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35 January 2025 F E A T U R E S T O R Y January 2025 » Sending refund payments digitally can reduce or even eliminate these expenses while saving time and labor. Digital and electronic payouts are also more secure, with today's solu- tions typically featuring built-in fraud monitoring and prevention capabili- ties. In contrast, checks are especially vulnerable to fraud—according to the 2023 AFP® Payments Fraud and Control Survey, 63% of respondents reported that their organizations had experi- enced fraud activity involving checks. By reducing the reliance on legacy payment methods, property managers can protect themselves and their tenants from risk and financial loss. Given the national average tenant turnover rate of 44% in 2023, the savings from switching to digital refunds will add up fast. Opening the Door to New Possibilities B eyond transitioning to digital-first security deposit refunds, property management companies can explore solutions for their other payment needs, including move-in and refer-a-friend in- centives, HUD reimbursements, and even payments to contractors. Today's offerings integrate seamlessly and enable property managers to modernize their payment capabilities relatively quickly and easily. Typically, companies can customize the recipient experience with their branding and messaging, plus offer a selection of popular payment options that appeal to their recipients—an upgrade from the default check and a chance to reinforce loyalty at key touchpoints. As digital transformation continues to reshape the real estate industry, lead- ing to more automation, efficiency, and better customer experiences, digitizing routine payout processes is fast becom- ing the new standard. By embracing the fast and convenient payment options on the market today, property manage- ment companies can both advance their business and deliver on their tenants' evolving preferences. Now that's a move worth making. Along with satisfying tenants' growing preference for digital and electronic payout methods, property management companies can reduce their administration costs by replacing legacy processes with a digital-first payout solution.