When it comes to accepting electronic or online rent payments, every property management company (PMC) wants the same things: maximum convenience and choice for residents at minimal cost to property owners and staff. More than ever before, residents demand the ability to pay online – or even with their mobile phones – any way they choose.
As PMCs adapt to changing resident demand, convenience fees have become a key component of the industry’s payments strategy. Many PMCs now charge a convenience fee to offset their processing costs – especially for more expensive credit or debit card transactions. When formulating a payments strategy, it’s important to understand the rules governing convenience fees, as well as the impact of convenience fees on transaction volume, before determining the best strategy for your communities.
Read more...Property Management: The Impact of Convenience Fees on Online Payments | Property Management Insider