Rent collection is one of the most stressful aspects of maintaining a property. However, shifting to an online rent payments solution can remove this stress from a property manager’s life and help streamline the whole process. There are many benefits when it comes to collecting rent payments online for both the property manager and a tenant.
Let us look at the benefits of online payments for a property manager and the tenant in detail.
Benefits of online rent payment for a property management company
1. Schedule recurring reminders for payment.
Most tenants simply forget to pay the rent on time. Sending reminders closer to the payment date will ensure better rent collection. However, sending rent reminders manually is time-consuming. An online rent payment solution with automated payment reminders can help send accurate and consistent reminders to the tenant.
2. See the rent collection status instantly.
A central payment solution integrated into the property management software helps property managers see the rent collection status instantly. Collecting rent online will give you a digital receipt, and if it is integrated with your property management software, the details are updated in your accounting module as well.
3. Streamline the property management operations
With online payments, many uncertainties like check bounce, inadequate balance, and loss of cash are negated. It issues online payment receipt confirmation, thereby reducing the task for the property manager to create receipts manually. Integrating the online rent payment solution with the accounting and reporting software will help streamline the process and help everyone stay on the same page.
4. Save money and time by automating processes.
Each time property managers travel to collect the payments physically and then make a run to the banks; they are spending time and gas. Similarly creating payment receipts and depositing cash in the banks consume much time. Automating the process and moving online is a convenient way for property managers and the tenants to save time and money.
5. In-built payments module is secure.
Online payment options are secure and eliminate the risk associated with cash or check fraud. Cloud-based online rent payment options protect your consumer data. This is a great way to protect yourself and your tenant.
The benefits of collecting payments online are great; however, a tenant might be put off because of the additional transaction charges that are levied for a credit card or debit card payment.
To overcome this, consider having an ACH (Automated Clearing House Network) based in-built online payment option. ACH transfer is a process where the money is moved between accounts at different banks electronically. A property manager will have to sensitize the tenant of the benefits to ensure smooth onboarding and adoption of the online payment system.
Benefits of online rent payment for tenant
We discussed the online rent solution benefits for a property manager or landlord, but there are similar benefits for the tenant as well.
6. Set-up Recurring Payments to never miss the date
With an online payment solution, a tenant can set up recurring payment advice in his account for the rent to be debited on the right time. This will streamline the payment process and ensure that the tenant is never late for payments.
7. Avoid Late payment charges.
In-built rent collection module integrated into the resident portal can help tenant make payments instantly, once notification of payment reminder is received. This will help them save on late payment charges.
8. Pay safely and securely at your convenience.
Making payments via a rent collection portal means the tenant does not need to share his account details with others. The tenant can make the payments via resident portals, mobile apps or payment links. It gives convenience with security.
9. Go Green by going paperless.
Save on paper and gas by going online. Online rent payment means no checks or receipts and no trips to the bank or the property manager’s office!
Online rent payment solution is convenient and secure. It saves time and cost, helps get instant reports and faster turnarounds when it comes to closing accounts related to rents. A property management solution with an integrated payment solution like Realforce can assist in the whole rent collection process. With our pay as you go method, a client can integrate just the rent payment module in their existing property management software. To know more connect with email@example.com or fill the form below and we will get back to you.