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1、The Rent Payment Trends Report 5 Data-Backed Ways to Get More Online PaymentspresentsThe 100%automated rent cycle is attainable5 data-backed ways to drive online rent payments#1 Offer a broad mix of payment types#2 Give residents complimentary ACH#3 Send automated rent reminders#4 Offer a traditiona

2、l resident portal&community app#5 Raise awareness of your online payment systemAchieve a fully automated rent cycle with Zego PayTable of contents.0103030508101315Multifamily companies are increasingly relying on automation to run their businesses more efficiently.But collecting rent is one importan

3、t and labor-intensive function that many companies struggle to effectively automate.Digital rent payment solutions have existed for over two decades.But because of renters continued use of paper-based payments,most companies have never even had one fully automated rent cycle.In fact,Zegos 2023 Prope

4、rty Management Operations Report found that 4 out of 10 rent payments today are still made with a check or money order,forcing property managers to manually process these transactions.Even if the majority of your residents pay rent digitally,those remaining paper payments remain a liability for your

5、 company.They are susceptible to fraud(which has nearly doubled since 2021),they slow down your cash flow,and they result in hours of manual work that could otherwise be spent on mission critical projects.Add to that the fact that paper-based payments are expensive to process.Between processing and

6、labor costs,it costs anywhere from$3-$10 to process one paper-based payment!The good news is that increasing your digital payment percentage(and even reaching 100%digital rent payments)is a completely attainable goal.Many of our clients at Zego see a vast improvement after implementing some tried-an

7、d-true best practices.And their efforts pay off.Even just a 10%increase in digital rent payments for a 1,000-unit portfolio can save an estimated$7,000 annually.*The 100%automated rent cycle is attainable|1*includes labor,benefits,and processing feesThe 100%automated rent cycle is attainableThis rep

8、ort will help you get on your way to higher digital payment adoption and,as a result,higher efficiency.Well examine the 5 most effective ways to drive online payments backed by our own internal and anonymized customer data.These are not new strategies.In fact,Zego has an extensive content library fo

9、cused on increasing online rent payments that speaks to some of these practices.But this time,were using our own proprietary data to show exactly how much these strategies have moved the needle within our client base.The 100%automated rent cycle is attainable|2Offering renters multiple payment optio

10、nsIncurring ACH transaction fees on behalf of residentsSending automated rent remindersOffering a comprehensive resident app in addition to a payments portalDriving awareness of your payments system at onboarding5 Data-Backed Ways to Drive Online PaymentsOffering a broad mix of payment types increas

11、es your digital payment count|3Giving residents more payment choices is one of the simplest ways to increase your number of digital rent payments.Thats because renters have different preferences and life circumstances that influence how they pay.Offering multiple payment options lets you cater to ev

12、eryones needs and ultimately results in more digital rent payments.Zegos transaction data proves that when it comes to paying rent,one size definitely does not fit all.In 2023,Zego processed a diverse mix of transaction types across our client base.While ACH is clearly the most popular payment metho

13、d,we also see a hefty amount of other digital transactions.In other words,giving residents a variety of ways to pay digitally makes it more likely that they will do so instead of writing a check.Transaction Types for Zegos Client BaseACHCredit/Debit CardPaper Conversion MethodsOffering a mix of paym

14、ent types increases digital payment count 15 ways to drive more online rent paymentsOffering a broad mix of payment types increases your digital payment count|4Paper conversion methods are crucial to going 100%digital Accepting multiple payment types also means that youre bound to receive some check

15、s or money orders.But luckily,there are ways to convert these into digital transactions so your staff isnt forced to manually process them.In fact,you may have noticed from our transaction data that theres a significant amount of companies doing just that.This is a game changer for companies that wa

16、nt to fully automate their rent collection.Heres an example of a Zego client thats converting paper payments into digital transactions.You can see that digital transactions jump significantly after the addition of lockbox and check scanning services.Portfolio:Single family&Manufactured housing Unit

17、count:19,000 Results achieved:Digital transactions increased from approx.5,000 per month to 13,000 per month Savings:8,000 paper transactions x$3.00/transactions=$24,000 savings in paper payment processing Monthly Digital Transactions by Payment TypeJune 22ACHCredit CardLockboxCheck Scanning2k4k6k8k

18、10k12k14kJan 23JuneDec 23Check scanning implementedLockbox implementedCompanies that offer complimentary ACH payments have higher utilization|5One of the biggest hurdles to getting residents to pay rent electronically is transaction fees.Renters understandably dont want to incur even a nominal fee w

19、hen they are paying rent-which is already their biggest expense.In fact,renters overwhelmingly said that the ability to pay rent without fees would be the most useful tech feature in their community according to SatisFacts Biennial Online Renter Study.And the least useful feature?The ability to pay

20、rent online but with a fee.Companies that offer complimentary ACH payments have higher utilization2Which Tech Features Would You Find Useful?Pay rent online without a service fee84.2%Communicate with the management team76.0%Submit a service request online69.5%Renew the lease online63.4%Recieve packa

21、ge notifications62.2%Sign&execute a lease online58.5%An online calendar of community social events&activities54.3%Receive real-time community announcements from management to my mobile device54.0%Reserve an apartment online52.3%Communicate with other residents(community forum,bulletin board,etc.)49.

