Auto Pay Coverage Percentages

[Guest]

I am curious of other facility auto pay percentages. I want 100% but that isn't gonna happen. How do you "sell" it and what kind of roadblocks do your customers put up against it? Thanks for any responses.

Ron

[MyStorageOps]

Re: Auto Pay Coverage Percentages

I used to have about a 30% rate of Auto-Pays, I now have 53.5% absorption rate is what I have. That's happened in about a years time. What I do and it has worked here is when they are ready to pay, I swipe the card and then ask "Is this the card you want to pay your bill with each month." Most folks will say "yea, that's fine." I then go ahead and fill out our authorization form for them to sign and it's a done deal.

[SMSSId]

Re: Auto Pay Coverage Percentages

Is anybody using the "No Late Fee Guarantee"?
I would love to know more

[Tall Terri]

Re: Auto Pay Coverage Percentages

I can't guarantee no late fee because if their credit card is compromised or they change cards, then the late fees will still apply......we have about 60% of our occupancy with Autopay.....

[MyStorageOps]

Re: Auto Pay Coverage Percentages

We do have a " No Late Fee Guarantee" , so long as it goes through in the first 5 days. People think it's something special but it's the same for everyone Auto Pay or not.

[Guest]

Re: Auto Pay Coverage Percentages

Yea, the no late fee is thrown out if they don't update compromised cards, expiration date, declined card....etc. I am going to try what Advantage IT does though.

[hbg71]

Re: Auto Pay Coverage Percentages

IT that is a great idea for enrolling customer into auto pay!! I am going start doing that as well!! I also do not charge a late fee until the 6th of the month. If a customer is on auto pay and the card declines for any reason we contact them so they can avoid the late fee. I remove customers from auto pay if the card declines after the third time for not having enough available credit. I feel the first and second time is a courtesy the third time is babysitting.

[MyStorageOps]

Re: Auto Pay Coverage Percentages

I might be foolish but I run my declines for 30 days straight on the chance that it might go through. It also helps to remind me to stay on calling texting etc to get it updated. The phrase implies that the tenant is going to be there for some time and that it is mandatory even though it's not. Believe it or not, we have found they will actually stay longer if on auto-pay for the same reason people buy more if they use a credit card rather then cash, it helps to not remind the tenant they are still storing when they really don't need the space anymore.

Let me also tell the other side of auto-pays: less late fees, more processing fees= higher cost of business. So what you have to weigh is this; is your time you save on collection calls and money you spend on processing fees worth it. For me the answer is clear ABSOLUTELY!

[hbg71]

Re: Auto Pay Coverage Percentages

I run their auto pay up to the day of auction but never had it not decline.

[Willar]

Re: Auto Pay Coverage Percentages

34% and climbing as we recently added ACH AutoPay - automatic bank withdraw - and have gone on a harder push for autopay of all kinds.

Card autopay we leave turned on for declines but remove for "bad card" or "lost-stolen" messages. I agree, payments are more reliable for autopay cards. Some don't approve for several days but then will approve when they get paid. Keep trying and hopefully I get the money before someone else does.

[Guest]

Re: Auto Pay Coverage Percentages

34% and climbing as we recently added ACH AutoPay - automatic bank withdraw - and have gone on a harder push for autopay of all kinds.

Card autopay we leave turned on for declines but remove for "bad card" or "lost-stolen" messages. I agree, payments are more reliable for autopay cards. Some don't approve for several days but then will approve when they get paid. Keep trying and hopefully I get the money before someone else does.

At the previous facility I could punch in c/c numbers and run the card or swipe it if card at office. Here I only have a card swipe on purpose so no customer can ever say the card was compromised at this facility. They can sign up for auto pay here, go to website and do it or sit in front of computer at the website each month and pay that way. I never take a number over the phone. I am really going to push to get the auto pay up from my current 20%.