One of the pain points we hear from our customers is that it still isn’t easy to pay for rent. Seventy percent of renters still pay by check[1], even though credit cards are gaining traction.
PayLease, a leading payments and billing platform for property managers, has shared with us their vision to extend their reach in the digital space and offer a new payment option through PayPal to receive rent payments. We listened, and together in partnership, we are rolling out a secure way for residents to pay their rent online through PayPal. For property management firms, this means they will soon be able to collect and manage HOA, billing and utility expenses all through PayPal as well.
Millennials Choose to Rent and Pay with Technology
This is a big shift in payments for this industry. Especially with younger millennials entering the rental market, they’ve never had to write a check. They are used to paying for things online and digitally. In fact,
85% of renters between the ages of 18 and 34 don’t plan on trading their rentals for homes anytime soon[2]. And we’ve learned in a past research study,
millennials love paying with tech and are willing, even eager, to use new payment systems[3]. The study reports that more than one third of millennials consider credit cards to be “old school” and over 70% said that they thought credit cards are not secure. The study went on to say 63% of them do not have a credit card and would find using plastic cards “annoying.”
A Win-Win Situation for Property Managers and Residents
Property management firms will continue to benefit from higher online payment utilization rates and in the next few weeks be able to settle funds into bank accounts without a PayPal account. And, they can experience the same fast funding time as other online payment methods via PayLease.
“We’re excited to provide more choice in payment options to our property management clients and to residents living in their communities,” says Dave Dutch, CEO of PayLease. “With the peace of mind behind PayPal’s promise of secure transactions, we are making payments easy for millions of people in the rental market.”
To make an online rent payment or dues payment using PayPal, residents will very soon be able to log in to their property management company’s website, or to PayLease.com. After selecting PayPal as their payment method, residents will be prompted to enter their PayPal login credentials. When the resident completes their transaction, payment data will integrate into the property manager’s accounting software and within their PayLease account.