Why Rental Companies Need Online Payments: The Movement Led by Millennials

Why Rental Companies Need Online Payments: The Movement Led by Millennials

Have you noticed a trend in the payment methods used by your clients? Has there been a clear shift in preference away from paper checks since you first came into business? Well, guess what? The movement away from paper check payment methods has taken over and is predicted to continue to do so as millennials make their way into the business world without ever touching a checkbook! In fact, one study found that 94% of consumers under 35 years old are active users of online banking.

The Stats Don't Lie

Plenty of research has been done over the past decade that brings up some astonishing revelations to those who have grown up ripping the check from the book. It is seen that some millennials have never even written a check before. According to firstdata.com, more than a fifth of all millennials have never even written a physical check to pay a bill!

Chart by firstdata.com

Look, It's Time to Adapt

These statistics may have been a tough read for some of you, but at the end of the day, this is a reality that must be faced to succeed in the business world. Online payments are what's current and, more importantly, the entirety of the future. We're not telling you to abandon your old payment methods, but instead ensure that you adopt some form of online payment for your younger customers.

Overall it has been seen that online payments are significantly more efficient and convenient. According to creditcards.com, Bank of America's 2017 Trends in Consumer Mobility Report told us that 51% of respondents found paying via check to be a pain while 68% said online payment methods were convenient and saved time.

Let's pause on that: What's the number one thing you want your customers to do? Answer: GIVE YOU MONEY! And if over half find paying by check a "pain", do you think that you're helping get that money in your pocket?

Online payment allow customers to pay instantly, and save you a trip to the bank as your funds are automatically transferred to your account. In the event rental industry, we all know how important time-saving practices could be.

Goodshuffle Pro has already helped users of the event rental industry adapt to online payments in an easy manner. You can send a client an online contract that will include a payment page to pay online via our Stripe integration. Once the client completes their easy payment, your project will automatically be marked as signed and the funds will be transferred to your bank account. Does it get much easier? Keep in mind that Goodshuffle Pro also allows you to maintain ANY type of payment method via our offline payment offering so you have nothing to lose.

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Bryant Meyer

Bryant Meyer

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  Washington, DC

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