Safe, Remote Payment Options that Help Mitigate Risk and Protect Residents, Staff

The push in the apartment industry and adoption of online payments has increased in recent years to protect properties and residents while making transactions convenient and more secure. Paying online has become safe and easy, and expedites cash flow with minimal onsite and corporate intervention. A big benefit is that residents can make payments without having to drop by the leasing office. Residents can pay rent anytime, anywhere, and they’re doing it more and more. According to the 2020 NMHC/Kingsley Associates Apartment Residents Preference Report, 76 percent of renters now pay electronically every month. For apartment operators, online payments help avoid any potential missed opportunities for receiving payment because onsite team members are busy taking care of other residents or they are temporarily out of the office. Easily and conveniently paying rent online is becoming the norm, even for growing property management companies. Most residents favor paying by debit, credit cards Auto payments are becoming a preferred choice among renters. Of residents responding to the renter preferences report, 60 percent favor paying by debit or credit card and 21 percent said they had no preference other than the process needed to be automated. Only 7 percent preferred paying by check. While receiving payment via debit and credit cards is convenient, it can come at an expense and present some level of risk to property managers. Credit card companies typically charge 2-3 percent in transaction fees and consumers can file disputes up to 30 days after paying, hanging funds in the balance. Also, privacy and security concerns can be an issue. Industry-specific payment solutions provide ease, security in rent collection New products tailored for the multifamily industry are helping operators keep more of the rent and ensure transactions are secure. ResidentDirect enables properties to offer credit card payment options to residents and pass along the transaction...