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 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 their 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 serve them better.
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 their rent is due or fast approaching, prompting an immediate payment, if the system is on a mobile-optimized device.
Faster dispute resolution and audit trail
Rent paid online has digital trails on paper. Thus, when a tenant claims that 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 fees, update the owner 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 paying tenants 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, cashing rent checks on a monthly basis takes communication and organization to make sure payment is received in a timely manner. Mistakes, however small, can be disastrous when caused by arguments where the landlord and tenant insist that they are the wronged party.
added security
Paying rent online eliminates the risks that come with paying with cash. Also, the insurance company will most likely reduce coverage when there is less cash on the spot.
In recent years, many homeowners have become more comfortable with online transactions. It is high time that those who have not tried online payment services consider them so that they can save time, reduce costs and improve cash flow.
