Technology continues to change and grow, which means that using it in your furnished housing business is a must. One of the things that many owners now offer as a payment option are credit cards, especially those from Visa and Mastercard. Before we delve into the data on payment options for executive housing, we want to ask you a question. Do you accept credit cards for payment?
It might seem natural to accept credit cards, but based on the CHBO Corporate Housing Real Estate Report, it’s not the most common payment option. As old fashioned as it might appear, the payment option that is the most likely to be offered is a check. Based on 2019 surveys that furnished housing owners filled out, almost 72% of respondents accept checks.
However, that doesn’t mean that new technology isn’t represented along with some of the old types. You only have to look at the next most common payment options to see that. PayPal, Venmo, and Zelle are all payment options available by at least 36% of owners who offer executive housing. This goes to show that some of the most advanced, modern technology is being picked up for the furnishing house industry.
But what about credit cards? A total of 30% of owners indicated that they take Visa and Mastercard payments. Lesser used credit cards, like American Express and Discover, are also used for payments regularly. For American Express, 15% of owners allow payments, while 10% let tenants use a Discover card.
If you’re someone who only takes checks and money orders, there’s no better time than now to move to more advanced payment options. This is especially true with COVID-19 going on. These payment options are electronic, so there’s no need to meet face to face. The same applies to PayPal and Venmo, which are gaining popularity.
As someone who offers furnished housing from CHBO, you can learn more about payment options and how they’ve changed over time by logging in and reviewing our reports over the years. You can see how technology has been adopted for use in the industry and what you might be missing out on if you stick to the old standards.
The more payment options you offer, the more likely a tenant is to choose you. Everyone has their favorites, and when you accommodate a more significant number of people, they’re more likely to stay in your space.
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