August 06, 2015
Online Rent Payments – Not a “Want” but a “Must Have”
Forrester Research estimates shoppers will spend $370 billion online (including Web shopping on their phones) by 2017, up from $262 billion in 2013. And, the movement to mobile and online payments doesn’t stop with shopping.
According to The Canadian Bankers Association, the Internet is now the main means of banking for 55% of Canadians, and use of the Internet as the primary banking choice is increasing among all age groups. And, more than three-quarters of Canadians (77%) reported using online banking in the last year. As well, 43% of Canadians expect to be conducting their banking using mobile devices in the near future.
In many ways, mobile phones and ubiquitous connectivity have changed the way we bank, the way we work and how companies do business.
Online Rent Payments: Here to Stay
Your residents are no different. Renters want to pay their rent through their mobile device, tablet or computer.
Sadly, 70% of renters are still paying by paper cheque. Yet –mark my words and no crystal ball required– this statistic will significantly change over the next five years.
The technology exists – Mobile phones, Internet, and resident payment portal solutions (like Property Vista’s!) aren’t going anyway. Online payments and paying through our preferred technology solution (desktop, tablet, phone) are the new normal. Residents expect to be able to use technology in all aspects of their life.
Convenience, convenience, convenience – Never before has it been so easy to make a purchase or pay a bill. If you’ve ever suddenly remembered that you forgot to pay your telephone bill while sitting on the train to work, you’re not alone. Mostly likely, you pulled out your smartphone and paid it on the spot. Renters also want this same type of flexibility and ease of payment.
More protection – Both the property management company and the tenant benefits from the built-in security of online payment solutions. Unlike paper cheques, online payments cannot be lost, stolen or misplaced. There is also a digital audit trail, for added visibility, accountability and safety.
The Property Vista Solution
Online payments are no longer a “nice to have” – they are essential for doing business. In the years to come, there will be a digital revolution in the property management industry, and those that adapt will come out ahead with their customers and perspective renters.
With Property Vista’s solution, your residents can choose direct withdrawal, direct online payment, debit or even Visa and MasterCard payment methods.. The resident portal even accommodates different state/provincial rules concerning security deposits and last month’s rent payments.
And, for added peace of mind, our solution features bank-grade security for your tenants rent payment transactions. Our systems are PCI-compliant, and feature token-based security that ensures secure data and transactions. In addition to being PCI-compliant, PropertyVista products offer end-to-end encryption through Secure Sockets Layer (SSL) technology, ensuring that sensitive tenant credit and banking information is always secure.
To discover how Property Vista can help you support online payments, sign up for your free account today or give us a call to learn more.