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Online Payments
Collecting Rent Online
One can say cutting edge pioneers such as PayPal blazed the trail for transacting payments online. Today online payments are not only the norm, but the preferred method by many to make payments on just about anything from the phone bill to car payments. So why should the multifamily industry not adopt this immediate gratification of fast moving electronic payment platforms?
What Are Online Payments?
It is a method to accept payments for rent, utilities, application fees or deposits via credit card or electronic check. Offering online rental payments at communities can enable property managers to operate more efficiently and to receive funds more expediently each month.
What Key Elements Should I Look For?
The ideal online payment solution is one that offers residents an easy to use interface, is secure and has clear steps to making a payment. In turn, the system must notify management at the exact time that good funds were received and who those funds were received from.
Do Residents Use Credit Cards?
Credit card payments have seen greater deployment and resident adoption in the apartment industry lately. However, the majority of residents pay their rent from checking accounts with money orders or in cash. Additionally, credit card payment is an expensive option.
What Are Credit Cards Fees?
Online card payments can cost 2 percent to 3 percent of the transaction amount to process (for example, a $30 fee on a $1,000 rent payment). In some cases, property managers require the residents to pay this fee, resulting in poor adoption rates.
What Is An ACH Check?
Many radio and television broadcasters provide Internet 'feeds' of their live audio and video streams. Through the evolution of websites like YouTube, anybody can create and upload streaming video content to the Internet to promote their collective business ventures.
What Is Check 21?
The Check Clearing for the 21st Century Act (Check 21 Act) Is a Federal Law that allows the recipient of a paper check to create a digital version, thereby eliminating the need for further handling of the physical document. Or what you now hear of as check scanning.
How Does Check Scanning Work?
Check scanning enables you to deposit personal checks, business checks, and money orders right from your desk. Through the use of a check scanner, you swipe the check, which creates a digital image and transmits it to your bank as an ACH transaction for payment.


 
 
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