Tenants have busy schedules. On a regular day, they bring the kids to daycare, go to work, run out to do errands during lunchtime as well as juggle extracurricular activities and meetings.. Since a lot of things are going on, they may have forgotten to pay their rental on time, letting them miss the deadline. Though this is common situation in rental housing, this can be avoided. The latest rental payment system will not only benefit a rental property business but also its tenants.
These are 4 good reasons why tenants go for online rent payment systems:
1. They Can Pay Rent Online 24/7
There are many issues when it comes to collecting rent via mail. Some tenants pay late, their checks bounce and landowners have to physically collect and go to the bank to deposit or cash the checks. That being said, one of best benefits of paying rent online is that tenants can pay at their own convenience. They may be too busy to send them or simply forget to mail them. Online rent payments allow them to pay on the due date and also, it does not get lost in the mail. This payment system helps tenants in avoiding late payments, including late charges. This will benefit both the tenant and landlord as well.
2. It is Easy to Track Online Rent Payments
Usually, tenants acquire additional fees, rent charges or some charges in utility payments. When they have access to online tenant portals, they can use a rent collection software app to check the payment history to see what they paid, when they paid and whatever amount they owe. Property management companies should also be able to track these. When they use the right software, they can have access to all transactions, allowing them to see the outstanding balances so they will remember the amount to pay and when.
3. They Can Pay Rent From Any Place
All property managers have some tenants who are difficult to contact. They may be working on shifts or may be travelling frequently, which makes it hard for them to reach the leasing office on time to pay rent. When tenants find it hard to stay in touch or remember to mail their check each month, chances are, their rent payment could 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
Companies that are linked to an online rent payment system allow tenants to see the amount they owe and if there are deposits or unusual fees on their account. Property managers can view the rental payment history of their tenants. Accounting is simpler since their list of accounts receivable is well-organized. Whenever tenants pay, they transfer info from one party to another. When this process runs digitally, almost all stakeholders in the industry benefit from it. Having an online tracking system for rentals minimizes the possibility that both parties will commit an error. This, in turn, will make tenants feel more satisfied and financially secure.