The idea of being able to control all your rent collection online seems like an ideal solution. But for the non-tech-savvy, it might also be a daunting thought. There are many reasons why collecting rent online is better than paper checks.
Why Is Collecting Rent Online Rent Better Than Checks?
Let’s take a look at seven ways of collecting rent through online payment systems and how it makes the lives of tenants and landlords easier.
Collecting rent online rent is simple
Studies show that in 2017, 42% of the older generation were already paying their bills online. Tenants are more open to the idea of scheduled payments when setting up online rent collection, too.
Chances of on-time payments increase
Many online rent collection tools have options to send out reminders to tenants. A quick SMS message or email is often more than enough to jog the tenant’s memories. Your tenants will thank you for it, as they won’t incur late payment fees.
Multiple payment methods are available
Tenants can choose the most convenient for them. These payment methods can include:
- eCheck (the same concept as paper but with fewer steps)
- Debit/credit card
- SMS/text message
- Cash at some local grocery stores (also known as WIPS or walk-in payment system)
Financial updates sent in real-time
Using online payment platforms includes receiving notifications of transactions; having a clear overview of your tenant’s payments and your financial situation. On top of that, many rent collection apps connect rent payments to your accounting software.
Payments are processed faster
Online payments take place much faster—sometimes instantly. It is unlikely that you will have to wait more than three days for payments to clear.
Collecting rent online offers enhanced security
Online rent collection means that financial details are not shared, and this provides more security for the landlord and the tenant.
Collecting rent online systems contain additional property management features
Rent payment platforms often include several other features to streamline managing rental properties. For example, web portals or applications may also offer one-time payments, scheduled payments, late fees, and security deposit collection. They can provide various solutions for your property management.
What Is the Difference Between a Mobile App and a Website?
You are probably aware that you access a website through your browser—most frequently from your laptop or desktop. Of course, most modern websites offer access to a mobile app, software installed on mobile devices. Mobile apps tend to be faster, and they have greater functionality. Another advantage of mobile apps is that they are more secure, and you can use them when offline.
Our Worry Free Tenant (WFT) is MOBILE FRIENDLY. It is available on both desktop and mobile browsers.
What Features Should You Look for in a Mobile App for Collecting Rent Online?
Payment Method Flexibility & Fee Collection
You will want a mobile app with a wide range of payment options—at least ACH, debit cards, and credit cards. Most free apps allow for ACH payments at no cost.
Tenant Applications and Screening
Tenant screening is a time-saving feature for both you and the tenant. You can create customized application forms, receive applications, and carry out credit and background checks.
Because of the recent health pandemic, businesses need to find new ways to support their business. For landlords, this includes things like electronic sign lease documents to streamline the process.
To keep everything under one app, you should look for tools that include built-in communication—SMS, email, or the app’s messaging service.
A good mobile app will allow tenants to report maintenance issues and even attach photos or videos.
Knowing that paying their rent on-time helps improve their credit rating—which is a real motivator for tenants.
Rental Property Advertising Listing
The best mobile apps automatically list vacant properties.
A great mobile app for collecting rent online will allow you to link multiple accounts, track income and expenses, monitor upcoming bills, and create budgets.
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