As part of your property manager duties you are always looking for methods to increase revenue while reducing costs. One of the areas that you may have examined is collecting payments; rents, lease fees, HOA dues, etc. You already know that payments made through online payment gateways save you both time and money. When you calculate the processing fees, personnel time and material costs of processing paper checks, receiving online payments can save significant money. Now let us assume that you have decided to purchase the services of an online payment processor and you are now wondering how to begin accepting online payments. Here are some tips for making it happen.
Make sure you have the correct technology.
Consider this step carefully. Payment processing comes with a cost attached so you will want to consider your technology needs first. Technology needs come from understanding who your customers are, how they will want to pay and how you will reach out to them to drive them to your site to use the electronic services. If you are just starting out you may not need every piece of technology available (such as a virtual negotiator). You may be able to start smaller and then add to it as your business gets bigger. It is better to start small and build up than to saddle yourself with long-term lease payments only to find out that not enough of your clients use the services to justify the costs.
Make online payments easy.
Make sure the ability to make online payments is easy to do. Remember that consumers are used to an easy online experience and will reject your solution if they encounter problems. Test the online payment portals with a disinterested third party before you launch it to the world. If the third party has problems using the system, work on the interface until it is a simple task to make a payment.
Educate your clients.
Educate your current tenants on the advantages of making payments electronically. Send communications that talk about the advantages that they will realize when they make pay online. When you send email, include a link to the online payments portal with a call-to-action to join. When you send direct mail, include an enrollment form and/or a page that invites them to look at the online payments website. This simple tactic can convert a significant number of clients.
Offer additional perks.
Promotions that offer additional perks can work to your advantage. The more people make online payments, the more they tend to talk about it with their friends. When they use the system enough you will save significant money. Some of that money can go to providing extra items for the new online clients, depending on how much they purchase. Offering a one-time perk could migrate enough consumers to online payments that will more than pay for any promotion you may offer.
In short, starting to accept online payments is fairly straightforward. It is just a matter of putting the technology in place and then promoting it heavily. The result will be rents paid with fewer checks and more online.
For more than a decade, BillingTree has been committed to understanding the marketplace and growing payments with technology, to help clients grow their business. To learn more about how BillingTree can help you, contact BillingTree or call us at 877-424-5587.