My friend Garo Darian of Glenmont Self Storage near Albany, New York, shared a story with me of a tenant who stopped in regularly to chat and have a cup of free coffee that Garo provides for his customers. The customer, who had downsized a unit to a 5 x 10, without fail mentioned during each visit how he had to “get that crap out of there.”
This routine continued without variation for five months until one day Garo needed to call him to update his credit card information which was expiring that month. “I’ll be down to get that stuff out today!” was the reply. And that day, due to an event that brought his monthly payment to his attention, the tenant moved out.
The program now offered by PayPros™ and recently renamed Decline Minimizer™ will automatically update credit card information on customer’s accounts when their card expires or is lost or stolen. Given that the industry agrees that customers using credit cards to pay their monthly rent stay up to 40% longer, it makes sense that the longer the rental payment remains “under the radar,” the more advantage there is for the self-storage owner to maintain that tenancy. We are currently working hard to integrate the Decline Minimizer™ into our Syrasoft Self Storage Software, giving our users yet another powerful tool to increase their bottom line.
These are the types of innovations that quietly help your business improve its bottom line. Allowing automation to make it easy for your tenant to “do nothing,” except of course pay his or her monthly credit card statement.