Rent collection is one of the most difficult elements of property management. However, switching to an online rent payment option can alleviate this burden and help speed the entire process. When it comes to collecting rent payments online, there are several advantages for both the property management and the renter. Let's take a closer look at the advantages of online payments for both the property management and the renter.

How online payment can benefit property management?

1. Set up periodic payment reminders.

The majority of tenants just neglect to pay their rent on time. Rent will be collected more effectively if reminders are sent closer to the due date. However, delivering rent reminders by hand takes time. An online rent payment system with automated payment reminders can help you deliver accurate and timely reminders to tenants.

2. Instantly view the status of rent collection.

A central payment solution linked with property management software allows property managers to quickly check the status of rent collection. When you collect rent online, you will receive a digital receipt, and if it is connected with your property management software, the data will also be updated in your accounting module.

3. Simplify property management procedures

Many concerns, such as check bounce, insufficient balance, and cash loss, are eliminated with online payments. It sends out confirmation of online payments, making it easier for the property management to generate receipts manually. Integrating the online rent payment system with accounting and reporting software can assist to expedite the process and ensure that everyone is on the same page.

4. By automating procedures, you may save money and time.

Each time property managers drive to physically collect payments and then make a run to the banks, they are wasting time and gas. Similarly, generating payment receipts and depositing funds in banks take a significant amount of time. Moving the procedure online and automating it is a simple method for property managers and renters to save time and money.

5. The built-in payment module is safe

Online payment methods are safe and eliminate the danger of cash or cheque fraud. Cloud-based online rent payment alternatives safeguard your customers' personal information. This is an excellent approach to safeguard both you and your tenant.

The advantages of collecting payments online are numerous; nevertheless, a renter may be turned off by the extra transaction fees charged for a credit card or debit card payment.

To address this, try including an ACH (Automated Clearing House Network)-based online payment option. ACH transfers are electronic transfers of funds between accounts at separate banks. To guarantee a successful onboarding and acceptance of the online payment system, a property manager will need to educate the renter on the benefits.

How online payment can benefit tenant?

We highlighted the advantages of an online rent solution for a property management or landlord, but there are also advantages for tenants.

6. Set up recurring payments to ensure that you never miss a payment

A renter can use an online payment solution to set up regular payment advise in his account so that the rent is deducted at the appropriate time. This will simplify the payment procedure and ensure that the tenant's payments are never late.

7. Avoid paying late fees

Once a payment reminder is issued, an in-built rent collecting module connected into the resident portal can assist tenants in making payments quickly. They will save money on late fees as a result of this.

8. Pay safely and securely whenever it is convenient for you

Making payments through a rent collecting site eliminates the need for the renter to disclose his account information with others. Payments can be made by the renter using resident portals, mobile applications, or payment connections. It combines convenience and security.

9. Go paperless to save the environment

 

By going online, you may save money on paper and petrol. Online rent payment eliminates the need for checks or receipts, as well as travels to the bank or the property manager's office!

Rent payments may be made online, which is both easy and safe. It saves time and money, provides quick reports, and allows for speedier turnarounds when it comes to terminating rent accounts. 

A property management and rental housing solution that includes an integrated payment solution can help with the entire rent collecting process. A customer can incorporate only the rent payment module in their existing property management software using our pay as you go technique.