22、6%Submit a service request via text47.7%Granting building acess to guests&authorized entrants via a smartphone app44.9%Reserve community amenities37.7%Controlling smart home features from a connected device33.9%An onlince concierge service29.6%RSVP to community events28.6%View and post classified ad

23、s22.4%Pay rent online if there is a service fee18.7%Companies that offer complimentary ACH payments have higher utilization|6Criteria:Multifamily portfolios with unit counts of 1,000-5,000 Results:Incurred ACH utilization-84.71%Passed ACH Utilization-47%Average Annual Digital Payment Adoption RateTh

24、is is just one reason why Zego encourages multifamily companies to absorb transaction fees for ACH payments.Companies who pass transaction fees on to residents have a lower percentage of online payments than ones who absorb the fees.We compared two groups of similarly-sized multifamily companies to

25、tease out the effect of incurring fees.We found that the group that incurs fees sees an average of 37%higher digital payment utilization rate than those who pass the fees to residents.Digital Payment UtilizationCompanies that incur ACH feesCompanies that pass ACH fees025%50%75%100%Companies that off

26、er complimentary ACH payments have higher utilization|7What does it cost to incur ACH fees?The cost for a property management company to incur ACH processing fees is approximately$1/transaction.Compare that to the cost to process a paper payment,which based on your labor costs can range anywhere fro

27、m$3.00-$10.00 per transaction.Some companies perceive absorbing transaction costs as an unnecessary expense.But when you see how it impacts digital payment adoption and the efficiency that accompanies it,theres a strong case for incurring ACH fees on behalf of your residents.Sending automated rent r

28、eminders increases digital payments|8Nudging residents to pay rent digitally right before their payment is due increases their likelihood of doing so.Zego looked at utilization data among similarly-sized companies who use rent reminders and ones who do not.Companies who use rent reminders enjoy almo

29、st 10%higher digital payment utilization.Rent Manager,a popular property management software,reports similar findings.Their clients who use automated notifications on average have a 13%higher utilization rate than ones who do not use rent reminders.Sending automated rent reminders increases digital

30、payments3Criteria:Multifamily portfolios with unit counts of 1,000-5,000 Results:Companies that use rent reminders:56.63%Companies that dont use rent reminders:47%Annual Digital Payment Adoption RatesCompanies that use rent remindersCompanies that dont use rent remindersDigital Payment Utilization02

31、0%40%60%9The sooner you start rent reminders,the better Automated rent reminders are particularly helpful for driving utilization when companies first begin processing with their payment provider.In the first few months of working with a new digital payments provider,its normal to have a lower-than-

32、average number of online payments.This is because it takes some time for on-site teams and renters to become familiar with the platform.Companies who start sending rent reminders at the onset of the onboarding process avoid this lag.Here is a sample of a Zego rent reminder email template that you ca

33、n customize and use for your property:Offering both a traditional resident portal&community app increases digital transactions|10Giving renters a choice of where to pay is just as important as how they pay.And weve seen clients grow their digital payment count by offering a community app such as Zeg

34、o Mobile Doorman in addition to a traditional resident portal.In fact,some Zego clients have grown their digital payment utilization by as much as 96%when offering renters an app to make payments!Why is the use of a community app so effective?It lets renters manage all the day-to-day aspects of livi

35、ng in their apartment community through the convenience of their phone.And paying rent is one of the top uses of an app.Some renters,particularly younger demographics,would rather take out their phone and pay rent instead of firing up their laptop.Offering both a traditional resident portal&communit

36、y app increases digital transactions4Offering both a traditional resident portal&community app increases digital transactions|11Digital Pay Utilization Increases 22%After Integrating Rent Payments with Community App Client Overview Portfolio:Multifamily Unit Count:11,000 Locations:Virginia,Florida,D

37、C,North CarolinaThe Challenge:As an active client of the Zego Mobile Doorman community app,this client offered online payments via a web portal that was loosely integrated with their accounting platform.Residents were sent to a third party link to login and pay rent causing confusion,frustration,and

38、 low digital payment usage.The Action:The client launched Zego Pay with a seamless single-sign-on experience for residents across all of their properties.Residents could now manage all of their apartment-related tasks,including paying rent,from a single mobile app.Six months after launch digital pay

