The EBPP Revolution of the Housing Market
June 18, 2015
Recently, JetPay and Rezzcard announced their new joint initiative to offer a range of electronic payment options to tenants of affordable housing. This venture highlights how important it is for businesses to find new ways of offering multiple payment options, specifically new electronic options. This is especially important in the housing market, where tenants and homeowners are demanding electronic options for making rent, mortgage, HOA, and other housing related payments online.
One of the largest areas of bill pay growth over the past few years has been in property management and HOAs that offer tenants (commercial and personal) the ability to pay their rent or other fees electronically. Property managers are starting to see the value in offering electronic bill pay in both ROI and tenant satisfaction.
Let me explain with an example. An apartment complex manager had an issue as 80% or more of the tenants drop off their rent check on the first of the month. This caused long lines of tenants and the manager and staff worked overtime on the first of the month to process the checks. In addition, an increasing number of tenants were asking to use their credit or debit card to make their payment or to sign up for auto debit as this was the only check they wrote each month. The apartment complex made the decision to add a comprehensive EBPP solution that included the ability to accept ACH, and credit/debit cards via the Web and IVR including auto debit.
With the new EBPP solution, the apartment complex was able to increase tenant satisfaction by accepting ACH and card payments online. The high rate of adoption by the tenants eliminated the overtime expense. A win/win!
Benefits that property managers of all sizes can expect when they offer multiple payment options to their customers, specifically electronic options!