Are you struggling to get your residents to pay their dues and fees online? We’ve shared ideas on strategies to promote this feature, but sometimes it’s important to take a step back and remind them about the why. Why this capability beneficial? And how will it improve residents’ lives? There will be 726 billion transactions using digital payment technologies by 2020, according to CNBC. Here are four things you MUST share with your residents to help them grasp why this payment method is beneficial, and how it will make their lives better.
You’ve got to spend money to spend money? Wait, that’s not the saying… However, that is accurate for payments made via check. Think about it, there are costs associated with every single check written; the actual paper check costs money, as does the envelop it’s shipped in, and the stamp used to send it. Plus, checks are the only method of payment on the decline. In 2015, check payments decreased by 13%. To put it simply, why wouldn’t you avoid a dying form of currency that actually costs YOU money to make a payment?
Who doesn’t love those three words? Everyone is strapped for time. From working long hours and taking care of families to making time for friends and squeezing in a workout, free-time is something every American claims they lack. Help your residents find a simple way to gain back a few extra minutes each month by making digital payments. It takes time to write a check, address the envelop, and when necessary, drop the envelop off. Not to mention the time it takes every few months to make an extra trip to the store to pick up stamp books and envelops, and fill out the online request form for more checkbooks. Help them avoid this time-consuming dance by instead clicking a button to make a payment.
According to the same CNBC article, “tech innovations such as connected homes, contactless bank cards, wearable devices, and augmented reality will drive cashless transactions in the future.” The growth of digital devices makes it even easier to make digital payments from anywhere in the world, and majority of people are using digital payments to pay bills. In June 2016, 54% of all mobile payments were used to pay a bill. Whether your residents are constantly on the go or taking their annual family vacation, digital payments fit in with their lifestyle and allows them to make payments on their terms.
No, we’re not referring to the 90’s infomercial. We’re referring to recurring, automated payments. When people know they have to pay a certain amount on a recurring basis, they can easily budget for it. And when they’ve planned for that expense, why not make it even easier by automating that payment? Imagine if you had to pay your recurring Netflix fees each month? That would be annoying. Encourage residents to take the same approach with their reoccurring dues payments.
Don’t offer digital payments yet? Download your copy of our free whitepaper to learn more about how an effective payments solution will make your life easier.