Today, fast Wi-Fi connections coupled with the launch of new mobile apps allow people to pay bills and schedule appointments online. Tenants use the same technology to pay their rent on time and manage their money. Paying online anytime, anywhere has become the new standard.
Landlords should consider online rent payment services. Their businesses will benefit – just like the tenants. Here are the key benefits they get when letting tenants pay rent online:
Improve customer service
Instead of collecting rent and processing check payments themselves, they can have more time to focus on marketing efforts and improving relationships with tenants. This is a way to improve relationships with customers and provide better service to them.
Control administrative costs
Collecting rent online can reduce the costs associated with managing a property. Landlords will be able to reduce operating costs and maintain low property management fees. This will benefit many property owners.
Decrease in the number of overdue accounts
There are different online payment options such as PayPal, credit cards, and e-checks, so delays in payment will be significantly reduced. Additionally, if the system is installed in an optimized mobile device, when rent is due or about to be due, tenants will receive reminders via text message or email prompting immediate payment.
Faster dispute resolution and audit trails
Rent paid online has a digital paper trail. So when a tenant claims they paid online, the landlord can confirm or refute that claim by accessing the system. Fully integrated property management software will allow property owners to view late fees, update property owner systems, and automatically track installment payments.
They process rent payments and landlord payments more securely as personal details are not leaked. Their accountants can get a snapshot of paid tenants to make informed financial solutions.
Staying organized is easy
When money flows from one hand to another, a higher degree of organization is required. The more tenants and properties involved, the greater the potential for mistakes to be made.
Even managing one or two properties, collecting rent checks each month requires communication and organization to ensure payments are received in a timely manner. Mistakes, no matter how small, can be catastrophic if they result from an argument in which a landlord and tenant insist they are the wronged party.
Increase security
Paying rent online eliminates the risks that come with paying in cash. Additionally, insurance companies are likely to reduce coverage when there is less cash on site.
In recent years, many landlords have become increasingly accustomed to online transactions. For those who haven’t tried online payment services yet, now is the time to consider them so they can save time, reduce costs, and improve cash flow.