Every so often a new technology solves such a fundamental inefficiency that the industry it disrupted can’t imagine how they lived without it. Today, that’s true of mobile check deposits, with one in six banking customers in the U.S using the feature. Domuso has taken the same image capture technology a notch further, applying it to processing rent payments for the multifamily housing industry.
With the development of its Mobile Check Pay application, now residents can snap an image of the front and back of their own written paper check and pay rent directly from their smartphone. Properties receive and reconcile payments online, driving faster, more secure and accurate processing than the more expensive lockbox alternative, which requires residents to mail payments to an address where a third party scans and remits payment to the property.
Why is Mobile Check Pay important to property management?
Paper checks are still the dominant rental payment method, but it costs property owners more than they realize. The ability to accept payments outside the leasing office with electronic check clearing gives properties accelerated access to funds while reducing the risk of fraud and expediting return check processing.
Will residents adopt it?
Consumers’ appetite for new technologies and the rapid adoption of mobile financial services makes Mobile Check Pay a likely candidate for quick adoption by residents.
A 2018 Citi mobile banking study found mobile banking is one of the most used apps by Americans, with 91 percent of mobile banking users preferring the self-service alternative over going into a physical bank branch. The adoption rate for mobile deposits is equally staggering, with over 40 percent having adopted the service in the past 12 months and 75 percent saying having multiple billing and payment options was important to them.
As the multifamily industry continues to work toward accepting 100 percent of payments digitally, Mobile Check Pay provides residents the convenience to pay rent from anywhere while improving the operational efficiency of property management firms that are eager to remove paper payments from the leasing office.
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