Companies
How to Get the Rent On-time From Millennials
By Diana Holm
PayStand
April 18, 2015 — Scotts Valley, CA
PayStand’s eCheck checkout interface allows renters to set up a recurring monthly payment, direct from their checking account using their secure bank login.
As anyone who works with twenty and thirty-somethings or has grown children knows, the generation of digital natives called “millennials” use technology differently than those of us over 35. They want to take care of almost every task online or on their mobile phone, especially financial transactions, and they’re less concerned than older people about the privacy and security issues involved.
Millennials are becoming a force to be reckoned with in the marketplace as well. A recent Forbes article “10 New Findings About The Millennial Consumer” found that there are 80 million millennials, representing $200 million in annual buying power. They are never without their mobile phones and are eager to try any new app or service that will save them time and make their lives easier.
One area that’s been slow to catch up with millennials’ demand to do everything online is rent payments. While it’s never been easier to use your smartphone to buy something with a credit card, or to exchange money between friends using a peer-to-peer service like Venmo, these apps aren’t well-suited to high-value, recurring transactions such as rent payments. Since most landlords won’t allow renters to pay with a credit card, rent payments stubbornly remain the province of the old paper check in the mail.
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