thisiswherethemagnificenttitlewillgo5provenstepstoreach100%digitalrentpaymentadoptionContentsTheundeniableshifttowardscontactlesspayments1-5Whypropertymanagementcompaniesareprioritizingdigitalpaymentadoption6-13Bestpracticesfordrivingdigitalpaymentadoption14-67On-sitestaffchangemanagementandtraining16-28Residenton-boarding29-34Alignmentofresidentincentives35-49Multiplepaymentoptions50-58Residentengagementandcommunication59-67What’syourpaperlesspaymentshealthscore?68-74Theundeniableandlastingshifttowardscontactlesspayments2ReneweddemandfordigitalpaymentsolutionsTherearecurrently43millionrentersintheUS,andtherenterdemographicisdiverseButinit’smysteriousanddiabolicalways,2020unitedcommunitiesthroughacommonenemy:COVID-19Propertymanagersacrossthenationhavescrambledtokeepoperationsafloat,residentshappy,andpropertiessafeandsanitized2020wastheyearofvirtualconferencesandwebinarsfeaturingstoryafterstoryofmultifamilymanagementfirmsplayingtechnologycatch-upOurindustryisknownforbeingslowtoadoptButnow,weseemtobemovingatwarpspeedWiththeideaof“goingdigital”topofmindforeveryone,moreresidentsareexpectingcontactlessrentpaymentoptionsthaneverbeforeAccordingtoa2020reportbytheNLA(NationalLandlordAssociation),outstandingrenthasmorethandoubledsince2019,from19%to45%However,outstandingrentforonlinepaymentswas20timeslessthantheaverageacrossalltransactionmethodsAlso,digitalrentpaymentsrepresentafargreatershareoftimelypayments(92%)thananaveragerentpayment(55%)Thesenumbersshowusthatthepandemichasdriventheaccelerationofdigitalpaymentplatforms,allowingcommunitiestocollectmoretimelypaymentsbyofferingacontactlessmethodButsimplyofferinganonlinepaymentportalisnotenoughThedatafromtheNLAreportshowsthatacrossalllandlordsandpropertymanagerssurveyed,thepercentageofdigitalpaymentsinQ4of2019was17%,andevenwithsocialdistancingorders,thatnumberonlyroseto33%inQ4of2020Whyis67%ofrentstillbeingpaidwithacheck,cash,ormoneyorder?Propertyleadersneedacomprehensiveprogramthathelpsthemachievetheirgoalsofincreasingo...
