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Percentage on autopay without requiring it?

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  • Percentage on autopay without requiring it?

    I don't require new customers to sign up for autopay, they can pay online if they prefer, email me and ask me to charge their card, pay in cash or drop/send a check.

    It seems I can't get past about 65% autopays. I'm wondering how that compares with any other facilities out there that don't require autopay. When new customers come in I pitch the autopay as "the no late fee guarantee" and also assume they will sign up for autopay and make them opt for another means.

    Just wondering how 65% compares.
    In no way affiliated with Storman software.

  • #2
    We are at 56% autopay. And we are always under 0.5% delinquency. The next biggest payment set by far would be automatic payments sent from the customers banks (they send checks).
    MamaDuke

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    • #3
      That holds true for me too MamaDuke, the next largest group is the bank checks.
      In no way affiliated with Storman software.

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      • #4
        We are at 70% autopay and push it hard. Under our setup, we run unmanned facilities that we operate at a central office. When tenants sign up we say would you like for us to set this up on Auto Pay so you don't forget? We then add that we can offset the payment up to 5 days off the 1st of each month. This has worked well as they are nervous/embarrassed to say they may not get paid until the 3rd or the 5th.

        I've talked to other operators who only do auto pay and want to push this at our next facilities. According to them, you get a better tenant, and delinquencies and auctions drop off the side of the cliff as well. I think this may be hard to accomplish in more rural areas of the country. But it's something to consider.

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        • #5
          One of my locations is 344 units
          168 tenants are on autopay with a check or a CC.

          My 2nd location is at 54 enrolled of a total of 108 units and spaces.
          Don't put off until tomorrow, what you can do today.

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          • #6
            We default auto pay in for online enrollment, but they can opt out. I very much prefer they opt in of course!

            We are currently at 65% autopay and my delinquencies are next to nill, and it is usually the repeat offenders who pay all the fees, so I roll with it.

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            • #7
              Sounds like I'm in line with other facilities mentioned here, somewhere in the 55-70% range.

              For a long while I would make calls regarding bounced checks, now those calls have been replaced with calls about declined cards. Seems that many cards are compromised each month and people forget to tell me their new numbers. I can't remember the last time I made a call about a returned check, but I have 3-8 calls a month to make regarding declined cards.

              In no way affiliated with Storman software.

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              • #8
                I'm at 35% autopay and 5% online pay. I deal with a lower-income tenant.

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                • #9
                  I don't 'require' it. But when I sign up a tenant I put the form in front of them as if it's an automatic thing, and as I explain the fees I say, "But that won't apply to you because you'll be on autopay." When I left WA I was almost 70% auto and less that 3% delinquency. IF they say, "Well, can I pay online?" I say, "Of course, but if you decide it's a hassle, just let me know and I'll email you the autopay form."
                  "The comeback is always stronger than the setback."
                  Mom, Navy Vet, genealogist and voracious reader
                  Always sunny in California

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                  • #10
                    Storman
                    Our small town locations we give Autopay as an option and we are at 65%.
                    Logic- smaller towns, smaller market. Thus we need all of the customers. Plus I can find where they live.
                    We don't do late fees. If your name keeps coming up, we tell you, you have to move to autopay or you will be evicted.



                    Our larger towns, we require autopay and are at 100%.
                    Logic- we don't do background checks, thus the Autopay filters out some customers. Normally our Cash customers are the most trouble from payment, auction, trash and live-in issues. I can't find these folks in a 1mm metro area.


                    We prefer autopay, because we can lock out quicker, with fewer timing issues. The "Check is in the Mail" is actually true for about 1/2 our mail in customers, if paying by mail; thus we couldn't lock them out.





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                    • #11
                      We are at 88.8% autopay and don’t require it. Every month we have several who use debit cards fail payment. Those require a follow up and after 10 days they are locked out and charged a $15 late fee. We have 200 units of varying sizes and are 100% full. We are in a semi rural area of Western Montana.
                      Last edited by KatKirk; 13 August 2021, 12:59 PM.
                      Kathe Kirkbride
                      https://www.bitterrootsalesandstorage.com
                      Victor, MT 59875
                      406-360-0959

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