Nowadays, the fast Wi-Fi connection and the introduction of new mobile apps have made it possible for people to pay their bills online and also make appointments. Tenants use the same technology to pay rent on time and manage their funds. Paying online anytime, anywhere has become the new standard.
Property owners should consider online rent payment services. Your business benefits – just like tenants. Here are the top benefits you can get by letting your tenants pay rent online:
Improved customer service
Rather than collecting rent in person and processing check payments, they have more time to focus on their marketing efforts and improving their relationships with tenants. This is a way to improve their relationship with customers and offer them better services as well.
Controlled management costs
Collecting rent online reduces property management costs. A landlord can reduce operating costs and maintain a low property management fee. Many property owners benefit from this.
Decreased number of overdue accounts
There are various online payment options such as PayPal, credit card and eCheck, so payment delays are greatly reduced. In addition, tenants receive reminders via SMS or email when rent is due or near, and initiates immediate payment when the system is in an optimized mobile device.
Faster dispute resolution and audit track
Rent paid online has digital paper trails. So if a renter claims they paid online, the owner can confirm or refute the claim by accessing the system. Fully integrated property management software allows owners to view late fees, update the owner system and track partial payments automatically.
It is safer for them to process rental payments and owner payouts as personal information is not compromised. Your accountants can get a snapshot of tenants who have paid to enable informed financial solutions.
It’s easy to stay organized
When money moves from one hand to the other, a higher degree of organization is required. When more tenants and properties are involved, there is a higher chance of making mistakes.
Even when managing one or two properties, the monthly collection of rent checks involves communication and organization to ensure payment is received on time. Mistakes, no matter how small, can be catastrophic when caused by disputes where landlords and tenants insist they are the injured party.
Paying rent online eliminates the risks associated with cash payments. In addition, the insurance company will most likely lower coverage if there is less cash on site.
In recent years, many rental companies have become 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.