Smart People’s Choice: Pay Rent Online
Today, fast Wi-Fi plus the introduction of new mobile apps have allowed people to pay their bills online and schedule appointments as well. Tenants use the same technology to pay rent on time and manage their funds. Paying online anytime, anywhere has become the new standard.
Landlords should consider online rental payment services. Your business will benefit from it, as will your tenants. Here are the top benefits you can receive when you let your tenants pay rent online:
Improved customer service
Instead of collecting rent in person and processing check payments, they can have more time to focus on their marketing efforts and improve their relationships with tenants. This is a way to improve your relationship with customers, and also a way to serve them better.
Controlled management costs
Collecting rent online reduces expenses related to property management. An owner will be able to reduce operating costs and keep a low property management fee. This will benefit many homeowners.
Decrease in the number of overdue accounts
There are different online payment options, such as PayPal, credit card and eCheck, so there will be a significant reduction in terms of payment delays. Additionally, tenants receive email or text message reminders when rent is due or is fast approaching, requesting immediate payment, if the system is on a mobile optimized device.
Faster dispute resolution and audit trail
Rent paid online has traces of digital paper. So when a tenant claims they paid online, the property owner can confirm or refute the claim by accessing the system. Fully integrated property management software will allow homeowners to view late fees, update the owner’s system, and track split payments automatically.
It is safer for them to process rent payments and landlord outlays, as personal data is not compromised. Your accountants can get a snapshot of the tenants who have paid to allow for well-informed financial resolutions.
It’s easy to stay organized
When money passes from one hand to another, a greater degree of organization is needed. When there are more tenants and properties involved, there is a greater chance of making mistakes.
Even when managing one or two properties, cashing rent checks on a monthly basis involves communication and organization to make sure payment is received in a timely manner. Mistakes, no matter how small, can be disastrous when caused by arguments in which the landlord and tenant insist that they are the aggrieved party.
Added security
Paying rent online eliminates the risks that come with cash payments. Also, the insurance company will most likely reduce coverage when there is less cash on site.
In recent years, many owners are becoming more comfortable with online transactions. It is time for those who have not tried online payment services to consider them to save time, reduce costs and improve cash flow.
