As a landlord or property manager you want to do everything possible to make things convenient for you and your tenants, including collecting the monthly rent. Online payments are common in almost every business, so why not the rental market? Money magazine reports that millennial’s pay 61% of their bills online and the older generations pay 42% of their bills online. Here are some reasons for you to consider making the switch.
Fewer Late Payments
Every property manager has tenants that are hard to reach due to travels or work. Online transactions settle this issue because tenants are able to pay from anywhere at any time. Some apps or websites even let you schedule a reminder to pay your rent. According to National Multifamily Housing Council, 85% of people who pay their rent online do so the next month as well. The easier the process, the more likely the tenant will pay their rent on time.
Easy to Track
With access to a payment app, tenants can look back at payment history and see what has been paid, when they paid, and any amount still owed. Some sites may even give you digital documentation, so you can skip through all the paperwork. The hassle of filing and the possibilities of loss files wouldn’t be a concern. You will receive real time status updates from your online rent collection service. This is more dependable than taking the tenant’s word that they “mailed the check.”
When you’re connected to an online rent payment system, tenants can easily see how much they owe, especially if there are unusual fees or deposits on the account. Paying by check is extra work for both parties and can lead to some mistakes due to penmanship or missing/wrong information.
Online rent payment is one of the most secure ways to pay rent, for both you and the tenant. This eliminates the concern of lost or stolen checks. The tenants banking information is also less susceptible to fraud because a check with their information printed on the front is not being circulated through the mail.
Electronic transactions are flexible and convenient for both you and your tenants. The easier the process the more likely the tenant will pay their rent regularly. It also shows your company is modernizing and looking to improve customer services. Help avoid payment problems by switching to electronic transactions, you will not regret it!