Customers increasingly want control over managing themselves and their business relationships especially when it comes to their finances. Online payments offer owners and tenants self-service capabilities that are customers want at an increasing rate. Mobile payments alone have grown in popularity as younger generations get older and have more spending power – studies show that 33% of millennials use cash while only 18% of Generation Z relies on cash. The ever-evolving industry can be difficult to keep up with but stay in-sync with trends can offer benefits to customers and property managers, here’s what you need to know about online payments for your owners and tenants.
What Kind of Control Do Customers Want?
Owners and tenants want to have a clear and consistent view of where their money is going for every payment they’re making and why they’re being charged every fee they’re being asked to pay. Control not only enhances transparency, but it also offers flexibility and peace of mind of whether their money is going where it’s intended.
Where can property management companies provide transparency and control?
Building self-service into your property management owner or tenant portals gives customers complete access to their personal financial records – ledgers, online payments, and even pending payments. 61% of people say they’d like to openly access their finances, transactions, and balances when paying online. The more transparency between property managers and customers the less room for disagreement or misunderstanding so the happier customers will be with your service.
For additional control, provide customers with payment flexibility, integrate payment processors that allow customers to choose between many methods of payment different credit card providers, online bank payments, or even debit payments securely. More choice enhances the ability to serve each customer’s unique needs.
Benefits to Customers
Customers want to minimize phone calls, in person, and even email interactions with service representatives. For the most part interpersonal customer service experiences are undesirable, customers would prefer to handle their needs, and manage their accounts on their own. If they must seek outside assistance, they prefer life chats, automated chatbots, and online databases and online payments grant owners and tenants the option to manage payments independently.
Online payment processing gives customers the flexibility to process payments any time of the day, any day of the week. Less people work standard 9-5 shifts or work remotely, online payment options make paying charges a less rigid process that can now be applicable to any customer’s lifestyle or availability.
Benefits to Property Managers
When owners and tenants have independent access to their account, property managers can spend less time answering inquiries about payments and balances which are now accessible online. Less interruptions for frontline staff and accounting teams means increased productivity.
Customers who can view the payments they’ve missed independently or track the progress of their payment will less likely to fight or be argumentative with staff because they will be able to see first hand what is owed and what has been paid improving the overall customer relationship and improving customer loyalty.