In the not-so-distant past, landlords had to collect rent through mail or cash.
It was a risky endeavor because things get lost in the mail, cash makes you vulnerable to theft, and a host of other factors.
Now, with online rent collection, all of that can stay in the past. You no longer have to spend precious time and effort tracking down physical payments and manually inputting payments into accounting systems.
Let’s look at three specific ways that online rent collection makes your life easier.
Most methods of online rent collection make it possible for tenants to set up recurring payments. They can set the payment timing and amount all at once, relieving the burden of trying to remember to make their payments manually each month.
Automated payments make it far less likely that tenants will have to pay late fees for missing rent. It takes a lot of pressure off you as well because you don’t have to chase down late payments or debate with tenants when payment doesn’t show up on time.
Recurring payments make everyone’s life easier. When tenants have the ability to automate their rent, it increases the likelihood that your money will be delivered on time and in the correct amount. It truly is a win-win for everybody.
Flexible Payment Options
When tenants have the option to select their preferred payment method, it makes life easier for them and you. Most forms of online rent collection provide tenants with the ability to choose between paying via credit/debit card or through ACH payments, which link directly to their bank accounts. This gives renters flexibility to figure out what works best for them within the boundaries set by you.
Offering various payment methods isn’t the only flexible aspect of collecting rent online. Collecting payments online makes for a hassle-free delivery of funds. Since tenants can pay at times that work for them (as long as they meet your deadline), they don’t have to worry about meeting up with you to drop off their payment or mailing you a check at the first of the month. At the end of the day, the more accessible the better, right?
Automated records are a game-changer. No matter what approach you use to collect rent online, they will all record every transaction made on the platform automatically. And the importance of this cannot be overstated.
Automated records mean every transaction can be referred back to and has an accompanying time stamp. It prevents tenants from making up stories about how they already paid. It also makes it easy for you to see patterns.
Furthermore, it removes the possibility of human error. And it saves you time and money because you don’t have to manually track transactions.
If you choose property management software as your method of online rent collection, this feature becomes even more effective. Most property management platforms not only record every transaction, but also organize them into exportable documents. You can then share with partners, print out physical backup records, or use them in any way you need.
When it comes to your rental business, online rent collection can make a huge difference. It makes your life easier and your tenants’ lives easier. Who wouldn’t want that?
Recurring payments, flexible rent payment options, and automated records are three critical ways online rent collection can change your operation. Your time and money are valuable, so adopting practices and systems that save time and money is a no-brainer.
Innago is a free, easy-to-use property management software solution, designed to save you time & money. Innago allows you to easily: collect rent, screen tenants, list properties, manage work orders, create applications, sign leases, organize financials, communicate with tenants, & much more! Learn more here