REAL ESTATE INVESTMENT SECRETS: Part Eight of Twelve

COLLECT YOUR RENT THE EASY WAY WITH ELECTRONIC PAYMENTS

an interview with Tom Villante, Founder and Chairman: RentPayment.com

Tom Villante has seen an incredible increase in the use of electronic payments, a system that benefits both landlords and tenants alike. Landlords spend an inordinate amount of time opening paper checks, manually entering reports, making trips to the bank for deposits or transferring funds.  Traditionally, they are out of pocket from the 28th to the 5th of each month. His proprietary system allows tenants to pay rent through credit or debit cards, automatic payments, or electronic scans of paper checks, freeing up landlords from the time consuming task of manual rent collection. 

No more sending notices, knocking on doors or chasing down tenants to collect rent. 

Tenants like it, too.  “We have a whole generation of renters who have never written checks – everything they do is off a card,” Tom explains. “Others complain that the only check they have to write each month is for rent.” 

One of the greatest benefits of this system is an increase in closing rates. When you can access funds immediately, you can rent immediately, rather than sending away your prospect until the next business day when they can get certified funds.  Some landlords have reported as much as 25% improvement on closings. Closing immediately also decreases the number of days a rental stays vacant.  It also minimizes deliquencies, and that, in turn, improves cash flow.

The RentPayment system is superior to a bank merchant account in many ways, primarily because

• It offers line-item detail on accounting.  As the landlord receives payments, each will automatically be detailed by name and unit, current rent, pro-rated rent, deposit and the like in online, real time reports.
• This system can be integrated into property management software, so that 100% of the transaction is automated, freeing the landlord up at the end of each month. 
• Copies of checks can be archived, which can be instrumental to collection efforts later on.
• It integrates industry rules; for example, the system will not accept payments while an eviction is pending (because that would require refiling your eviction). 

A landlord’s time can be better spent concentrating on keeping the tenants happy, and improving occupancy rates.

For more information on RentPayment.com services, contact sales@rentpayment.com or call  877-927-7866. 

American Apartment Owners Association offers discounts on products and services related to your commercial housing investment, including tenant debt collection, tenant background checks, insurance and financing.  Find out more at www.joinaaoa.org.

This exclusive interview is included on the American Apartment Owners Association’s CD series, Real Estate Investment Secrets, twelve exclusive interviews with industry experts that will supercharge your ability to locate the best investment properties and manage or sell them for maximum profit.  Real Estate Investment Secrets is available for purchase from American Apartment Owners Association. Join as a Premium Plus member, and receive all of the benefits of our association including Real Estate Investment Secrets free as our gift for joining.  Visit www.joinaaoa.org for more information. 

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This entry was posted on Saturday, February 2nd, 2008 at 9:40 am and is filed under AAOA Forum. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Forum by American Apartment Owners Association » Are Late Fees Legal? said at June 5th, 2008 at 11:53 am

   [...] Automated payments, including debit and credit card payments, can make a difference in lowering late rent payments, and avoiding the headaches of applying late charges.  More and more tenants are computer savvy, and are accustomed to paying online. For more information on electronic payment options, click here. [...]

2. AAOA - American Apartment Owners Association » I Can’t Pay the Rent Because… said at October 13th, 2008 at 6:56 am

   [...] Learn how electronic payment technology has become easy and affordable in Collect Your Rent the Easy Way With Electronic Payments. [...]

3. AAOA - American Apartment Owners Association » Investors: Single Family or Multi-Family Properties? said at November 20th, 2008 at 2:54 pm

   [...] Learn how electronic payment technology has become easy and affordable in Collect Your Rent the Easy Way With Electronic Payments.  [...]

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