You’ve invested a lot of time, resources and money into a property management system that will streamline operations to maximize efficiency and improve productivity. One of the nicest features that system has is the ability to accept payments right online. Not only does this make things easier and faster, but it also improves your company’s cash flow. That is, of course, only if your customers are actually using the online payment portal. To increase the likelihood of online vs. traditional forms of payment, here are several proven strategies you can try.
Make online payments more attractive by offering incentives for doing so. It doesn’t have to be much. In fact, it could be a slight discount for paying early or as simple as conducting a drawing every month for a chance to win a small gift card.
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It could be that the lack of engagement with your online payment portal is simply because you haven’t done enough to advertise the option. Include information and instructions regularly in your communications with your customers. The more you promote it, the better.
Sell the Benefits
Don’t just let people know you offer online payment options. Let them know why it’s in their best interest to do so. Fast, secure, convenient, hassle free…you name it. Sometimes just reminding your customers about why they should pay online can be enough to tip the scales.
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Ease Their Concerns
Many people cite concerns over privacy and data security as the main reason they avoid sending payments online. Given the number of cyber breaches being reported in the news lately, you really can’t blame them. What you can do, however, is put their minds at ease by reiterating how your payment portal is completely secure.
Another powerful way of improving the payment process, both in terms of speed and method, is developing and nurturing relationships with your property management customers. When people get to know the faces behind the brand, they’re naturally more likely to comply with your desired terms.
The ability to accept payments via a safe, convenient online portal can virtually revolutionize your business by improving cash flow and increasing your competitive advantage. But these benefits can only be realized if and when the majority of your customers opt for this payment method. By putting the above ideas into action, you can greatly increase adoption rate and focus your time and efforts on more important things, like increasing sales and growing your company.
Find out what more you can do to boost the productivity of your property management business. Download a free copy of The Property Manager's Guide to Maximizing Productivity.