5 Benefits of Paying Rent Online You Might not Know

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Some people are still hesitant to pay their rent online especially when they are comfortable with the traditional way of doing it. They might not have thought about the benefits that online rent payment could give. Nowadays, majority of property owners are offering online rent payment that allow their renters to manage their finances, minimize stress and also improve their credit score. These benefits are as follows:

1.Build Credit with Credit Reporting

They get several benefits when they have a good credit score. It can help them get a low interest rate to finance a car or other expensive purchases and may even help in buying a home one of these days. When they pay monthly rent, this is probably their highest recurring payment so paying this on time can affect their credit score in a positive way. However, there is no need to download an app or share their personal/bank account details with another vendor. There is a better way. Most properties that accept rent online provide renters with a chance to directly report their payments whenever they pay online. They do not have to do anything else. This is a simple, secure and efficient system to build their credit.

2.Reduce Stress using Automated Recurring Payments

In order for renters to pay on time, build their credit score and avoid late charges, they can count on online payment solutions to remind them through email and text. Moreover, a lot of systems provide autopay options, which they can just set up and forget. Autopay will let them pay on a timely manner always and they can forget about late fees.

3. Use Mobile Payment Options to Accommodate Their Active Lifestyle

When renters are always on the go and they receive the reminder via text, then all that is left to do is to pay their rent. It only takes a few minutes and a click to pay online via a website or app using their mobile phone. Many solutions enable renters to pay from wherever they are anytime they want to accommodate them whether they are at home, work or on the go.

4. Minimize the Chances of Check Fraud and Theft

Personal and bank details are visible on checks which are easy to copy. Paying bills online takes away the paper trail as well as risk of having an actual check or information on it stolen.

5. Increase Visibility to Their Payment History

One of the best but most overlooked benefits of paying online is having a transparent and accessible payment history. Renters can see their current itemized bill and payment record in real time. They can log in any time to see their payment information.

Paying rent online can save renters a lot of time, effort and even headache as well as provide them with additional benefits such as credit reporting. If still they have not jumped on the bandwagon, now is the best time.

Ways of Encouraging Your Tenants to Use Online Rental Payments

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The advancement of technology has now made it possible for property management duties to be accomplished more easily with the help of online and mobile applications. If property managers are considering using electronic payment services so tenants can pay their rent online, they need to think of some ways to encourage them.

At present, it is becoming more common to send and receive electronic payments. For this reason, most tenants are already used to electronic banking practices so they will not need encouragement to make them pay through a rent payment service online. On the other hand, property managers need to find ways to motivate tenants who are reluctant to do so.

Give Incentives To Their Tenants

Everybody likes perks. Nothing can be more alluring than getting rewards when signing an agreement. Property managers can come up with an efficient incentive program without effort. Some incentives they could offer when tenants agree to pay online are as follows:

  • Provide a free newspaper subscription for a specific time.
  • Give a gift card to dine at a nearby restaurant
  • Give a discount in their monthly rent payments.
  • Provide a guarantee that there will be no rent increase for a specified time.

They can allow them to choose from the different option or give one incentive at a particular time. In case tenants do not read the newspaper they would like to have the option to choose some other reward. Whatever they offer, property manages can use their creativity in creating a reward program.

Provide A Payment Facility In The Office

We may live in the electronic age but there are individuals who still do no know how to use the computer. It is even possible that they do not have an email account. Individuals who still use flip phones and pay with personal checks; it could be assumed that they could apply for a debit card from their bank.

When there is a payment facility in the office of the property manager or even in the lobby, renters can pay rent online without using a personal computer.

Explain the Advantages and Cost Savings

In addition to offering incentives and providing payment facilities, they can explain the advantages of an online rental payment system to convince these renters. A lot of people may not be aware of the cost savings given by electronic payments when compared with paying with a paper check. Writing checks entails the trouble of finding a stamp, writing the address on an envelope and making sure that the check is given enough time to go through the postal system.

They can also explain to tenants that paying rent online will benefit them by reducing rent increase. Property should be transparent so they will understand the reason for such an arrangement.

Once tenants understand the benefits of an online payment system, they will be convinced to sign up for it. Aside from allowing them to save time, money and effort, the other benefits of paying rent online are:

  • They can view and pay bills from any place and at any given time.
  • To avoid late charges, they can set up recurring payments.
  • They can maintain good credit standing paying on time.

Property managers can encourage tenants to pay rent online through a flyer/newsletter where the benefits are explained.

They can also notify tenants through by posting a notice where the latter could see it. they can also send it as a way to remind them to sign up right away.

