Contributed by our Friends at PayScape
Online bill pay allows renters to pay quickly, easily and conveniently without all the stamps and envelopes of the past. In addition, online bill pay can greatly increase landlord efficiency and streamline all of your tenant operations. It’s easy to see why 61% of millennials and 42% of older generations choose to pay their rent online rather than send a check.
So, what's the hold up? How do you get your renters to move online?
You need to give them a reason. Yes, moving online is quicker, more convenient and an all-around better experience, but just telling your tenants about this option will not result in a high turnover. You need to consistently motivate and inspire your tenants to utilize the online payments.
Here are some quick and easy ways to get your tenants to move online and click that “Pay Now” button.
Create a sense of urgencyAfter first introducing the online option, enter everyone who signs up in the first month into a raffle for a new coffee maker or free month of rent. Only host the promotion for the first month and then cut it off. This will create a sense of urgency for your tenants to sign up and benefit from the promotion.
Incentivize and RewardAdd value to your online rent portal by rewarding tenants who sign up. Give everyone who signs up a $10 Starbucks gift card or $10 off their rent each month if they pay online. By rewarding those who already pay online, it increases the chances that they will continue to do so and create a desire for those who don’t, to start utilizing that online option.
Hold a intro meetingAfter you announce your online rent payment, hold intro meetings through the week so that tenants can attend, learn the process, and ask questions. This will allow you to directly connect with your tenants, hear their concerns and questions about the new billing process, advertise the online payment advantages (more payment options!) and allow you to encourage them to make the switch face-to-face.
Make it apart of your tenant onboarding processRequire all new tenants to register for online payments before they move in. This will simplify their move-in process as well as increase the number of people using the online rent system.
Create tangible remindersPut up signs! Hand out flyers! Create tangible reminders so your renters are consistently and positively reminded of the online option. By raising their awareness, the more likely they are to sign up for the online portal and utilize it as their payment system.
Motivating your tenants to pay their rent online is an important step in streamlining your rental operations and increasing both landlord and tenant satisfaction. By following these tips, we can guarantee your tenants will be running to sign up for online rent payment.
Finding an online payment portal that is convenient, easy-to-use and customer friendly will maximize the likelihood that your tenants will move over to the online payment option. A portal like Vertical Rent will take the stress off you and make it that much easier to keep your tenants happy, and your “rent due” day- stress free.
For more information on an online payment portal, check out our blog on collecting rent online.