Terri Nicholson, SVP of Partnerships & Strategic Accounts at Domuso, shared her industry knowledge and expertise in a recent article on Multifamily Insider:

When asked, many operators will say they only accept digital payments and their communities are 100% paperless. However, after further exploration, we realize there are many exceptions, such as past resident payments, residents in eviction status, or even new move-ins, where many site team members will accept a paper payment. The fact is that nearly half of renters still pay by check or money order.

Ensuring a consistent revenue stream is fundamental for every business, but the manner in which funds are collected is just as crucial. Rent collection stands as the cornerstone of operations for multifamily communities, yet, for many, it is still one of the most outdated processes.

Over a decade ago, the industry saw the emergence of digital payment platforms, ushering in a new era of payment processing powered by credit cards and ACH money transfers. However, since then, there has been limited progress regarding the rent collections process. Fortunately, today's operators can lean on innovative solutions to finally achieve a truly paperless payments system. And further, incentivizing residents to use these platforms, through tactics such as resident rewards programs, ensures that adoption rates will hit a true 100%.

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