During the early stages of the pandemic, the world experienced a significant shift towards online payments, and this trend continues to gain momentum. The convenience of online payments has become an expectation for Americans, extending to various aspects of their lives, including rent payments.
In fact, an impressive 76% of tenants, representing diverse regions and demographics, now prefer to pay their rent online. This marks a substantial increase of 26% since 2021.
For property management companies, recognizing and catering to this evolving preference brings numerous benefits. By embracing online rent payment solutions, these companies can attract a larger tenant base, reduce instances of late rent payments, streamline administrative processes, and even unlock new recurring revenue streams.
In this informative infographic, we will delve into the crucial features offered by the Stripe online rent payment system.