What to look for in a digital rent payment solution

Digital rent payment platforms are critical across asset classes. But not all technology is created equal.

Given the uncertain economic environment, there’s potential for commercial real estate organizations to move ahead of the pack by exploring how technology, such as online rent payment services, can increase efficiencies over the long term, according to Deloitte’s 2023 commercial real estate outlook. 

Effective online rent payment services do more than provide residents with a self-service portal. If you want to drive usage and transform how you accept rent, you need the right tool for your organization. That digital rent payment platform should take a holistic approach, considering residents’ current and future needs and preferences.

Multiple rent payment options

Residents like to pay rent in different ways. Giving them the choice to make payments through their preferred method can help maximize adoption. Make sure your technology reflects renters’ preferences by looking for a solution with payment options that include:

• Digital wallets
• Debit and credit cards
• Mobile pay
• Pay by text
• In-person or at-the-counter payments
• Traditional paper-based methods

Communication capabilities

The primary purpose of your new technology is to accept rent payments. But the tool can double as a direct line of communication. For example, you can send payment reminders through text or email, so residents don’t forget rent is due. You can also send push notifications to residents with important updates unrelated to payments, such as severe weather and power outages, maintenance schedules and policy changes.

Accessibility for all residents

Ease of use is critical to getting residents onboard. Your digital rent payment platform should be inclusive and accessible for individuals with a wide range of needs, including:

• Renters who speak English as a second language: Don’t let language barriers prevent residents from using your new tool; make sure it has multi-lingual capabilities.
• Residents with visual impairments: An integrated tool with an interactive voice response phoneline can help these residents make electronic payments.
• Renters hesitant to use electronic payment channels: Some residents may be reluctant or unable to access the banking system. A digital rent payment platform with credit reporting abilities can be an incentive for reluctant residents and others, such as students and recent graduates looking to build credit.  

A holistic approach to accepting rent payments

It’s important to think of your digital rent solution as more than technology to aid in collecting payments in a single place. The right tool takes a holistic approach to drive renters to adopt your preferred electronic payment channels, which can lower costs and improve your working capital. The tool should also provide you with important data to help run your business more effectively. It won’t happen overnight, but the best technology combined with an ongoing plan to drive resident conversion can lead to full adoption of your digital rent solution via your preferred channels. 

_{© 2022 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.}