Renting an apartment or an office building always has been tied to check payments. Checks are easy to trace, easy to deposit, and also seem to be inherently tied to the world of real estate. However, they’ve always had issues associated with them, too. Checks can be a hassle to send out, and often end up being annoying to reorder. You also can’t really control when the checks will be cashed, which can harm your bank account and put it into an overdraft. If you’re a landlord, bounced checks can be a serious issue as well.
Overall, checks are inconvenient. Perhaps that’s why so many landlords are beginning to get sick of check payments – and why they have decided to go digital with their rent payments. According to an article in PYMNTS, both landlords and lessees are demanding more digital payment options. And, surprisingly, a number of different methods have begun to surface that allow digital payments to happen for major recurring costs like rent.
One app, called Payrent.com, has been launched this year to much fanfare. The app allows landlords to receive rent through digitized payments from PayPal, credit cards, and even ACH withdrawals. However, this isn’t the only option that people can use to pay rent via digital means. In fact, there are a number of more popular methods being used in apartment buildings throughout trendy neighborhoods.
Many large-scale apartment buildings are now accepting credit card payments at the front desk for rent and utilities. Others have begun to accept PayPal as a form of payment. Even more have begun to allow mobile payments, simply because they have so many people who work in the mobile tech world living in their communities.
Renters cited ease of payment as a major attraction to new living situations, according to a number of studies. Landlords also seem to be fairly pleased with PayRent, as well as digital payment options. Clearly, there’s a real estate revolution in the making – and those who start getting more payment options soonest will be the ones who reap the rewards.
If you are a landlord who wants a payment solution that doesn’t involve cash or checks, it’s time to give CPS a call. We can help you decide which payment solution works best with your renter demographic – and put you in touch with the right technology to make the job work.