PayLease 5provenstepstoreach100%digitalrentpaymentadoption Contents Theundeniableshifttowardscontactlesspayments 6-13 Bestpracticesfordrivingdigitalpaymentadoption 14-67 On-sitestaffchangemanagementandtraining16-28 Residenton-boarding.29-34 Alignmentofresidentincentiv.35-49 Multiplepaymentoptions.50-58 Residentengagementandcommunication.59-67 What'syourpaperlesspaymentshealthscore? 68-74 Theundeniableandlastingshifttowardscontactless payments Reneweddemandfordigitalpaymentsolutions Therearecurrently43millionrentersintheUS,andtherenterdemographicisdiverse.Butinit's mysteriousanddiabolicalways,2020unitedcommunitiesthroughacommonenemy:COVID-19 Propertymanagersacrossthenationhavescrambledtokeepoperationsafloat,residentshappy,andpropertiessafeandsanitized 2020wastheyearofvirtualconferencesandwebinarsfeaturingstoryafterstoryofmultifamily managementfirmsplayingtechnologycatch-up.Ourindustryisknownforbeingslowtoadopt. Butnow,weseemtobemovingatwarpspeed.Withtheideaof"goingdigital"topofmindfor everyone,moreresidentsareexpectingcontactlessrentpaymentoptionsthaneverbefore Accordingtoa2o20reportbytheNLA(NationalLandlordAssociation),outstandingrent hasmorethandoubledsince2019,from1.9%to4.5%.However,outstandingrentforonline paymentswas2otimeslessthantheaverageacrossalltransactionmethods.Also,digitalrent paymentsrepresentafargreatershareoftimelypayments(92%)thananaveragerentpayment (55%).Thesenumbersshowusthatthepandemichasdriventheaccelerationofdigitalpayment platforms,allowingcommunitiestocollectmoretimelypaymentsbyofferingacontactless method. Butsimplyofferinganonlinepaymentportalisnotenough.ThedatafromtheNLAreportshows thatacrossalllandlordsandpropertymanagerssurveyed,thepercentageofdigitalpayments inQ4of2019was17%,andevenwithsocialdistancingorders,thatnumberonlyroseto33%in Q4of2020.Whyis67%ofrentstillbeingpaidwithacheck,cash,ormoneyorder?Property leadersneedacomprehensiveprogramthathelpsthemachievetheirgoalsofincreasing online,on-timepaymentsthatsavetheirstafftimeandimprovecashflow. Adigitalrentpaymentsbestpracticethatworks Therehasbeenashift.Managementcompaniesarenowlookingtopartnerwithaprovider thatnotonlyoffersasecure,seamless,andintegratedsolution.Theyarelookingforapartner whowillhelpthemachieveaspecificbusinessobjectiveoroutcome-100%digitalpayment adoption-andprovidethetoolsandsupportneededtodrivethatobjective. EvenbeforeCOvIDhit,weatZego"(PoweredbyPayLease)havebeenhyper-focusedon empoweringourclientstoincreasedigitalpaymentadoptionbyresidents.Wesawthatthe averagepercentageofdigitalpaymentsacrossthemultifamilyindustrywasrightaround30%, meaningthattheother70%ofpaymentsweremadeupofpaperchecks,cash,andmoney orders. Wealsonoticedthatthetop25%ofourcustomershavedigitalpaymentadoptionratesnorth of65%andclimbing.Sowelaunchedaresearchstudytofindoutwhatthosecompanieswere doingdifferently.Duringthestudy,wefoundthattheywereproactivelydrivingdigitalpayments throughanumberofinnovativestrategies.Sowecollectedourfindingsandcreatedaguidetc 100%digitalpaymentadoption-a5-stepprocessjam-packedwithchecklistsandactionitems propertymanagementteamscouldimplementimmediately. Thisguidepresentsour1oo%digitalpaymentsbestpracticethroughapost-COVIDlens. BecausewhileCOvID-19wasbusydramaticallyalteringthemultifamilylandscape,savvy managementcompaniestooktheopportunitytofollowthesebestpractices,andtheresults areextraordinary.We'reexcitedtoaddtheiranecdotes,learnings,anddatatotheoriginal secretsauce. Thiscomprehensiveprogramwillprovideinstructions,checklists,sampleassets,andadditional propelyoutopaperlessperfection. 100%Digitalpaymentsbestpractices Eachofthefollowingfiveareasplayapivotalroleinthesuccessofyourorganization'sdigital paymentadoptionacrossyourresidentbase.Learnhowtoapplythesetacticsportfolio-wideto driveoptimalresultsforyourbusiness.We'lldivedeeperintoeachofthesepointsthroughout thiseBook. •FelloutpropertylevelKPlstodriveadoption •Huncontestsformanagers •Frovideon-demanctralningtorcn-sltestaftontha"why"snd*how* Resident Setclearexpectstionswithresidentsarounchowsndwhentheyshouldpey •Includtepaymentpartalinformatianwithmove-inmaterials •Hequlreappicantstopaydigitally •Choosetharightpricingmodel •Chargeafeeforlatepayrents •Provideanincerlive[arresidentlslosignupforAulePsy •Ollercredilrepcrlinglorlree •Coriverlpuperchucksinlotligitalpayrnentswiucheckscunning •OftersslnglamobllapptorallcommunltyfunctlonsIncludingrentpayment -Conmurnicalewithresidentsbasudontheirprelerernices(eriail,SMS,ini-appmassaging,voice) -Optimizcyourwcbsitr:toacceptpiyrnents -Scieduleautamaticrentrcmindcrswithalinktatnepaymentportal •Runresidentcontests •Combineutilities,rentancallotherpropertychergescntoamonthlyresidentstetement Whyproperty management companiesare prioritizingdigital paymentadoption what'smotivatingmultifamilyownersandoperatorstoimplementstrategicprogramsinorder toboostonlinepaymentadoptionattheircommunities?Firstwehavetolookathow2o2ohas changedthegame. Germ-freepayments Inasociallydistancedworld,contactlesspaymentsarenolongeranice-to-have,theyare