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!