84% of Real Estate Firms Would Replace Checks With Real-Time Payments

Major real estate firms are just about ready to replace time-consuming, old-fashioned methods of sending and receiving money with real-time payments.

For PYMNTS’ study “Corporate Changes in B2B Payment Practices: The Future of Real-Time Payments in Real Estate,” created in collaboration with The Clearing House, we surveyed 125 executives at real estate companies with at least $100 million in annual revenue about the payment methods they use. The study revealed that many of these execs are expecting to replace their existing systems with real-time payment methods.

Specifically, 84% of those surveyed said they believe payments made by check could be replaced with real-time payments, and 77% said the same of payments received via check.

Plus, 65% of the real estate company executives surveyed stated they believe real-time payments could replace those made by debit card, and an even greater 73% said the same of payments received the same way. Similarly, 65% believed payments made by ACH could be replaced, while 50% said the same of payments received by ACH.

Notably, while 55% of those surveyed said they believe payments received in cash could be replaced by real-time payments, only 29% said the same of those made in cash.

Overall, most real estate companies are ready to say, “Out with the old, in with the new,” when it comes to payments — especially making payments. Only 3% of those surveyed reported that they do not believe real-time payments will replace any payment method at all when it comes to making payments, leaving 97% expecting that at least one kind of payment method will be updated.

Similarly, 9% stated they do not believe real-time payments will replace any payment method at all when it comes to receiving, such that 91% are ready to receive payments in real time.