How can storage facilities streamline the recurring payment process?
November 26, 2013

Investing in advanced electronic payment systems allows small-business owners in the self-storage industry unique opportunities to increase the efficiency of otherwise complicated financial processes. Credit card processing becomes a challenging task as enterprises anticipate a sharp increase in customer activity as a result of long-term growth. The need for user-friendly technology becomes especially apparent when companies must organize recurring payments as well.

Facilities benefit from industry growth
Self-storage businesses frequently depend on scheduled transactions to receive the bulk of their yearly income. The industry has experienced substantial growth in recent years, which has only highlighted the importance of quality credit card processing technology. Assured Self Storage, a company with several locations in California and Texas cited data from the Self Storage Association on its website that said the industry currently has 83.9 percent market penetration in all U.S. counties. In fact, the number of households that currently rent storage units has increased 65 percent between 1995 and 2012. Back then, only 1 out of every 17 households were actively paying for space at a local business. Now, that measurement has increased to 1 in 10. According to the SSA website, these enterprises represent the fastest growing section of the commercial real estate industry in the U.S.

The growing demand for self-storage space has had unique consequences on the local level. For example, The Missourian, a newspaper published in Washington, Mo., recently reported on efforts to adjust the existing zoning regulations surrounding these businesses. So many new facilities are being built that local residents and enterprise groups want to ensure the city's planning infrastructure accommodates new construction of units in the most effective way possible.

As the self-storage industry continues to expand at a rapid pace, business owners may want to consider investing in dynamic electronic payment systems that make it easier to process recurring transactions. Without the right technology, the ability to accept credit card payments becomes severely inhibited. Organizing scheduled transaction data may be even more challenging in the long run. However, industry expansion doesn't have to come at the expense of operational inefficiency. Customers often enjoy the convenience of renting storage space without having to put much effort into the process. There is no reason the owners of storage facilities shouldn't be able to experience the same level of ease on their end. An advanced service such as Sage Exchange allows small-business owners to see all payment activity in one place and set up recurring transactions easily.

Nexus: G-WEBCD6