Mobile Payments Head Home: Literally
If there’s one thing that is tedious for many apartment renters, it’s actually having to pay rent in person. Most of the time, carving out that extra hour or so during the month can mean the difference between meeting up with family and actually being able to pay rent on time. For most renters, it’s annoying.
To make matters worse, standard rental payments have been pretty rigid about what kind of payments are allowed. Credit card and debit card payments have been unheard of, for the most part. Money orders and checks are more common - as is straight cash, if you’re lucky enough to have a landlord who will allow for it.
Most finance experts say that real estate is still woefully anachronistic when it comes to payment acceptance. However, there’s now a new trend coming up that’s catching like wildfire. That trend, of course, is accepting online, mobile, and card payments for rent. Here’s why it’s becoming lauded as a long-awaited change for many building owners…
- It makes accounting easier. And this means there’s less worry about bookkeeping through the month. Moreover, landlords will be able to keep track of who’s paying on time, and who’s consistently late.
- It can also make eviction more doable. If you have a client who consistently doesn’t pay rent, the eviction process can be easier if a landlord makes card payments mandatory. This can lead them to have a better paper trail, which in turn will make courts favor them.
- For residents, it’s more convenient. This means no more sending payments to the rental office, no more trips to the bank for a money order, and no more worries about reordering checks. Simply put, paying will become easier to do - especially when it comes to timeliness.
- Studies also show that this form of rental payment is more resonant with Millennials. And, that’s a good thing because Millennials are now picking up a large chunk of the rental market. If you want to have more young, up-and-coming kids in your apartment building, you’ll accept credit card payments or online payments.
- It can also open up your ability to advertise your rentals. Some apps actually will allow you to advertise your rooms for rent as long as you accept payments through their app. Many landlords find this to be an easier way to find renters, and also get better access to their money.
Simply put, being in real estate no longer means that you are excused from having to get merchant services. If you want to experience a huge boost in your rental profits and cater to the right renters, you will need to get credit card acceptance as a payment method. Call NMS, and let us connect you to the new era of landlord work.