For the majority of individuals in the property management sector, a checkbook is a vital device that lets vast sums of money be transferred from one point to another without carrying briefcases full of bills. It is also a perfect way of making payments tenuously (mainly rent payments and even utility bills). With millennials promptly flinging over check books for mobile payments, however, it has made the rental industry rethink if it should start implementing mobile payments. For the majority, that is a tool that is to be applied soon.
In 2000, it was noted that the use of checkbooks dropped by almost half of what was used in previous years. A report from WePay indicated that more than 52% of millennials have never actually used checks; this makes a sound case for seeking an alternative mode of payment.
One famous developer, Jonathan Eppers who is the founder and Chief Executive of RadPad, believes that the perfect solution might be all that is needed, with satisfactorily expedient and robust mode making it as easy to pay your rent as it is to pay cash.
For instance, RadPad has by now been used to make transactions of an accumulative total of 120 million U.S. dollars in rent. However, Eppers points out that the mobile payments technology is new to many individuals.
For property management managers, it wasn’t necessary for them to change before. There was no reason for them to shift since checks worked fine for them. Furthermore, because rental houses were primarily occupied, it wasn’t necessary to make things more convenient to attract more tenants since they would just show up either way.
That might be changing, however, as many firms comprised of huge names such as Square are making an entry into the rental market and providing these services.
The major thing to take into consideration is that the situation on the ground that will make paying rent more convenient for tenants might not be put into place during the coming days. It might require a condition such as the introduction of an enhanced economy or purchasing homes becoming much more popular than renting.
For this reason, it is advisable for a landlord to get ready for such prospects and have a new rent payment method in place.