According to the Consumers and Mobile Financial Services 2015 report from the Board of Governors of the Federal Reserve, mobile banking continues to increase, and specifically, mobile payments have seen an increase to 22 percent for mobile phone users and 28 percent for smartphone users. This increase is showing particular growth for property management firms as more renters are in a better position to use debit cards to pay their rent, which makes debit card processing a much more important option.
The high percentage of checks and money orders that must be processed by property management firms are costly and result in slower payments. One key innovation would be allowing card payments for rent and fees. In the new "mobile age," residents expect to pay their rent and fees from anywhere, at any time and in the way they'd like.
By giving residents the freedom to pay rent online allows for faster collections by properties. For a significant percentage of renters, the convenience of card processing is an ideal alternative when paper checks are not viable. As a consequence, property management firms as well as renters win with the provided level of choice with a complete mobile payments experience that provides the freedom to pay by cards and ACH.
To learn how BillingTree can help streamline your company’s billing practices and boost revenue cycles with debit card processing solutions, contact us today.