Accepting payments online – No longer something you can overlook

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

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

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!

A Short Guide on How to Make Payments Online

In the past, people paid their bills by means of cash or checks. They would write checks, place them in an envelope, stick a stamp, then have them processed, which could take until a week. Nowadays, a lot of people pay their bills online. Though there are several ways to do this, one convenient way is to use a system via their bank such as bill pay.

Reasons to use online bill payment

Individuals who use online bill pay via their checking account can enjoy the benefits not given by other payment schemes. Firstly, they can set up payments for all their bills from a single location rather than manage their payments on many, different sites. They can keep track of due dates and make sure they pay everything on time. There are other advantages like:

  • Avoiding overdraft fees – payment will not be sent when the funds are insufficient.
  • Viewing pending payments before their due date.
  • Protecting personal information rather than submitting bank account details on other sites.
  • Being able to change the amount or date of payment if necessary without the need to call or migrate to another website.
  • Setting up automated payments for regular expenses every month such as electricity or cable bill

In addition, online banking makes it easy for people to monitor their balance, rather than wonder when payments will be posted or checks will be processed and subtracted from their account.

Ways to benefit from online bill payment

Using online bill pay with their bank is advantageous at all times, however, individuals can maximize the benefits it offers by using it regularly. To use it to its full advantage, they have to know how to handle their payments.

As a start, they need to get the contact details of all the companies they plan to send payments to and include them as payees. Most companies are incorporated in the bank’s system, so it would be easier for them to get the needed information. A lot of banks send checks to payees that do not recognize ACH payments. People just need the payee’s contact details, plus their account number.

They should plan the payment for every payee ahead of time. They should also be familiar with their bank’s policy on when the payee will receive the payment, so they would not have to pay a late fee. If the amount and date of payment is the same each month, they should set up a recurring payment to ensure that a bill is paid on time.
If online bill pay is used for all their payees and automatic payments are set up, they can save on time and manage their budget. Furthermore, if there are any concerns, they can always refer to the record of all their payments.

With an online rent payment service, paying bills has never been more convenient. Using online bill to handle finances allows people to save on time, costs and a lot of stress since they can track their payments and balance from just one location. With all the benefits that online bill pay has to offer, paying in cash or checks are nearly reaching extinction. Would you like to learn more about our own online rental payment system?

Video: Rent Merchant – Payment Preferences Setup

Video: Rent Merchant – Registration & Platform Overview

Paying your bills online – What are the advantages?

Let us look into the main benefits of paying the bills online:

Easy

Using online bill pay allows you to save on time. Instead of writing out checks, gluing stamps and keeping a file of papers, setting up an online account can get rid of these steps. It will also be much easier and faster to manage your debt.

When you need to go over previous bills, you do not have to waste time looking for them because all of your account details are located in one centralized location.

Cost-Effective

Online bill payment enables you to save on postage stamp costs. On the average, a household receives 15 bills every month, amounting to $70 in postage costs per year.

Try to avoid late fees that can be incurred when payment is made after the due date. When you miss payments, this could bring about:

  • Higher interest rates;
  • Over limit fees and late fees;
  • When payment is overdue, your account could be placed on collection status.

Convenient

To manage debt more conveniently and efficiently, go for automatic online bill payment solutions. Creating an account will enable you to set up recurring payments that will regularly be withdrawn from your account. This way, you can minimize the possibility of late or lost payments, saving time during the process.

Even if any of your bills is due the following day, online bill pay makes sure your payment is posted right on schedule.

What consumers should watch out for

There is always some kind of risk involved whenever doing transactions by electronic means. This may only be minimal, but it continues to increase due to the development of more sophisticated hacking techniques.

Over the last few years, a technique called “phishing” has become a major concern. Phishers give out fraudulent messages (via a web page pop-up or email) that are intended to deceive you into sharing your personal account details. Such messages often look legit (with their company logos etc.) so they can easily trick consumers when they are not too careful. According to a recent study, 57 million Americans have been sent phishing emails, and of that number, almost 2 million individuals have been tricked into giving their personal account info to a counterfeit source.

How to Avoid Scams

Consider the following tips to stay away from online scams:

  • Review your online banking transactions on a regular basis to make sure there is no suspicious activity going on.
  • Change your online passwords every 1 to 2 months. Always choose a password that has upper and lower case letters, plus symbols to reduce the chance to be guessed.
  • Watch out for fraudulent emails. Even if an email looks legitimate (with a logo), it may have been sent by a fraudulent source. If the email wants you to verify or update your personal account information immediately, do not respond to the email.
  • When you get an email from an unknown source, make sure to delete it. If you mistakenly open the email, do not click on any of the links. You might download a virus to your computer. If the email looks legitimate, type the web address in your browser instead of clicking on the link.
  • Keep the anti-spam and anti-virus spam software on your computer. This will help you to block out spam and junk mail.

