PayRent 3.0 Helps Landlords Collect Rent Amidst a Pandemic

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New version helps with rent repayment and rent collection enforcement.

PayRent LLC, a rent collection and property management platform for real estate entrepreneurs, unveiled the latest release of their web and mobile rent collection platform, PayRent.com. With over 30 new and improved features, PayRent 3.0 focuses on unique features that help landlords get paid on-time with less effort.

This is the first significant release of new features since the company was launched in 2017 and represents a heightened focus on the changing landscape of rent collection brought on by the economic challenges of the last year. PayRent’s mission is to create a platform that assists both landlords and renters in these uncertain times.

“With eviction moratoriums and sheltering in place coming to an end, it’s critical that landlords use a service like PayRent to keep cash flowing in their business,” said Carlton van Putten, PayRent’s CEO. “PayRent has developed several features to help renters and landlords make and collect rent payments more easily. Over the next year, you will see us double down on features that give both renters and landlords more peace of mind in turbulent times.”

Key features of the new version include:

• Bank Balance Verification  – Before a rent payment is submitted, PayRent verifies available funds in the renter’s bank account, virtually eliminating chargebacks and returned check fees.
• Flexible Auto-Pay – Renters can schedule one-time or recurring monthly or weekly payments to make paying rent easy and more automated.
• Activity Feed – Landlords can see renter’s payment activities, including when scheduled payments are made or canceled, improving visibility and communication.
• Renter Reminders – Automated notifications to renters before rent is due helps to make sure renters know when and how much they owe before rent comes due.
• Rent Collection Policy Enforcement – This unique feature allows landlords to set a relaxed or strict rent collection policy, which requires renters to maintain a primary and backup payment method as well as a recurring scheduled payment, giving landlords peace of mind that rent will be paid on-time.
• Automated Late Fees – Automatically assess a fee when rent is past due, which helps landlords consistently apply rent collection policies without any additional effort.
• Mobile Web App – The completely redesigned user interface was optimized for mobile devices so that renters and landlords can manage payments from any connected device anywhere.

Plans and Pricing

The latest release also introduces new service plan options for landlords, including “Pay-As-You-Go”, a free version with limited features and 7-day funding where landlords can pay, split, or pass through ACH  transaction fees to renters. “Do-It-Yourself”, a paid plan, provides more advanced features, free ACH bank transfers, and 3-day express funding for a cost of $49 per month. There are no long-term commitments with either service plan.

AAOA members can sign up for free here.

About PayRent

PayRent is a simple, safe, and convenient property management platform for real estate entrepreneurs. We are committed to helping lighten the load of managing residential rental properties while fostering a positive and productive relationship between landlords and renters. Find us at https://www.payrent.com