tips to get 50% or more of your residents paying rent online
DESCRIPTION
Learn why AppFolio's built-in, complete payment platform for accepting rent online is a game changer for you and your residents! Note that the features presented in this webinar require that you are an AppFolio Property Manager customer. - Understand all of the rent payment options now available: E-Check, credit card & electronic cash payments - Four ideas that you can use to get even more of your residents paying online - Customer examples with best practices - Tips to simplify reconciliation and reporting - And more!TRANSCRIPT
Tips to Get 50% or More of Your Residents Paying Rent Online
Welcome
Todd Smith – Sr. Manager, Training, AppFolio
Presenters
Approximately 40 MinWebinar Length
Tips to get 50% of more of your residents paying rent online
Content
Jennifer Rapp - Director, Value Added Services, AppFolio
Agenda
• Why Online payments?
• AppFolio Payment Platform
• Overview of Electronic Cash Payments
• Overview of Credit Card for Rent
• Overview of E-Check
• 4 Tips to Drive Online Payments Adoption
Please ask questions anytime!
Use the Questions section
of the GoToWebinar panel
On right of desktop
AppFolio’s Payment Platform
Polling Question
What is your biggest challenge during rent week?
•Extended office hours
•Manual entries
•Multiple bank runs
•Security around cash on hand
•All of the above
Why Online Payments?
Consider an Effortless Rent Week
Now a Complete Payment Platform
AppFolio now provides a variety of online payment options that allow your residents to pay rent 24/7 in
convenient and secure ways!
Payments Platform – Transforms Rent Week
Property Managers
•Streamlined – Rent collection seamlessly integrated
•Efficiency – Reduce operational costs
•Security – Online vs. cash in office, traceable transaction history
•Fast – Improved cash flow
•Free – No additional costs
Tenants
•Choice – Multiple payment options
•Flexibility – Can pay anytime anywhere
•Simplicity – Easy to use
AppFolio E-Check
E-Check: no more paper checks
• Electronic funds transfer from resident’s checking account
• Perfect alternative to paper checks which typically cost your company $2 each to process
• So easy and free = amazing adoption rates
• Saves you time and residents will love the convenience
E-Check – Tenant Experience
Click “Make a Payment” in Portal Select E-Check Option
Enter Payment Details
Enter Account Info
Verify DetailsReceive Confirmation
E-Check – Tenant Experience
AppFolio Credit Cards for Rent
Credit Cards for Rent and Application Fees
• Residents can use a credit/debit card through their online tenant portal
• Easy and Secure
• Free to the PM
• Resident pays the online payment fee based on the amount they are charging on their credit card:
$.01 - $900 $17 Charge
$900.01 - $1250 $27 Charge
$1250.01 - $3000 $37 Charge
CC for Rent – Tenant Experience
Click “Make a Payment” in Portal Select Credit / Debit Card Option
Enter Payment Details Enter Card InfoVerify Details
Receive Confirmation
CC for Rent – Tenant Experience
CC for Rent – Tenant Experience
AppFolio Electronic Cash Payments (ECP)
ECP: No more cash or money orders
• 24% of U.S. families use cash or money order to pay rent.
• Residents can avoid having to go to your office to pay.
• Secure way to pay rent from convenient 7-Eleven and ACE Cash Express locations.
• Your staff can avoid manual data entry and eliminate the risk of money order theft.
ECP – Tenant Experience
Property Manager provides reusable PaySlip
Over 7,750 7-Eleven and 1,600 ACE Locations
www.paynearme.com/locations
Tenant charged a $3.99 transaction fee
Limit of $1500/transaction
Under Eviction will be declined
Provides instructions for the cashier
Funds deposited within 5-7 business daysTenant takes PaySlip to participating
location and pays rent
Increasing Adoption
Polling Question
How do you feel about your current payments adoption?
•Right where I want it to be! All my residents pay online.
•Pretty good but I think with some extra effort, we could have more.
•Not enough but I don’t know how to change this.
•Residents can pay online?
Industry Stats
68% Check
15% ACH
2% Credit Card
15% Cash / Money Or-der
Industry Stats and AppFolio
53% Check35%
ACH
12% Cash / Money Order
68% Check
15% ACH
2% Credit Card
15% Cash / Money Order
Industry AppFolio Property Manager
Online / Offline Comparison
Online (eCheck)70%
Offline(Cash, Money Order, Check)30%
E-Check Online/Offline Comparison
Online / Offline Comparison
Online (eCheck, CC)80%
Offline(Cash, Money Order, Check)20%
E-Check and CCOnline/Offline Comparison
Online / Offline Comparison
Online (eCheck, CC, ECP)90%
Offline( Check)10%
E-Check, CC and ECP Online/Offline Comparison
Tips to Drive Online Payments Adoption
Sign Lease + sign up for resident portal at the same time!
Tips to Drive Online Payments Adoption
Add cost for receiving paper (+$2)
Tips to Drive Online Payments Adoption
Resident Contest:
Sign up for portal
Entered to win prize (iPad, Dinner, Discounted Rent, etc.)
Tips to Drive Online Payments Adoption
Staff Incentive:
Get to 60% adoption
Everyone gets an award ($, Gift, Trip, etc.)
Tips to Drive Online Payments Adoption
www.appfolio.com/blog/2013/06/10-tips-to-drive-online-rental-payments/
More Info:
blog.appfolio.com: 10 Tips To Drive Online Rental Payments
Tips Cont.
As with many issues, the best way to encourage your tenants to agree to online payments is to communicate with them
clearly, transparently and often.
Once they realize there are benefits to them as well as you, they may be more
willing to sign on.
Case Study – Real Estate Mgmt Group
Case Study – Renters Warehouse
• Bonus incentive for staff to get to 60% of renters using ACH in 60 days.
• No longer accept personal checks for rent payments
• Set up payment stations in our offices
60% of Renters Pay Online – Saves 2-3 days/month
Improve your Business with Online Payment Options
Securely Accept Payments 24/7 The modern renter wants to pay online and has quickly become a requirement for many renters when choosing a new apartment.
Simplify Reconciliation and Reporting AppFolio’s Payment Platform is built right into your accounting records so there is no need to enter data in multiple systems. This means less work when it is time to do your bank reconciliation at the end of the month.
Cut Time Spent on Rent Week By 50% Online payments can save your staff so much time during rent week. Full integration with AppFolio means your staff has time to spend on more productive activities like growing your portfolio. It also means less trips to the bank and less data entry errors.
Polling Question
What adoption method will you be using?
•Sign up with lease
•Add small charge for managing paper checks
•Create a resident contest
•Create a staff incentive
•I like them all!
Questions?
More Info
Thank You!
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