We don’t want you missing out on this informative webinar with our experienced team members. We look forward to having this experience with you.

Please let us know if you have any questions or trouble signing up by emailing marketing@rentpayment.com. Thank you!

 

Knowledge Center

UX Status Updates: The Latest Information on Critical Alerts

By biz williamson
Posted April 1, 2020

System Updates as of April 1, 2020, 1:07p.m.

At approximately 9:23am CST on April 1st, our application’s systems encountered a temporary error. Our servers required an adjustment to the higher-than-average rent week traffic. As soon as our teams were alerted that systems were not functioning as expected, we immediately pivoted to resolve the issue by opening additional servers to take on the demand. We recognize and sincerely apologize for the inconvenience this morning’s outage caused.

As of 11am CST the additional servers were up and running and we were able to restore user access. The application was again functioning as expected. RentPayment is committed to serving all its customers with diligent service and timely delivery. We will continue to monitor performance and provide updates as needed. As a company we know that, along with everyone else, we are acclimating to this new normal amidst the Covid-19 pandemic. We appreciate your patience with us as we all get through this together. We sincerely apologize for any inconvenience this error caused our users.

A Timeline of Today’s Events:

9:23am: RentPayment’s technical team is alerted to some login anomalies within the application
9:23am: Support, technology, operations, and infrastructure teams connect to diagnose the error, align on approach, and identify a solution

9:30am: Infrastructure teams begin opening additional server space to take on the extra load. Tech teams continue testing of the system.

11:00am: Additional servers are up and running, tech teams have confirmed app is functioning as normal

11:18am: Social media update goes out to followers of RentPayment

11:30am: All users experiencing issues are redirected to reattempt login and pay

In Need of Further Assistance?

If you have any other questions regarding your account, please check out FAQs page for residents and property managers. We may have the answers you need there. Otherwise, PMCs can contact their  RM or call (866)289-5977. Our goal is to help our customers with whatever is needed as soon as possible.

 

Knowledge Center

Navigating the COVID-19 Pandemic with RentPayment

By biz williamson
Posted March 24, 2020

As you know, the impact of COVID-19 (Coronavirus) has been shared all over the world. It affects how we all interact with people and businesses on a daily basis. We wanted to inform you on how we are adapting to this unprecedented time and how we can offer our help.

How RentPayment is Adjusting to COVID-19

You may remember some of these details from our latest email blast, but we wanted to remind you of the precautions and adjustments we are making during this time. 

We’re taking the advice of the CDC and have our employees working remotely to reduce the risk to themselves and their fellow team members. This change is anticipated to have little to no impact on the quality of service you receive, as our team is fully operational in a remote working setting.

Rent payments will proceed as normal. Our staff will also be putting our contingency plans into action ensuring all systems continue to operate smoothly. We are anticipating a higher-than-average volume for the upcoming rent week and have added support staff. As we navigate this situation together, we strive to continue meeting your expectations. 

Preparation for Rent Week – Take it Online

Many Property Management Companies have made a decision to close their property management offices, or have taken similar measures in order to protect their employees. For that reason, residents are encouraged to pay online (ACH, Debit, Or Credit Cards) instead of in person (Check or Money Order). Let us know if you need to enable one of these features on your existing account. Just send a message to rptam@rentpayment.com and we can help you from there.

How RentPayment Wants to Help You

Our goal is to make whatever adjustments necessary to help make this time easier for you and your residents. And for that reason, we want to provide your business with the best pricing options available. If you would like to submit a price change request, please fill out this form here

How do you get the message out? We can help you to distribute marketing materials to inform your residents about our online method of rent payment. Please send an email to marketing@rentpayment.com if you need any PDF materials. To order print collateral to your properties, please fill out this form.

Additional Resources

We have put together a resident resource on how they can sign up for RentPayment and pay their rent electronically here. Please feel free to share with your residents with the PMC specific information they will need, such as a Property Code or Resident ID. We also have included a FAQs page specifically for you and your residents as a reference point.

Should you have any other questions or need any additional information from RentPayment, please send us a message at RM@rentpayment.com. 

Remember, we’re all in this together! We hope you and your communities stay safe and healthy.

 

Knowledge Center

Soundproofing Your Apartment

By RadPad
Posted November 5, 2019

Apartment living has a lot to offer – high-end luxuries, financial flexibility, a built-in community – but the urban lifestyle does sometimes come with a bit more background noise. Thankfully, there are several ways to reduce the ambient noise in your home and make sure your rustlings are the only ones you hear.

 

Shut the Front Door

A surprising amount of noise can enter your apartment from your hallway if there are large air gaps around your front door. If you can see light under the door or around the sides, sound will also travel through, as well. Simply adding weather-stripping will significantly reduce this noise while also keeping the temperature just how you want it on your side.

 

Bouncing Off the Walls

The simplest way to reduce noise is to minimize the hard surfaces in a room that reflect sound. A carpet or rug with a thick pad underneath can reduce overall noise level significantly. Another option is to install a faux built-in bookshelf or even a second wall – just be sure it fits snug with minimal gaps between it and the wall.

