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Tips to Get 50% or More of Your Residents Paying Rent Online


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Learn why AppFolio's built-in, complete payment platform for accepting rent online is a game changer for you and your residents!

Note that the features presented in this webinar require that you are an AppFolio Property Manager customer.

- Understand all of the rent payment options now available: E-Check, credit card & electronic cash payments

- Four ideas that you can use to get even more of your residents paying online

- Customer examples with best practices

- Tips to simplify reconciliation and reporting

- And more!

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Tips to Get 50% or More of Your Residents Paying Rent Online

  1. 1. Welcome Presenters Jennifer Rapp - Director, Value Added Services, AppFolio Todd Smith – Sr. Manager, Training, AppFolio Webinar Length Approximately 40 Min Content Tips to get 50% of more of your residents paying rent online
  2. 2. Agenda • Why Online payments? • AppFolio Payment Platform • Overview of Electronic Cash Payments • Overview of Credit Card for Rent • Overview of E-Check • 4 Tips to Drive Online Payments Adoption
  3. 3. Please ask questions anytime! Use the Questions section of the GoToWebinar panel On right of desktop
  4. 4. Polling Question What is your biggest challenge during rent week? • Extended office hours • Manual entries • Multiple bank runs • Security around cash on hand • All of the above
  5. 5. Why Online Payments? Consider an Effortless Rent Week
  6. 6. Now a Complete Payment Platform AppFolio now provides a variety of online payment options that allow your residents to pay rent 24/7 in convenient and secure ways!
  7. 7. Payments Platform – Transforms Rent Week Property Managers • Streamlined – Rent collection seamlessly integrated • Efficiency – Reduce operational costs • Security – Online vs. cash in office, traceable transaction history • Fast – Improved cash flow • Free – No additional costs Tenants • Choice – Multiple payment options • Flexibility – Can pay anytime anywhere • Simplicity – Easy to use
  8. 8. AppFolio E-Check
  9. 9. E-Check: no more paper checks • Electronic funds transfer from resident’s checking account • Perfect alternative to paper checks which typically cost your company $2 each to process • So easy and free = amazing adoption rates • Saves you time and residents will love the convenience
  10. 10. E-Check – Tenant Experience Click “Make a Payment” in Portal Select E-Check Option Receive Confirmation Enter Payment Details Verify Details Enter Account Info
  11. 11. E-Check – Tenant Experience
  12. 12. AppFolio Credit Cards for Rent
  13. 13. Credit Cards for Rent and Application Fees • Residents can use a credit/debit card through their online tenant portal • Easy and Secure • Free to the PM • Resident pays the online payment fee based on the amount they are charging on their credit card: $.01 - $900 $17 Charge $900.01 - $1250 $27 Charge $1250.01 - $3000 $37 Charge
  14. 14. CC for Rent – Tenant Experience Click “Make a Payment” in Portal Enter Payment Details Select Credit / Debit Card Option Receive Confirmation Enter Card Info Verify Details
  15. 15. CC for Rent – Tenant Experience
  16. 16. CC for Rent – Tenant Experience
  17. 17. AppFolio Electronic Cash Payments (ECP)
  18. 18. ECP: No more cash or money orders • 24% of U.S. families use cash or money order to pay rent. • Residents can avoid having to go to your office to pay. • Secure way to pay rent from convenient 7Eleven and ACE Cash Express locations. • Your staff can avoid manual data entry and eliminate the risk of money order theft.
  19. 19. ECP – Tenant Experience Property Manager provides reusable PaySlip Over 7,750 7-Eleven and 1,600 ACE Locations Tenant charged a $3.99 transaction fee Limit of $1500/transaction Under Eviction will be declined Provides instructions for the cashier Funds deposited within 5-7 business days Tenant takes PaySlip to participating location and pays rent
  20. 20. Increasing Adoption
  21. 21. Polling Question How do you feel about your current payments adoption? • Right where I want it to be! All my residents pay online. • Pretty good but I think with some extra effort, we could have more. • Not enough but I don’t know how to change this. • Residents can pay online?
  22. 22. Industry Stats 2% Credit Card 15% Cash / Money Order 15% ACH 68% Check
  23. 23. Industry Stats and AppFolio Industry 2% Credit Card 0% Credit Card 15% Cash / Money Order 15% ACH AppFolio Property Manager 68% Check 35% ACH 12% Cash / Money Order 53% Check
  24. 24. Online / Offline Comparison E-Check Online/Offline Comparison Offline(Cash, Money Order, Check) 30% Online (eCheck) 70%
  25. 25. Online / Offline Comparison E-Check and CC Online/Offline Comparison Offline(Cash, Money Order, Check) 20% Online (eCheck, CC) 80%
  26. 26. Online / Offline Comparison E-Check, CC and ECP Online/Offline Comparison Offline( Check) 10% Online (eCheck, CC, ECP) 90%
  27. 27. Tips to Drive Online Payments Adoption Sign Lease + sign up for resident portal at the same time!
  28. 28. Tips to Drive Online Payments Adoption Add cost for receiving paper (+$2)
  29. 29. Tips to Drive Online Payments Adoption Resident Contest: Sign up for portal Entered to win prize (iPad, Dinner, Discounted Rent, etc.)
  30. 30. Tips to Drive Online Payments Adoption Staff Incentive: Get to 60% adoption  Everyone getsan award ($, Gift, Trip, etc.)
  31. 31. Tips to Drive Online Payments Adoption More Info: 10 Tips To Drive Online Rental Payments
  32. 32. Tips Cont. As with many issues, the best way to encourage your tenants to agree to online payments is to communicate with them clearly, transparently and often. Once they realize there are benefits to them as well as you, they may be more willing to sign on.
  33. 33. Case Study – Real Estate Mgmt Group
  34. 34. Case Study – Renters Warehouse 60% of Renters Pay Online – Saves 2-3 days/month • Bonus incentive for staff to get to 60% of renters using ACH in 60 days. • No longer accept personal checks for rent payments • Set up payment stations in our offices
  35. 35. Improve your Business with Online Payment Options Securely Accept Payments 24/7 The modern renter wants to pay online and has quickly become a requirement for many renters when choosing a new apartment. Simplify Reconciliation and Reporting AppFolio’s Payment Platform is built right into your accounting records so there is no need to enter data in multiple systems. This means less work when it is time to do your bank reconciliation at the end of the month. Cut Time Spent on Rent Week By 50% Online payments can save your staff so much time during rent week. Full integration with AppFolio means your staff has time to spend on more productive activities like growing your portfolio. It also means less trips to the bank and less data entry errors.
  36. 36. Polling Question What adoption method will you be using? • Sign up with lease • Add small charge for managing paper checks • Create a resident contest • Create a staff incentive • I like them all!
  37. 37. More Info