Today, fast Wi-Fi connection plus the introduction of new mobile apps have allowed people to pay their bills online and also schedule appointments. 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 rent payment services. Your business will benefit from it, as will the tenants. Here are the main benefits you can receive when you let your tenants pay rent online:
Improved customer service
Instead of collecting rent in person and processing payments by check, 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 provide them with better services.
Controlled management costs
Collecting rent online reduces expenses related to property management. A landlord 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 late payments. Additionally, tenants receive text or email reminders when rent is due or fast approaching, prompting an immediate payment, if the system is on an optimized mobile device.
Faster dispute resolution and audit trail
Rent paid online has digital paper trails. Thus, 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 owners to view late charges, update the owners system and track split payments automatically.
It is safer for them to process rent payments and landlord disbursements as personal data is not compromised. Your accounts can get a snapshot of tenants who have paid to enable informed financial resolutions.
It’s easy to stay organized
When money goes from one hand to another, a higher 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, monthly rent check cashing involves communication and organization to ensure 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 injured party.
Paying your 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 the ground.
In recent years, many homeowners are becoming more comfortable with online transactions. It’s about time those who haven’t tried online payment services consider them so they can save time, cut costs and improve cash flow.