Looking for a reliable online rental payment service? We have specialized in this type of solutions for tenants – get in touch with us today and discover our rent payment service!

Reasons to Use Online Bill Payment

In the past, people were not comfortable about paying their bills online. Majority of them felt it was not secure to transact on the web and thought that their money was put at risk when using the online bill payment system.  Every time you give your checking account information to your utilities provider and insurance company, there is a possibility of getting overbilled or falling victim to identity theft. Writing on checks and stamped envelopes seemed a lot safer. For this reason, there are people who still follow that practice.

However, a lot of things have changed. Many people are paying nearly all their bills online, including credit card payments, loan payments, mortgages, rent, tuition fees and utilities, among others. So, why should you opt to pay your bills online?  To start with, you can save a lot of time and postage costs as well as late payment fees. In addition, paying online is a lot safer than by means of snail-mail. Your personal information is more prone to identity theft while on print and being transported through the postal system. If you pay your bills using your credit card, it would be easier to monitor and manage your finances. Moreover, you can earn travel miles plus receive cash-based rewards.

There are 3 easy ways to pay your bill online: through your bank, on the biller’s website or via a third-party.  They all come with advantages and disadvantages so it is up to you to decide on the method you prefer.  There are several good reasons to move ahead and pay your bills online.

Every time you hear about online bill payment, you might think that it has something to do with arranging automated drafts from your bank account so you can pay your bills. Nevertheless, more people use their credit cards to pay their bills online. Also, more merchants accept credit card payments therefore you can pay your rent, mortgage and other bills with your credit card whenever you want to.

Online bill payment is undoubtedly easier and faster than paying via check and snail-mail. In essence, it eliminates problems that involve procrastination. You no longer have to worry about not paying your bills on time. You can agree to a monthly payment schedule through your bank/billing company so you will not go past the due date. Granting you pay online on a monthly basis instead of doing automatic payments, you still save on time, costs and frustration. Even if you pay online close to the deadline, you still save on time since online transactions are still faster than mailing payments.

When you are online, you could be prone to hacking, getting computer viruses and spyware (there are less risks with automated payments). However, you are also prone to identity theft when mailing payments. It is best not to mail checks and paper statements that include your personal information. Whenever you make an online bill payment, you have an option in case of a dispute since you have records of payments and their respective dates.

Thus, contrary to what people formerly believed in, online bill payment is safer than snail mail since it includes more protection when you use your credit card to pay your bills.

An online rental payment service can bring great advantages to both the landlord and the tenants. If you are in the rental business, you really should start considering a rent payment service.

How to Encourage Your Tenants to Pay the Rent Online

Landlords continue to search for efficient ways to manage rent payment collections. The traditional way of collecting rent from tenants who pay in the form of a check may still be comfortable for some property owners, but this could also bring about some problems. Checks can get misplaced or lost on their way to you, or tenants may forget to hand over that check on the first day of the month, making you spend more time and effort to monitor their payments.

Fortunately, an online rent payment service can address many of the aforementioned problems and benefit landlords and tenants alike. However, even if a lot of tenants pay most of their bills online these days – like auto payments, cards and utilities – there are still some who hesitate to pay their biggest bill through the Internet. So, how can a landlord encourage tenants to do online rent payments?

Online Rental Payment Advantages

As earlier mentioned, receiving online rent payments takes out the middleman from the process: tenant to landlord to bank. Landlords no longer need to receive a check, file it to deposit later, go to the tenant’s record to mark the payment, sign checks to be deposited, fill out the bank deposit slip and go to the bank to deposit the money. All they have to do is get the payment in one click, then transfer the amount into your bank account with another click. Landlords can set up automatic payments for their tenants, linking their bank accounts to that of their tenants. Rather than wait for them to mail the rent check or drop it off, it will automatically be withdrawn from the bank account of the tenant and deposited into that of the landlord.

Online banking can also save a lot of time and money for tenants. They no longer need to fill out a check, mail it or drop it off. They just need to fill out some spaces online and permit payment, which only takes a few seconds and saves on stamp costs. When a landlord allows credit card payments, tenants can get major rewards from their credit card payments.

How to Encourage Online Rental Payment

A landlord can do a number of things to encourage tenants to pay their rent online.

First of all, see to it that the transaction is free of charge. This is very important. No matter how small an online fee would cost, people would not like to pay it. Make sure to stress that online bill pay is trouble-free and that includes fees, regardless of their amount. So, remove them totally.

Accept credit card payments. You might think that tenants that pay via credit card are spending more than they can afford, but as mentioned earlier, most people pay their bills with credit cards to earn reward points. Allow your tenants to pay rent with their credit card since they know they can have a free vacation by doing it. You will have a smooth sailing income while they get good credit evaluation.

Give incentives for online bill pay. You can give a discount on the monthly rent or a gift card. When you offer rewards and prizes, tenants will be willing to join. This way, tenants will have the habit of paying rent online and will never go back to the traditional way of paying rent.