If you want to incorporate an online convenience payment plan to accept application fees, rent or lease payments, homeowners association dues, or self-storage payments, you may want to know how many pay by credit card versus electronic check. Here is the breakdown to date.
The statistics from our online payment convenience payment plan show that:
- 75% of online payments are made by credit card
- 25% of online payments are made by electronic check
The majority of electronic checks are used as follows:
- 86% of electronic checks are used to pay rent or lease payments
- 14% of electronic checks are used to pay other rent related fees
Since electronic checks have a fixed cost regardless of the payment amount, tenants use them to keep their payment costs down. If you are collecting rent or lease payments, you will have a higher participation rate if you include an electronic check payment option. Electronic checks take 3 to 4 banking days to be deposited in your bank account.
Credit card payments are attractive to tenants who want to take advantage of rewards cards, want more flexibility in managing their budget, or simply prefer the convenience of online payment. You have the advantage of receiving payment within 2 banking days as well. You also know immediately whether a credit payment is approved or not.
Call us at (888) 499-4099 to discuss the payment needs for your rental or storage business, or your home owners association.