4 Benefits of online payments for tenants
Posted On May 17, 2021
Tenants have busy schedules. On a typical day, they take the kids to daycare, go to work, run to run errands during their lunch break, and juggle extracurricular activities and meetings. Since a lot is happening, they may have forgotten to pay the rent. on time, allowing them to miss the deadline. Although this is a common situation in rental housing, this can be avoided. The latest rental payment system will not only benefit a property rental company, but its tenants as well.
Here are 4 good reasons why tenants opt for online rent payment systems:
1. They can pay their rent online 24 hours a day, 7 days a week
There are many problems when it comes to collecting rent by mail. Some tenants pay late, their checks bounce, and landlords have to physically cash and go to the bank to deposit or cash the checks. That said, one of the best benefits of paying rent online is that tenants can pay at their own convenience. They may be too busy to send them or just forget to send them. Online rental payments allow you to pay by the due date, plus they don’t get lost in the mail. This payment system helps tenants avoid late payments, including late fees. This will benefit both the tenant and the owner.
2. It’s easy to track rental payments online
Typically, tenants incur additional fees, rental charges, or some charges in their utility payments. When they have access to online tenant portals, they can use a rent collection software application to check their payment history and see what they paid, when they paid and how much they owe. Property management companies should be able to keep track of these too. When they use the right software, they can have access to all transactions, allowing them to view outstanding balances to remember how much to pay and when.
3. They can pay the rent from anywhere
All property managers have some tenants who are difficult to contact. They may work shifts or travel frequently, making it difficult for them to get to the leasing office in time to pay their rent. When tenants have a hard time keeping in touch or remembering to mail their check every month, rent payments are likely to be late. When tenants use online rent payments, they can pay their rent on time even if they are in a different time zone.
4. They make fewer mistakes
Businesses that are linked to an online rent payment system allow tenants to see how much they owe and if there are any unusual deposits or fees on their account. Property managers can view the rental payment history of their tenants. Accounting is simpler as your accounts receivable list is well organized. Whenever tenants pay, they transfer information from one party to another. When this process is executed digitally, almost every stakeholder in the industry benefits from it. Having an online rental tracking system minimizes the chance that both parties will make a mistake. This, in turn, will make tenants feel more satisfied and financially secure.