Accepting Paper Payments with Confidence

Despite continued movement toward paying online, a significant amount of residents still prefer paying via paper payments. Those residents are bucking the trend of online payments which means properties managers need to remain prepared to accept checks and money orders. Rest assured there are ways to continue accepting paper payments, while still streamlining and keeping these paper payments out of your offices. In recent years, property managers have embraced online payments as residents have become more self-service oriented. Paying online is seen by property managers as a way to reduce or eliminate accepting paper payments, long considered labor intensive because of manual processing and a theft and fraud risk. Money order theft in particular has been a thorn for the multifamily industry. Some properties report replacing 8-12 site managers per year because of money order fraud. So, it hasn’t been uncommon in recent years for rental properties to shelve traditional drop boxes in leasing offices and mount marketing campaigns aimed at resident adoption of online payments. Yet, the latest NMHC/Kingsley Associates Apartment Residents Preference Report suggests that one-third of U.S. renters don’t pay electronically and the  U.S. economy still generates $21 million annually from checks. Some residents must have a written record of payment (coupon books and statements must accompany rent payments in some states). Others may not have a bank account or simply prefer paying by check or money order. As much as the apartment industry strives for paperless options, paper payments cannot be ignored, says Nancy Crouch Morlini, RealPage Senior VP of Payments. “Checks are still relevant,” she says. “There are times a consumer is going to write a check because that’s what fits their lifestyle at the moment.” Property Managers owe it to themselves to offer as many payment options to residents as possible. Minimizing manual pay...