 

Functional Art

Three-dimensional acoustic panels would be a gorgeous addition to your walls, regardless of your need to mitigate noise. Long used by recording studios because of their superior sound-absorbing properties, they can be a defining element of your décor with an unlimited pattern and color palate to choose from.

 

Sound Asleep

Perhaps the room you want to keep quiet the most is your bedroom. Not only do blackout curtains block out that too-early morning sun, they also adsorb outside noise and help to moderate temperature. The heavier and thicker the material and the closer you install it flush with the wall, the better it will perform. If you don’t want to install curtains, clear acoustic window inserts can reduce noise by 50-70% and come custom-made to the size of your window – just press into place and pop out when you want to let in some fresh air.

 

Follow these quick and easy steps and don’t let traffic, pedestrians, dogs or next-door neighbors get on your last nerve!

 

Knowledge Center

Pro Tip: Temporary Finishes for High Style Apartment Living

By RadPad
Posted May 20, 2019

We know it can feel limiting to be unable to make major changes to your apartment like knocking down walls, replacing kitchen cabinets or refinishing your floors. However, we know a few hacks to make your rental feel more like yours without breaking the boundaries of your lease.

We Have This Thing with Floors

Not only does an area rug help you define a space, it’s also a big piece of real estate for self-expression. If your apartment feels a little plain, a rug is the perfect vehicle for introducing a punch of color – the more distinctive, the better! An area rug can really cozy up a place if you’ve got concrete or wood floors. When it’s time to move, roll it up and you’re ready to go. If you like the traditional carpet look, carpet tiles are easy to install (you can stick them together, not to the floor).

If you’re working with a room that is prone to spills and moisture like a kitchen or bathroom, a simple sheet of vinyl flooring can be rolled out and strategically anchored with furniture. Another option to consider are interlocking tiles which come in plenty of contemporary styles and offer some extra cushion for long periods of standing. Click-and-lock laminate flooring can now be installed without nails or adhesives and easily mimics wood and stone for a more polished modern look.

Let’s See If It Sticks

You don’t have to settle for those monotonous white walls (or, even worse, pink?!). While artwork is an excellent way to add a personal touch to your apartment and liven up those walls <Art on A Budget>, sometimes you just want to go bolder. Wallpaper is no longer the flowery option from your grandparents’ era that was messy to put up and even more of a pain to remove.

Removable wallpaper has quickly gained popularity in the last few years for its appeal to those in more transient living situations that still want to make a statement. Many major retailers as well as renowned designers offer gorgeous self-adhesive pieces that can cover all four walls or an accent wall and decals that offer a fun alternative to traditional artwork. They all are easily removable  and leave your walls fresh and clean as if they were never there.

Now, go explore your inner decorator and make that apartment your own!

 

Knowledge Center

The Top 5 Smart Home Gadgets for Your Apartment

By RadPad
Posted April 1, 2019

Ready to join the smart home craze, but live in an apartment? No problem! While the first wave of this technology was largely geared towards hard-wired applications for single-family home owners, there are now emerging portable options that don’t require you to leave them behind when you move and only require a smart phone to operate.

Here are our top 5 smart apps and products that offer convenience and ease for your home.

  1. Voice Activated Speakers
    “Google, do you know Alexa?”
    Amazon and Google are the leading players in the rapidly growing-smart speaker field. All of them allow you to simply speak the recognized “wake” alert and then request to turn on any number of smart-connected devices, such as a TV, sound system, lighting and more or answer a query (here’s a comprehensive list of commands Amazon’s Alexa and Google Assistant).
  2. Light Bulbs
    It’s as easy as screwing in a light bulb…
    Smart lighting allow you to turn fixtures on and off remotely, dim them to the perfect light level, set an automatic schedule when traveling or for gentle waking, connect to your voice-controlled devices and even change colors to set your mood. Some require a discrete wireless hub while others have the tech included in the bulb, itself. The top brands on the market today Philips Hue are LIFX.
  3. Light Dimming
    Let there be (less) light!
    For those without smart bulbs and for applications such as ceiling lights and want the convenience of a dimmer switch, the LightwaveRF switch plate uses existing wiring for quick and easy installation and is compatible with a wide range of dimmable LEDs. They can be controlled manually or remotely using an app or a remote control.
  4. Power
    Set it and forget it.
    The Kasa Smart Wi-Fi Power Strip offers protection from a power surge as well as app-controlled on/off switching for up to six items. The strip and plugs such as and the TP-Link Smart Plug and Belkin’s WeMo also offer scheduling for travel, holiday lighting or just creating a welcoming home after a long day of work.
  5. TV
    It’s all at your fingertips.
    If you don’t already have a smart TV, there are a host of smart devices that allow you to stream Netflix, Now TV, YouTube, Google Play, Spotify and other services. Leading the pack are the Google Chromecast, Amazon Fire TV Stick or Cube, Roku Streaming Stick and Apple TV.

Apartment dwellers, welcome to the future!

Knowledge Center

The Best U.S. Cities for Young Professionals

By RadPad
Posted January 7, 2019

Just starting out in your career and wondering which city offers the most bang for your buck? This is great time to consider relocating to a city that maximizes your wealth potential. Starting out early on the right foot can go a long way to securing life-long financial success.

