Why You Should Offer Online Rental Payments?
What do landlords worry about most? Is it worrying about tenants having a criminal history? Or maybe it’s worrying about appliances breaking and other issues with the property. In a test performed by SmartMove, the aspect landlords worry about most is payment problems. This is more common than one would believe as over 50% of Americans have paid a bill late; more times than not simply because they forgot.
Landlords don’t want to have to keep chasing down rent payments every month, and tenants don’t want to have to worry about forgetting to pay their rent. Setting up an online payment system could be the answer to this: here’s 4 reasons both landlords and tenants prefer online payments
- Less Late Rent Payments
With technology as advanced as it is, landlords are able to send reminders and notifications to their tenants so that the tenants will be aware and held accountable for being on-time. These platforms and notifications can be accessed through text, mobile apps, websites, and more; that way there won’t be an excuse for a tenant being late since. Tenants won’t have to worry about gathering cash as well. This leads to the next point as to why online rent is better.
- Recurring Payments
Scheduling recurring payments helps both landlord and tenants. Tenants are billed and can set up their account to pay the cost of rent whenever it is due every month. That way, they won’t need to worry about, “Was I late on paying rent?”. Online payments also make it easier for tenants to pay as well. Instead of worrying about getting cash out of the bank, writing a check, and mailing payment, the set up just takes the money from their account and moves it to the landlord. Recurring online payments are just more convenient and more and more people are seeing that.
- View Payment Status at All Times
By collecting payments online, the landlord receives digital documentation in real-time. That way, all of the time consuming paperwork can be skipped. A majority of online payment services provide financial software to make things like accounting much easier. With all the time landlords save through this, they can focus on managing the physical aspects of the properties.
Tenants will also benefit from this as well as they will be able to receive notifications on when they paid rent to let them know that that’s one less thing to take care of for the month. Landlords will also receive notification as to when payments are made and make it through the system. This helps the landlords each transaction by each tenant making money management easier and more efficient.
- Account Security
Paying online is one of the safest, most secure options for not only the landlord, but the tenant as well. With online payment, tenants won’t have to worry about lost or stolen checks. Researchers encourage all consumers to use online bill pay for as much of their payments as possible. With checks, tenants are an easier target for fraud since their banking information is printed on the check. With online banking fraud/stolen ID still happens, but it is a lot safer than sending a check. Tenants’ information is protected by multiple security software walls.
Start Implementing Online Payments
As you can see, online rental payments have a slew of benefits, and these listed are just a few of the many benefits that come with this service. We want to make it easy on you, as we currently have an online payment system ready to go in our SecondKeys system. Want to check out how it works? Head on over to our demo page and let us show you!