Are Your Residents Paying Rent Through Their Bank?

We’ve recently been getting some feedback from properties that are dealing with residents who choose to pay their rent through their bank’s bill pay system instead of using their properties online rent payments through ResidentPortal. For those who are wondering what the big deal is, I will briefly explain.

The Problem Properties that use our ResidentPay system don’t have to process any of the payments that are made through our online payment system. Residents log-in to ResidentPortal through their property’s website and can choose to pay their rent from a credit card, debit card, or e-check. Once they enter their information and submit it, the rent is automatically processed and integrated into the property’s accounting software—eliminating data entry, paper handling, and trips to the bank.

When a resident pays their rent through their bank’s bill pay, the bank receives the payment and then writes a check which has to be mailed to the property. Depending on whether or not you use check scanning, the work varies for an office manager, but it’s estimated that every time a resident pays their rent online it saves the property five dollars!

Show Them the Benefits So the motivation for property managers is there, but how can you motivate residents to pay their rent through your website? You have to show them the benefits. Some of our account managers who are talking constantly with property managers, and some of which who have been property managers themselves, helped come up with resident benefits for paying rent through their property website.

  1. No late fees. Residents can wait to pay rent til the very last day it’s due without being charged a late fee. With bank bill pay, residents can expect the bank to wait until the following day to send a check, plus the time it takes to mail it.
  2. Save paper! For your green residents you can promote your paperless online rent payments. When residents pay rent through the bank the bank must send a check and envelope to their property. So wasteful!
  3. Pay your rent from anywhere. For properties using our mobile websites, residents can pay rent from their cell phone making paying rent more convenient than ever!
  4. Never forget to pay rent again. Residents can enroll in recurring rent payments to have their rent automatically billed to their choice of payment. Often a resident’s balance will differ from month to month because of things like utilities or other charges. That means setting up a recurring bill pay with their bank is somewhat useless.
  5. Amazing support team! If there is ever a problem with a resident’s payment, they have access to our extremely helpful and accessible support team that are available to take calls for extended business hours to cover all time zones. Banks are usually much harder to get through to and won’t take responsibility for your rent not going through.

It may also help to invest in some promotional materials to make residents aware of their online rent options—posters in the office, fliers during rent week, etc.

Help show residents the light! If you can think of any other resident benefits for paying rent through property websites instead of through bank bill pay, or other ways to motivate them to pay rent online, please share them!

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