Landlords who have not realized the benefits of online rent collection are missing a lot and the following will help them understand the perks they can get.
Lets them save time
Usually, they go all the way to the post office to see if the payment is already in their P.O. box. Once it is, they will think of when and where they will deposit it. When collecting payments online, the rent is deposited straight to their bank account, which is convenient and stress-free. Online rent collection is crucial to the success of a property management business.
Keeps confidential information safe
Important information of tenants is written on a check such as their bank account and routing numbers plus their personal details, which sometimes include their phone number. Pieces of paper with this kind of info are prone to risk and they can be held liable whenever they are in possession of their tenant’s check.
They do not need to personally collect rent. They do not even have to call their tenants, knock on their doors or send them a monthly invoice. The rent payment will be deposited to their bank account every month. Online rent collection is critical but most especially for landlords who have more than $1million worth of rent to be collect each year.
Helps them maintain a steady cash flow
They are notified whenever their tenant’s payment is being processed. Therefore, they know the date when the rent will be deposited to their account.
Lets them know about the tenants who pay the rent
Landlords in most parts of the country have to know those who paid their rent since payments determine who is a tenant by law. They will know the name of the tenant who paid and the amount.
Makes tenants happy
By this time, many tenants are already paying their bills online. They will be grateful to them for not using a check. They will think of it as one benefit of being their tenant.
Lets them be organized
When collecting rent online, they can easily transfer their income information to a spread sheet, making tax prep easier.
Makes it easy to collect other payments
When they are already set up, it is easy to collect other payments like one-time utility fees, late charges, pet and security deposits, among others.
Allows them to easily resolve payment issues
They will know immediately when tenants fail to pay because of insufficient funds. There are other online apps that let tenants make another payments using another bank account or card in order for them to get paid at once.
Lets them be flexible with their finances
Some apps let them arrange for payments to be deposited to different bank accounts so business can run smoothly