No property manager likes to spend their time hunting down a rent check. A lack of payment options means less convenience for your tenants and more hassle for you. If you needed any more reason, here are four ways online rent pay can benefit your rental agency.
1. Reduce Overhead By Accepting Payments Online
Accepting and processing payments in person can be a time-consuming and costly endeavor for your business. This may require different levels of involvement depending on the nature of your business. Duties including accepting credit card payment in person, taking cash for rent, accepting cash or check by mail and mailing receipts back to tenants can often require multiple employees and manager oversight, dealing a heavy blow to your workflow. Online bill pay can streamline your tenant pay process by providing you with accurate reporting and processing at no expense to your organizational flow.
2. Tenants Can Make Payments At Their Convenience
Online bill pay systems reduce barriers for your tenants to pay. With the convenience of an online portal, tenants can make rent payments at any time. This reduces the possibility of checks bouncing, money orders getting lost in the mail, or the cumbersome obligation for a tenant to physically visit a rental location to make a payment in person. Nearly all of your tenants will have access to a debit/credit card or bank account for an online ACH transaction. Adding this level of convenience helps tenants avoid late fees, benefiting you both.
3. Automated Payment Reminders Improve Tenant Accountability
If done by hand, payment reminders can be costly and cumbersome. These are often overlooked because of the organization and cost associated in traditional rental agency models. For some, this means sending a letter in the mail a week before rent is due, for others it means giving your tenants a phone call to remind them of upcoming late fees. With online payment systems in place, tenants can be reminded of due payment at custom intervals via email and text message with a built-in link to their personal payment portal. Regardless, online payment portals automate these reminders saving agencies costly resources without sacrificing the effect.
4. Scheduled Payments Benefit Everyone
The best way to ensure that monthly payments are made on time is through recurring payments. Whether an online streaming service, local utility bills, or car payments, it would be nearly impossible to juggle our monthly obligations without automated recurring payment. This is no different with monthly rent payment. Recurring rent payment through an online payment portal will save your tenants precious time and help them avoid late fees and they’ll be grateful you offer the service. More importantly, it will ensure consistency and timely payment, making your business run smoother.
SecondKeys recently partnered with Elavon inc., global merchant services providers and ChargeBee for seamless invoicing and payment processing through our platform beginning in June of 2019. Request a product demo today at www.secondkeys.com for more information.
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