39、 utilization increased from 57%to 79%.Zego Client Case StudyOffering both a traditional resident portal&community app increases digital transactions|12Digital Rent Payment Adoption Increases to 72%with Community App LaunchClient Overview Portfolio:Multifamily Unit Count:6,000 Locations:Arizona,Georg

40、ia,Texas,AlabamaThe Challenge:As a Zego Pay customer for 8 years,the client was interested in launching a community app to simplify resident communication.They wanted to drive higher resident engagement and satisfaction as well as further automate and optimize their operations.The Action:The client

41、launched Zego Mobile Doorman across all of their properties with Zego Pay fully integrated for a native payments experience.They executed a comprehensive communication plan with residents as a part of the rollout to encourage app adoption.They highlighted the new payment functionality of their commu

42、nity app to encourage more digital rent payments.Six months after launch the community achieved a 93%app adoption rate.They also saw digital payment utilization increase from 51%to 72%.Zego Client Case StudyImplementing an onboarding awareness plan results in more digital rental payments|135Whether

43、your company is new to digital payments or not,you should create and implement an awareness plan to drive online payments.This not only keeps your preferred payment options top of mind for renters,but it also gives your on-site teams a roadmap for getting a high percentage of digital payments.An awa

44、reness plan is especially effective when executed as you onboard with a new payments vendor.As we mentioned earlier,companies often have a lower-than-average digital payment rate in the first few months of starting a new payments program.Zegos data shows that companies who create an awareness plan d

45、uring implementation have a 10%higher utilization rate than companies who do not have an awareness plan.So what does an awareness plan entail?Here are some action items to ramp up digital payments.Set utilization goals for digital payments in small,achievable chunks (30%in 3 months,grow to 70%in 6 m

46、onths).Make it easy for residents to register for online payments:Use QR codes on flyers in the office and resident materials to make it easy to access the portal.Send emails to invite residents to the portal.Automate this process with your payment software.Feature your payment portal on your websit

47、e with a“Pay now”button prominently featured.Implementing an onboarding awareness plan results in more digital rental paymentsImplementing an onboarding awareness plan results in more digital rental payments|14Here is a sample marketing plan that we use with our clients to ensure all residents are a

48、ware and encouraged to pay rent online.It can be used when launching a new payments portal or as a way to increase awareness of your existing portal.Train staff on payment system TaskNotesTarget DateAdd payment portal link to websitePromote online payments with in-office resident flyersDisplay print

49、ed QR code in-officeAdd“pay rent online”verbiage&instructions to late noticesSend email blastCreate social media postsSend invites to residents to pay rent onlineProvide training library with videos&how-to documents to staffIdeal location is near the top of the homepagePlace flyers in-office at all

50、sitesProvide an easy-to-scan QR code to link residents directly to portalProvide a link to payments portalSend invitation to pay rent online to all residentsShare online payment announcements&instructions on your social mediaSend invitation to new residents&residents that make paper paymentsJune 10J

51、une 15June 15June 15June 15June 20June 20MonthlyDigital Payment Adoption Marketing Plan Goal:Reach 50%digital payment adoption in 3 months 15Ready to get on your way to a completely digitized rent cycle?Zego wants to get you there,too.But we know our encouragement and implementing these best practic

52、es only goes so far.Thats why we designed Zego Pay to automate every aspect of rent collection.From making it effortless for residents to pay you to optimizing every step associated with rent collection,Zego Pay was built with features that transform your most important business process.Schedule a d

53、emo of Zego Pay to see it in action and learn more about these features:A modern rent payment app Multiple payment methods Digital rent reminders Rental credit reporting Chargeback defense 24/7/365 resident supportand more.Achieve a fully automated rent cycle with Zego P|1.866.729.5327|go_zegoWritte

54、n by:Jennifer Stahlman Senior Manager,Writing&Editorial Zego(A Global Payments Company)Designed by:Vik Pitones Graphic Designer Zego(A Global Payments Company)Zego is a property management automation company that simplifies cumbersome yet critical workflows for managers and associations.Our modern p

55、latform accelerates NOI growth and mitigates risk,helping clients to scale resources,build trust,and make data-backed decisions.From payments and utility management to resident engagement,Zegos automated workflows seamlessly integrate with leading property management systems giving users real-time a

56、nd accurate information at their fingertips.Since its inception in 2003,Zego(a Global Payments company)has evolved from a leading payments provider to a comprehensive property management automation platform.With more than 350 employees,Zego serves 7,000 residential real estate companies and over 15 million units nationwide.Learn more about what makes Zego one of the best workflow automation platforms for property management at .