Accepting payments online – No longer something you can overlook

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When you create your own website to sell your products/services, it would be a great idea to apply an online payment solution to boost your prospective buyers. An online payment system allows buying and selling to become fast and easy. When you provide a facility such as this, customers will prefer to use your website to purchase products/services. More often than not, having such a facility influences the decisions of customers to buy from you.

Benefits of Accepting Payments Online

The advantages that businesses may receive after applying an online payment system to their website are as follows:

Security for Merchants

Receiving payments through an online payment scheme is more secure for merchants compared to receiving cheques. They immediately receive the payment in their account so there is no risk of getting bounced cheques and associated fees.

Having a competitive edge

Merchants that accept payments online can improve their reputation and gain the trust of potential customers. In addition, when merchants make use of an online payment system, they no longer need to ask for cheque payments.

Fast and Simple Setup

It is fast and simple to set up a credit or debit card based payment system. Once it has been implemented, you can start to sell in a couple of minutes. Furthermore, there are lots of service providers that present affordable plans that include free setup and inexpensive transaction rates.

Immediate Payment

One of the best advantages of implementing an online payment system is quick and trouble-free payments. It is easy and convenient for customers to make a payment from their home or office. This system allows them to receive an immediate notice of the business transaction and get an assurance that their orders will be delivered to them.

Merchant Reliability

Nowadays, customers tend to buy from merchants that make use of online payment methods as they find them more reliable. This feature encourages them to deal with these merchants. Just the same, credit or debit card payments provide consumers with fraud protection, which protects their money in case they do not get the product they purchased online.

Recurring Payments

An online payment scheme is more suitable for businesses that offer subscription based services, wherein customers have to pay after a certain time. Merchants no longer need to send reminders to customers or request them to send cheque payments since the former can automatically collect payments once the subscription term ends.

Credit Card Payments

Even if customers do not have enough cash in their bank account, they can use their credit cards whenever they have to make payments. Better yet, the payment can be done in installments, if merchants sell pricey items. Customers can pay in installment form using their credit cards.

In essence, an online payment system provides more value and convenience to their customers. This type of payment scheme has lots of advantages but the most important of all; it allows merchants to earn the trust of consumers. Moreover, both parties concerned in the business transaction get their respective share in a visible and timely manner.

If you have finally decided to step into the 21th century and accept your rent payments online, you need a professional online rental payment service. We can help you with this – come and check our rent payment service to get more information!

Here Is Why You Should Switch to Paying the Rent Online

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Some people are hesitant to pay their rent online – why do this when they are used to paying the traditional way? Come to think of it, there are some benefits when paying rent online. Property owners are now offering online payment schemes to tenants, giving them an opportunity to manage their finances better, free themselves from stress, and improve their credit standing. Take a look at the following advantages:

Build Credit by means of Credit Reporting

Renters get several advantages from improving their credit standing. This can enable them to have a lower interest rate for car financing or big purchases, and will even help in buying a house someday. When they pay their monthly rent on a timely manner, which is likely their biggest recurring payment, this can have a positive effect on their credit standing.

However, there is no need for them to download an app or share their bank account details with another vendor. There is a more convenient way. Most property owners give the opportunity to report their rent payments directly when paying their rent online. They do not have to do anything else. This is a simple, secure and effective way to build their credit.

Minimize Stress by using Automated Recurring Payments

Online payment schemes see to it that tenants pay rent on time, build their credit score and avoid late charges by sending constant reminders through text and email. What’s even better is that most of these systems provide autopay options that can be set and forgotten. Autopay allows them to pay on time, every time and so, there will never be any late charges.

Maintain an Active Lifestyle using Mobile Payment Options

When renters receive the payment reminder via text while they are on the go, what should they do? It is as fast and easy as a click to pay online using a payment app or a mobile-friendly website. Majority of solutions allow payments anytime and anywhere, accommodating tenants wherever they are.

Avail more Flexible Payment Schemes, Such as PayPal

At times, renters have insufficient funds on a certain month, or may try to get a free airline ticket, but need more points on their credit card to get the miles. They can benefit from the flexibility offered by paying online. By using their credit card, they can add more points, set up bank withdrawals or use PayPal.

Lower the Chances of Theft and Check Fraud

A lot of personal and bank account details are printed on checks, which are easy to reproduce. Paying bills online minimizes the paper trail and risk of having a check or information on it stolen.

Have Easy Access to Payment History

Among the best advantages of paying online, which is often overlooked, is the visibility and accessibility of payment history. Renters can log in whenever they want to see their current bill and payment records in actual time. They can get their payment information anytime and anywhere.

Paying rent by means of online bill pay option saves a lot of time and effort, while giving additional benefits – such as credit reporting. If some renters have not tried this payment scheme yet, it is about time to benefit from it.

As you can clearly see, it’s about time to start and collect rent online. Your tenants will be happy to pay rent online as well – who doesn’t like having more free time and less hassle?

This Is Why More and More Tenants Love Paying the Rent Online

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Tenants have stressful lives. Usually, they start the day by bringing their kids to day care, then go to work, leave the office during lunch break to do errands, and juggle extra curricular activities and meetings.

Due to their busy schedule, they may forget about their rent payments, letting them miss the deadlines. Though this is the typical scenario in rental housing, it can be avoided. Applying a new rental payment scheme will benefit a landlord’s business, and also help his/her tenants.

These are the 4 reasons why tenants go for online rent payment schemes:

1. Tenants Can Pay Rent Anywhere Anytime

Collecting rent personally or via mail can lead to many problems. These include late payments, bouncing checks, as well as physical collection and cashing of checks. One big advantage of online rent payments for tenants is that it will be convenient for them to pay rent.

At times, they may forget to mail their checks, or have no time to go out and send them. Online rent payments will enable tenants to pay rent on the due date and not risk losing a check in the mail. Paying rent online helps them avoid late payments plus associated late charges, which benefit them and property owners as well.

2. Tenants Can Easily Track Online Rent Payments

Usually, tenants pay additional fees, rent charges, or see changes in utility payments. They now access online tenant portals by means of a rent collection software app, which allows them to view the payment history to see the amount and date paid, plus any outstanding balance.

Property management companies can also monitor these. Using the right software, tenants have access to all transactions so they can view what they owe, and remember the amount to be paid and due date.

Even if they are away from home, tenants can pay rent via the online rent payment system.

3. They Can Pay Rent Wherever They Are

There are tenants who cannot be contacted right away. Some travel often, while others work for long hours, making it hard for them to get to the leasing office in time to pay rent. When tenants could not keep in touch or remember to mail a check, there is a higher probability for a late payment. Online rent payments will let tenants pay rent on time, even if they are in a different time zone.

4. Less Mistakes are Made

Once tenants are connected to an online rent payment system, they can view the amount they owe, including the unfamiliar fees/deposits on their account. Property managers will also find it easy to view each tenant’s rental payment history. Accounting is made simpler because of the well-organized accounts receivable list.

When making a payment, information is transferred from one party to another and almost all stakeholders in the industry benefit from the process as it runs digitally. Having an online tracking system for rental payments minimizes the chance of errors made by tenants. This, in turn, boosts the tenants’ satisfaction and makes them feel secure about their finances.

Landlords who accept rent online will offer more options to their tenants. Even if not all will choose this from the beginning, online rent payment will gather more and more adepts with each month – just ask around!