Paying Rent Online: What’s in It for You?

No one needs to tell you that the world has gone Internet crazy. Purchasing online, reserving movie and theatre tickets online, paying utility bills online and more. So it should come as no surprise that the idea of paying rent online is gaining traction in many places.

You’re a landlord. And you’ve invested substantial amounts of money and energy into running and maintaining your properties. Much of that energy manifests itself in the form of collecting rent payments. While it’s a simple task in theory, unfortunately many tenants make it far more difficult than it needs to be. Will it be a check a (a good check?), a money order, cash? Will they have the rent at all. These are just a few of the pitfalls landlords face on a monthly basis.

Online rent payment services may be the solution to this difficult situation. An online payment service will notify your tenants of this new option available to them. They’ll also help you pitch the service with free meetings explaining all the details and benefits. Once your tenants (hopefully all of them) agree to pay their rent online the service will provide you with a secure account to which the payments can be made. These services pride themselves on their transparency so you can check your account at any time from any computer. You can see what payments have been received and which have not. You can also transfer funds to your business account for your own use.

Paying rent online has many benefits to both the landlord and the tenants. Online rent services provide confirmation to tenants and landlords that payment has been received so there’s no need for clumsy and easily lost written receipts. What’s more, they can provide an annual accounting of rent payments to both parties, an easier accounting than searching through your checkbook or your bank statement.

Online rent payment services are immediate. The same as paying any utility or insurance payment. The funds are deducted from the tenants account immediately and credited to the landlords account. For the landlord, the funds are instantly available for use. A few clicks and the rent payments are in his business or personal account to do with what he pleases.

For the tenant, there’s no worrying about will your check clear, getting a money order or cash, and making the payment on time. A little time at their computer and your done. No fuss and no worries. Again, online rent payment services make accounting for your annual expenses easy by delivering an accounting of your payments if you so desire.

All in all, the world is doing more and more online. There’s no reason not to think that using online rent paying services will be next. You’ll save time, you’ll save energy, and you’ll save hassle. And isn’t that what it’s all about?

The Benefits of Online Rent Payments

The Internet changes every day and so do the uses we find for it. From transferring funds to purchasing goods online to keeping up with friends via the various social networks. Paying rent online is just one more convenience for both landlords and tenants that the Internet provides.

Collecting rent can often be difficult for landlords. Some tenants are late, some are forgetful, some just don’t have the necessary funds on rent day. One solution that can help eliminate some of these scenarios is to allow your tenants to pay rent online. Many are already paying such bills and utilities, cell phones, insurance premiums and many revolving credit accounts using the bill pay function provided by their banks. By allowing your tenants to add their rent payment to their regularly scheduled payments you have a better chance of receiving your rent on time.

In days gone by, the landlord was a dreaded site when he came to the door demanding his rent. Tenants were threatened with eviction the very next day and many counties considered this legal. Today we have much more sophisticated landlord/tenant laws allowing many chances for the tenant to bring his rent current without the fear of eviction. What’s more, it takes more than on day to evict a tenant; in some cases up to 30 days.

If you’re a tenant and you find yourself unable to pay your rent the first thing you should do is contact your landlord and explain your situation. You may be able to work out an arrangement such as paying the half the rent now and half later in the month. If you’re a landlord and you find your tenant is late or short you should get in touch with your tenant and find out what the problem is. Without knowing exactly what the difficulty is there is absolutely no chance of finding a solution.

The beauty of paying and receiving rent online is that those funds have already been accounted for having been deducted from your tenants budgets. The other benefit is that these funds are available in your account immediately. So while your tenants may have cash flow problems you never will. Your rent will be automatically transferred and instantly available.

Collecting rent has other benefits as well. Your bank serves as your bookkeeper letting you know exactly how much you have in your current account at any given time and by whom it was sent. What’s more, you can check your available balance and incoming payments 24/7; a great help when you have several properties keeping you busy during the day.

When all is said and done online banking isn’t going away. Why not jump on the bandwagon and be the first to offer your tenants online rent payments.