TIPS &PAYMENTS

TRICKSMARCH 27, 2020 / VIRGINIA LOVE

Please consult with your operations team prior to implementing any of the ideas shared today.

To access screenshots of presentation materials, please contact your Entrata representative.

VIRGINIA LOVEPAYMENT TIPS & TRICKS

DISCLAIMER

VIRGINIA LOVEPAYMENT TIPS & TRICKS

HEARWE

YOU!

PAYMENTENTRATA

OPTIONSMARCH 27, 2020 / JAMES HARRIS

ACH

PAYMENT TIPS & TRICKS

● Entrata adoption - 58% of all payments

● Payment settings - First Step ○ Setup >> Properties >> Financial >>

Payments >> General >> Payment Types

● Absorb convenience fees for ACH

● Communicate timeline positively

● Electronic payments 1st step in paperless leasing

● Entrata adoption - 16% of total payments

● Absorb credit card fees

○ Adoption increases up to 60% when fees are absorbed

○ Offer as temporary relief ○ Communicate timeline positively ○ Monitor online payment adoption via

Online Payment Percentage Report

■ Reports >> Payments

PAYMENT TIPS & TRICKS

CREDIT/DEBIT CARD

● Client Question: If we elect to absorb credit card fees, how much of an increase can we expect to see with credit card payments?

Answer:First time we are seeing a number of clients absorbing the fees. Again, see 60% of payments are credit card when fees are absorbed. If you have high online payment adoption with ACH/eCheck, might see drop as they use credit card for temporary relief.

● Credit this to a specific charge code if you’re looking to quantify expenses due to COVID-19

PAYMENT TIPS & TRICKS

CREDIT/DEBIT CARD Continued...

● Enable partial payments ○ Allow impacted residents to pay rent

as they have the money.

Setup >> Properties >> Residents >>Resident Portal >> Payments

● Set custom dates to accommodate each resident

● Remove Rent Block dates

● “Bi-monthly Payments” - residents can set up for auto-payment

PAYMENT TIPS & TRICKS

PARTIAL PAYMENTS/BI-MONTHLY PAYMENTS

PAYMENT TIPS & TRICKS

DEFERREDPAYMENTS

● Agreement to pay X on X date

● Avoid collections

● Entrata is ready to assist with repayment agreements and delinquency adjustments

PAYMENT TIPS & TRICKS

REPAYMENTAGREEMENTS

● Setting up repayment agreements

● Two user guides○ One for setup ○ One for management

● Impacts on reporting

● Client Question: Is there any way to use the Conventional Installment Plans option over the Repayment Agreements option?

PAYMENT TIPS & TRICKS

PAYMENT PLANS

STRATEGIESTIPS &MARCH 27, 2020 / TANYA GARCIA

PAYMENT TIPS & TRICKS

● Disable rent-reminder emails

● Disable renewals ● Custom text Resident Portal or Entrata App● Discount or waive late fees ● Reduce rent to half for April/May and

amortize balance over the life of the lease

● Allow a resident to use their security deposit to pay rent.

● Promote Entrata App adoption ● Review revenue management settings ● Offer short term extensions without penalty● Eliminate Payment Block days ● Deferred Payments

TIPS &STRATEGIES

PAYMENT TIPS & TRICKS

● Client Question: “We are looking for a way to give 25% of rent for all students staying in their contracts? What is the best way to do this in bulk as the actual discounted amount varies?”

Answer: If you want to do a %, you will need to apply the discount on each account. Now, this can be done in bulk IF it is a flat amount, not a % of different rental rates.

TIPS &STRATEGIES Continued...

YOUTHANK

www. entrata.com/covid19 vlove@entrata.com