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.