What Payment Methods Do You Accept for Rental Property, Deposits, and Other Things?
Admin
Published Date: 2021-12-08
When you’re the owner of corporate short term rentals, there are a variety of ways you can take payments from potential tenants. While it might have been as simple as taking a check a few decades ago, the world has changed, and there are more opportunities than ever. Electronic payments are all the rage, and many people prefer them to traditional payments for corporate housing.
Back in 2010, when CHBO put out our Corporate Rental Real Estate Report, 35% of the respondents to our survey explained that they never took credit cards for their corporate short term rentals. That went down all the way to zero in 2019, with electronic payments paving the way to get your money quickly and more efficiently.
Today, 30% of the people who responded to our survey were happy to take Mastercard and Visa payments, 15% would accept American Express Payments, and 10% chose to take Discover payments. However, credit cards are no longer the newest or the most advanced technology in payment processes for corporate short term rentals.
While a large number of owners take credit cards, what is increasing is the number of people who take payment options like PayPal, Venmo, and Zelle. At least 45% accept payments from PayPal, while 36% take payments from Zelle, Venmo, or even both. If you aren’t yet offering payments through these means, it could be the time to reconsider that option.
This doesn’t mean that checks are obsolete since most people are still happy to take both those and money orders. A total of 72% of the owners who offer corporate short term rentals take checks in addition to whatever other payment methods they prefer. There were also 11% who mentioned other payment sources that aren’t specified.
While there’s nothing to say you need to change the payment options you offer, this gives you an idea of what other people are doing. If you’ve never thought about opening a Venmo account or signing up for Zelle, you can see if it’s something in which you are interested.
Things change regularly, especially where technology is concerned, and this list could look different next year. Perhaps you’ll expand your own payment choices and click another box when you take a survey. Even if not, you never know what technology is going to take off next to make getting payments more accessible than ever.
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