So, where to look? We’ve crafted a lucrative list of top 10 cities based on research completed in the last two years by Forbes, Smart Assets and other top-rated financial analysts. These studies looked for factors of particular interest to young professionals such as healthy employment and unemployment rates, high wages, low housing costs, ample job opportunities, as well as recreation on your days off.

1. Raleigh, North Carolina – a center of research, respectable salaries and mild climate make this a top pick\

2. San Francisco, California – the standard of living is high, but so are salaries and employment opportunities, especially for young professionals

3. Seattle, Washington – higher than average housing is offset by attractive wages and no income tax

4. Nashville, Tennessee – a healthy tourism industry translates to plenty of jobs, as well as a thriving music scene

5. Los Angeles, California – if sunshine and beaches are your thing, you’ll be thrilled to know this is a relatively affordable city in California with a large population and all of the opportunities that come with it

6. Madison, Wisconsin – according to Forbes, this is most affordable city in the U.S. right now

7. Austin, Texas – while housing might be higher than others in our list, salaries are reasonable and the city is a trendy hub for creative young professionals

8. Boston, Massachusetts – high housing costs, but the job market here is hot (even during the chilly months!)

9. Portland, Maine – a higher than average standard of living, but one of the lowest on the east coast, is paired with the most restaurants per capita in the U.S. and a strong entrepreneur scene

10. Kansas City, Kansas – low rents allow for better housing options and more left over for entertainment and building a nest egg

If you’ve got a little time to plan ahead, do some research and find a city that is attractive financially and puts a smile on your face, even during your commute.

Knowledge Center

$44 Billion Will Be Spent on Rent This Week: Here’s How Renters Are Paying on iPhones, Apple Pay & Androids

By RadPad
Posted July 27, 2016

110 million renters across America will spend nearly $44 billion on rent payments this week as the first of the month approaches. More than 36 percent of all households in the country are now rentals, and as rent prices continue to skyrocket, more than 11 million people are spending 50% of their income on rent.

As rent bills continuing to go up, how are Americans paying for it? Fortunately, new options are arising for renters to retire their checkbooks and pay rent online. Since RadPad launched Pay with RadPad in October of 2014 we’ve helped renters pay more than $40 million in digital rent payments. As new digital payment options like Pay With RadPad are introduced, and people’s use of digital payment platforms like Apple Pay continue to grow, one of the last industries hanging onto physical checks is finally shifting towards more flexible and alternative payment methods.

This is vital as around 25% of the rental market is made up of under 30-year-old millennials who don’t use checks. First Data has found previously that more than 20 percent of millennials have never used a check! People are even forgetting how to write checks!

howtowrite

So as the apartment rental market shifts to paying rent online and on mobile, how are people paying? Let’s take a look.

iOS vs. Android

The topic, specifically the extremely loyal user bases associated with each, has been compared at great length over the years by analysts, marketers and developers looking to extrapolate data on each segment in order to harness their distinctly different consumer behaviors.

iOS users are generally considered to be younger and bigger spenders, with the general assumption that those willing to pay more for an iPhone are more likely to shell out more money across the board.

A couple other recent points reinforce this. For one, the iOS App Store earns 75% more revenue than the Google Play Store. More recently, according to a report from IBM Commerce, nearly 40% of all online traffic of Black Friday 2015 came from iOS users, with 27% of all online sales coming from iOS devices. Only 8% came from phones and tablets running Android. iOS users also spent and average $125, significantly more money than Android users, who spent $107, according to IBM.

But how do they stack up when it comes to living expenses, particularly renting? We’ve compared the rent payments received on iOS and Android via Pay With RadPad from January through June of this year. Here are some of the findings. 

Overall, iOS rent payments make up around 80% of total rent payments that have been processed through June, while Android makes up close to the other 20%. It also seems that iOS renters have fallen in line with that user base’s proclivity to spend more. The median rent payment for iOS users was $1,251 compared to the median Android renter’s monthly payment of $1,095. The difference may not seem huge at first glance, but that means that Apple fanboys and girls are paying a whopping $2,000 more on rent annually than their Android counterparts. You could buy a few iPhones with that!

Next, let’s take a look at the median monthly rent that renters are paying for their apartments in five of the biggest rental markets in the country on iOS versus Android. This is especially interesting data for the real estate market as rent price reports are often based simply on listing prices. These are the actual median rent payments that renters are making across these five cities. Note: some of these payments include splitting rent bills between multiple renters

2016-android-vs-ios (3)

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Apple Pay

As you can also see in the graphic above, Apple Pay is a relatively small but growing percentage of digital rent payments. Tim Cook noted yesterday that three-fourths of contactless payments in the U.S. are made through Apple Pay. The payments platform is also increasingly being used to pay consumers biggest monthly bill.

Nearly 8% of rent payments made by renters through June have been Apple Pay payments. The median apartment rental payment that users are putting on Apple Pay is $1,250 — nearly the same as the overall iOS rent payment median.

Interested in paying rent online? Or with your iPhone, Apple Pay or Android? Check out Pay with RadPad today!