A new survey shows 68% of participating firms offer residents the option to pay their rent or HOA dues online. An increasing preference among Americans to manage bills online, combined with more cost-effective, easier to implement payment solutions are believed to be fueling the growth.
San Diego-based PayLease says its latest survey conducted by New Heights Research, polls hundreds of US-based property management firms about collecting resident payments online.
The company says the new date suggests a growth of 8% from 2013, and 15% since the survey’s inception in 2012. The survey data was also broken down by portfolio type (multifamily, single family and HOA) and found that online payments for rent or dues collection had also grown within all of those sectors.
Twenty-six percent of companies made a change to their payment solution last year, and of those who did, close to half of them switched payment providers. Now that online payment solutions are easy to implement and extremely cost-effective, property management companies have more leverage to select a provider that meets all of their needs.
With PayLease, residents are able to pay their property manager using an e-check or with a credit card. Since its founding in 2003, PayLease has grown to serve thousands of property management companies nationwide.
For additional data on Property Payments access CardData®. For historical news and commentary on Property Payments the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Property Payments are available exclusively through CardWeb.com.®