How to Convince more of your renters to pay their rent online

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Landlords who are offering online rent payment options to their tenants are ahead of the competition even while they try to manage their spreadsheets as well as deposit check payments on-time. However, it can be challenging to convince these residents to make use of online rent payment.

Younger tenants can easily get it and most of them have no idea how a check book looks like. Other renters, though, are reluctant to use debit cards online for fear that their personal information would be compromised when submitted over the internet. The moment these people realize the convenience of paying their rent online, both parties (landlords and tenants) will be a lot happier.

What is the best way to convince tenants to pay rent online? First, landlords should explain the advantages of paying rent online such as securely paying rent from anywhere using a mobile device, no late charges if checks are lost, and knowing the status of payments. If still they are not convinced, property owners should give an incentive. They can consider a number of tips to run a raffle so more tenants will use an online rent payment platform:

Decide on the Raffle Prizes

Though the benefits are obvious, at times, renters need some kind of motivation. Landlords should give much thought on the prizes they want to offer in their online rent payment raffle. These should be something residents can benefit from like the following:

  • Gift certificates (from coffee shops, restaurants) to be drawn each month for tenants that pay rent with credit card online;
  • A discount on next month’s rent;
  • One-time carpet cleaning free of charge;
  • Upgrade on amenities such as shower head or additional ceiling fan.

In case the first raffle is not too successful, landlords can set another raffle with a different prize up to the time they come up with the incentive that is a winner.

Let Tenants Know about the Raffle

Property owners can try different ways to let their tenants know about the raffle. It should make them feel excited so they will engage themselves. Such methods include:

  • Sending a text message or email;
  • Including a message on their site;
  • Posting a flyer where it can easily be seen or leaving it on their door;
  • Telling them personally.

It might be a good idea to do full-blast marketing a week prior to the due date of rent payment. This adds a sense of urgency. Since the first day of the month is fast approaching, it will be easily remembered.

Announce the Winners

Usually, when a contest is held, the winner only finds out when they have won. For this reason, there will be several emails and phone calls asking who the winner is. Therefore, landlords should announce the winner to the public to let everyone know.

In their newsletter, the landlord should congratulate the winners and try to know their thoughts on using the option of paying rent online. This can be used in the next contest. Such social evidence will encourage new renters to join and keep the high level of excitement.

Considering the above mentioned tips will hopefully encourage many residents to use the online rent payment service so they can enjoy all the extra time saved during rent week.

Why not take Advantage of Online Bill Payments

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The price of commodities continues to rise, postage stamps included. Thanks to technology, people are now able to pay almost all of their bills without buying a stamp, stationery or an envelope. It is more convenient for them to make their payments online. Consumers can also pay for the products they buy by means of online services offered by merchants.

Automatic Bill Pay

You can pay your utility bills or purchases by setting up an automatic bill pay with the associated vendors. The payment, which is due for the month, will automatically be debited from your credit card/bank account with no effort on your part.

This is convenient for frequent travelers or people who forget to pay their bills on their due date. You have to make sure, though, that your account has enough funds when the vendor withdraws your payment. If not, you need to pay additional charges as your penalty.

Bank Bill Pay

Your bills can be paid at your own online banking center – most financial institutions provide this kind of service. Some banks offer this either at no cost or by letting you pay a minimal fee every month. Many banks place a limit on the number of monthly bills that can be paid, free of charge.

Since you pay all your bills in one place, this is a convenient and practical way to pay bills online. Moreover, you can feel at ease that your financial information stays protected. This makes bank bill payment a perfect mix of secure financial info and convenient shopping.

Pay Through Vendor Sites

If you want your payment to get to the right place and on time, pay through online vendor sites. This is your best choice if you are a procrastinator. Just go to the web site then pay your utility bill directly to the corresponding company by keying in the details of your credit card or bank account.

There may be some risks involved with regards to your financial information, especially when one of the vendor sites is compromised and you can become a victim of identity theft. One more disadvantage is you have to type more often. Also, you also have to go to all the web sites concerned to make the bill payment.

Desktop Software

You can visit the different websites to pay your bills and do a number of banking tasks or you can install a software then link it so you can send payments directly to your creditors. However, it is very important to be sure that the computer you are using is safe from threats of infiltration. Even if you are constantly online, you can see to it that your personal info remains safe by using anti-Spyware and Windows Firewall software utilities.

When it comes to paying bills online, be sure to weigh all the advantages and disadvantages that this may present. Take this advice into consideration to come up with wise decisions.  Always remember that no one should ask the details of your login and password through your email, not even any bank or vendor.  Therefore, you should never supply this kind of information even if the email you receive seems to be legitimate. So it is just right to avoid anyone who requires this type of information.

Are you looking for someone to set up a online rental payment service for your business? We are here to help you – learn more about our rent payment service!