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Tenants on Autopay

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  • Tenants on Autopay

    The percentage of tenants currently on autopay is:
    24
    100%
    0%
    0
    76%-99%
    25.00%
    6
    51%-75%
    8.33%
    2
    26%-50%
    41.67%
    10
    1%-25%
    25.00%
    6
    Zero. We don't offer autopay.
    0%
    0
    Amy Campbell
    Editor
    Inside Self-Storage
    amy.campbell@informa.com

    @AmyCampbell_ISS
    480.281.6091

  • #2
    Autopay makes life so much easier.

    Comment


    • #3
      Originally posted by Steve_hajewski View Post
      Autopay makes life so much easier.
      YES it does!
      Stephanie Tharpe
      Senior VP of Operations
      A+ Storage of Tennessee, LLC
      Nashville, TN
      http://www.aplustorage.com
      615.288.2162

      TNSSA Board of Directors
      www.tnssa.net

      Comment


      • #4
        I would love to have a high percentage of autopay. Sadly, in this area it's a large percentage of cash payments instead.

        We finally added online payments in December, and already have 12% using that. I think that's pretty good for 1 month! And that makes life just as easy as the autopay. I'm thrilled that we finally implemented that. (Maybe just to shut me up about it!!! )
        MamaDuke
        My circus...My monkeys...OH CRAP!!!

        Comment


        • #5
          When I open my facility I plan to require auto-pay via credit card...I will not be mailing anything- we are in the digital age and even elderly folks have a credit card. Your thoughts?
          Last edited by Amy_ISS; 5th January 2018, 10:09 AM.

          Comment


          • #6
            Birdie - That's what we're currently doing. Above our office hours on the front door it says "welcome to out cashless facility". The one person who did not rent because we are ACH / Credit only seemed to be not the kind of person were trying to attract. I don't ask people "would you like to sign up for auto pay". I simply say "our system will automatically debit your card on the first of the month".

            Comment


            • #7
              Originally posted by DNolting View Post
              Birdie - That's what we're currently doing. Above our office hours on the front door it says "welcome to out cashless facility". The one person who did not rent because we are ACH / Credit only seemed to be not the kind of person were trying to attract. I don't ask people "would you like to sign up for auto pay". I simply say "our system will automatically debit your card on the first of the month".
              Exactly what we do at some of our stores. I am seriously thinking about making it mandatory at all locations. The 3 that do it 100% of the time have never had any issues with it.

              And I LOVE your sign "Welcome to our Cashless Facility". Awesome!
              Stephanie Tharpe
              Senior VP of Operations
              A+ Storage of Tennessee, LLC
              Nashville, TN
              http://www.aplustorage.com
              615.288.2162

              TNSSA Board of Directors
              www.tnssa.net

              Comment


              • #8
                When I started at this facility 6 years ago the auto pay was low, maybe 10%. I changed it up and anyone that had a credit card goes on auto pay. The costs for bank fees increased but our defaults declined significantly.
                However, we are now in a huge economic downturn in our province ( In Canada ) and we are taking cash again.

                Comment


                • #9
                  Here are a couple cons to only doing autopay:

                  Less chance for late fees (we actually make good money off late fees)
                  Higher credit card fees (the fees add up, cash/check there are no fees)
                  Many people that rent from us don't get paid until the 2nd, 3rd etc. You could be losing out on those customers and not even know it.

                  Yes autopay is nice and a lot less work, but requiring it may not be the best solution in every situation. I can see why managers prefer it though, but being owner operated I only see higher cost and less late fees.

                  Comment


                  • #10
                    Remember guys there is a difference between credit cards and debit cards. Are you saying you will only take credit cards..letsgosonics has a good point.
                    Dave (Woodee) Scott

                    Comment


                    • #11
                      I like giving as many options as possible for payments. This encourages payments to be made. With debit or credit cards on auto-pay in the area I am in it would be more work as many would be declined. I prefer the decision in the hands of the tenant. Also some people are paranoid about using cards and some simply don't like to leave that number on file.

                      Comment


                      • #12
                        In some situations the customers that insist on paying cash are going through some sort of domestic situation that means cash only.

                        Comment


                        • #13
                          I appreciate those that are on autopay but won't force anyone to sign up. The boss man wants us to go to no cash payments at all but in this area, it just isn't feasible. And we make a lot off of late fees, to boot. As long as they pay, I don't really care how.

                          Comment


                          • #14
                            New tenants must sign up on auto pay but can pay a different way if they pay before the auto pay hits.

                            letsgosonics, my auto pay has the capability to delay the auto pay up to 5 days for tenants that receive a check later than the first. It would normally be on the 1st right at midnight in the morning but I can delay the auto pay c/c charge attempt for those days if needed.

                            The other great thing about auto pay is there are less EXCUSES for not paying on time. The card is either declined or expired.
                            "Never let the inmates run the asylum!"

                            Comment


                            • #15
                              My motto is this.....

                              There are many ways that I can take your payment!
                              Credit, debit, check or cash!
                              It all goes to the bank!
                              Don't put off until tomorrow, what you can do today.

                              Comment

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