You’ve likely heard the term “millennials” being dropped frequently, they’re trend-setters, forward-thinking, and are taking over the social media world. But why are they such a big part of the conversation when it comes to business? With a population of 79 million, millennials are the fastest growing market segment in the U.S. — with a very wide range of payment preferences compared to previous generations.
There is a constant conversation about how the millennial generation is the major influencer within our consumer market today. Brands are reframing their entire messaging strategies in order to be more relevant, more accessible and more in tune with the millennial mindset. Typically when one thinks about millennials, you are reminded of their rampant technology use/knowledge, specifically with social media. This leads one to believe that mobile banking and electronic payments would be something that comes quite naturally to them. With electronic payments becoming the norm, this is pushing cheques onto the back burner.
Millennials expect to have a variety of options for purchasing things online — whether it’s on their phone, on their tablet or on a desktop, but certainly not with physical cash in hand. They want brands to create mutually beneficial relationships that reward them for their loyalty and participation, this is what RentMoola has based it’s sole existence on.
Though millennials value security and fraud protection, their financial attitudes are far more liberal than other generations. This isn’t to say that they will go with Jo Shmo Online Payment System, it just means they are open to alternative payment methods online, as they are well versed in the different types of security measures that payment solution companies use online.
RentMoola deals with a large majority of millennials using our payment system, which is why we have aimed to partner with brands that millennials love to get deals and discounts for products and services that they already use, these are what we call MoolaPerks. Brands like UBER, Indochino, and Telus to name a few, this is what sets RentMoola apart from any other rent payment solution company. RentMoola members trust the service that RentMoola provides, and RentMoola rewards them for their loyalty with stellar service and MoolaPerks.
If you, or someone you know is deciding on a payment solution for collecting rent from millennials, a RentMoola representative would be happy to answer any questions that you may have. Any inquiries can be sent to firstname.lastname@example.org