Zego shares new rent payment data for H1 2020; Credit card usage up 43% for first six months year-over-year
PropTech Leader Reveals New Rent Payment Data and Uncovers Ups and Downs of COVID-19 Rent Cycles.
SAN DIEGO, CA – July 14, 2020 – Today, Zego (Powered by PayLease), the property technology company that powers better resident engagement & efficiency for multifamily and HOA communities, is releasing new data analyzing rent payments for the first half of 2020, as states continue to battle the COVID-19 pandemic. Among the data’s findings, credit card usage was up 43 percent for the first half of this year, with CashPay up only 6 percent.
“The past four months have been a roller coaster for the multifamily housing industry and as payment processing is core to our business, we’ve tracked the payment mix closely through the pandemic,” said Dirk Wakeham, CEO of Zego. “Recent weeks have shown we don’t know when things will be ‘back to normal,’ but supporting property managers weather this storm, including with a variety of rent payment options, is what we do best and we’ll continue to support properties to go above and beyond for their residents.”
In a more detailed breakdown of the data, Zego’s analysis of the first 15-days of each month shows that Q2 alone had a nearly 33 percent increase in credit card usage year-over-year and the value of rent payment transactions via credit cards was up 52 percent for that same period. This marks a sizable jump from the first quarter when credit card usage was up only 3 percent year-over-year, demonstrating the impact the pandemic has had on the residential real estate industry. April showed the largest single month-over-month increase in credit card usage at nearly 24 percent.
In addition to a rise in credit card usage in the first half of the year, Zego found a 17 percent decrease in Check Scanning, which allows onsite managers to convert paper checks into digital payments via a desktop scanner, for the same period. Similar to credit card usage, April showed the largest single-month swing with a decrease of 21 percent.
Serving over 12 million residential units, Zego’s resident engagement platform unifies critical resident touch-points—from payments and utilities, to communication and smart devices—into one app. Zego is backed by Vista Equity Partners, a leading technology investment firm focused on enterprise software, data, and technology-enabled businesses.
Zego (Powered by PayLease) is a property technology company that frees management companies and community associations to go above and beyond for their residents. Zego’s mobile-first engagement platform for the residential real estate industry unifies the most critical resident touch-points into one app. From payments and utilities, to communications and smart devices, everything is seamlessly integrated into your back-end system. Zego delivers portfolio-wide efficiency, higher NOI, and more engaged residents. Learn more about how Zego drives community engagement and efficiency at gozego.com.
Q1 YoY – 3% increase
Q2 YoY – nearly 33% increase
H2 YoY – 43% increase
H2 2020 – highest MoM for cc usage – April, nearly 24% increase
H2 Payment Type Usage
CC up 43%
CashPay up 6%
Check Scan down 17%