Flexible, Secure and Fast: Unlocking Renter Satisfaction with Digital Payments

76% of renters prefer digital payment options when receiving a security deposit refund from a landlord or property management company.

CHICAGO & PHILADELPHIA--(BUSINESS WIRE)--Onbe, a leading corporate payouts platform, published its Winter 2023 Property Management Payouts Survey revealing that renters want flexibility and choice in how they receive their security deposit refunds—and having that choice of secure, digital and immediate refunds empowers renters with convenient access to their money which allows them respond to a rapidly changing housing market. 75% of those splitting their refund with roommates stated that receiving payments through digital wallets would have made the experience easier.

In the Onbe study, which polled 631 renters nationwide, 82% of respondents said that receiving their refunds digitally would be an improvement from their current refund experience with property management groups. Digital payments not only reduce payment costs, increase operational efficiency and reduce escheatment risks for property managers, but they create an opportunity to drive loyalty and improve convenience for tenants with popular payment choices, including options for delivering payouts to digital wallets.

“Receiving funds quickly and conveniently is paramount for renters, putting the money directly back into their pocket and helping them more easily take the next steps in their lives,” said Melissa Hentschel, Chief Client Officer of Onbe. “Fast, secure and flexible payment options help reduce the lost time and frustration that renters often experience when waiting for a security deposit refund, helping build loyalty and create a more positive experience.”

Additional findings from Onbe’s Winter 2023 Property Management Survey include:

• 63% of respondents found themselves waiting to receive their security deposit from their previous landlord or property management group, before moving to their next property.
• 79% of renters stated they’ve received delayed, lost or incorrect payments from their property management group, which caused them to avoid renting from the company again.
• 78% of tenants said that making and receiving payments digitally would improve their opinion of their property management company.

With digital solutions, property management companies can offer the payment choices their tenants want, improving the refund experience and keeping the door open to renting to those tenants again in the future. Onbe’s payout gateway streamlines and simplifies the refund process for property management groups, helping them reduce costs and labor while providing today’s preferred payment choices.

You can learn more about Onbe’s payment solutions here.

About Onbe

With more than 25 years of industry experience and offices in Chicago, Philadelphia and London, Onbe is a fintech that manages and modernizes customer and workforce disbursements for corporate clients ranging from mid-market to the Fortune 500. Onbe’s team of experts and technology platform offers clients a turnkey solution to offload their entire B2C payment operations, relieving them of the cost, complexity and risk that come with orchestrating these payments in-house. Backed by top-tier investors, Onbe delivers on today’s consumer expectations for instant, digital and seamless payments. To learn more, visit www.onbe.com and follow us on LinkedIn.

Methodology

The Winter 2023 Property Management Survey is the fourth iteration of Onbe’s monthly payments market research survey. The purpose of this particular survey is to learn how consumers prefer to receive their payouts and better understand the challenges they currently face when receiving these payments. Respondents were asked to complete a survey with 25 questions during October of 2023. We received a total of 958 responses with a 66% qualifying rate, collected from across the United States and from demographics reflective of national diversity. Respondents must have been at least 18 years of age to qualify for the survey; another piece of qualifying criteria consisted of respondents needing to have received a property management payment.