One of the major worries of the landlords and property managers is whether the tenants pay the rent on time or not. It is because it is what keeps the property business thriving. Consequently, many property managers and landlords are figuring out diverse ways to improve rent collection.
The best way forward is, to begin with, the online rent collection as this will eliminate the need for the tenants moving into your place to pay the rent. Also, this will make the rent collection easy and safe for both the tenants and landlords.
With contactless payments becoming the norm these days, online rent collection is imperative. But before you introduce the online rent collection, ensure to know the diverse ways of collecting the rent online and then proceed. Here’s an insight into the different ways to collect rent online and bring a significant improvement in the online business.
The property managers and landlords who have been collecting the rent in traditional ways have no idea of online rent collection. That's why the majority of landlords are wondering about the possible ways to do so. Let's have an overview of some of the common ways to collect rent online.
The prominent way of collecting rent online is by getting rental property management software. By using this software, the rent payments will be more straightforward than complex. By setting up the entire online rent collection process online, you and your tenants can opt for automatic payments.
Moreover, online rent collection is also secure, and fast and eliminates the need to handle an enormous amount of cash. The funds will directly be deposited into your account without meeting the tenant in person.
Using a money transfer platform for the online rent collection is also a great way ahead. There are numerous money transfer platforms these days such as PayPal, Google wallet, and others. The tenants can link their bank accounts with these apps and make the rent payment easily without disrupting their usual routine.
As such, these apps are simple to use but the only thing is that some of the apps charge business fees which might sound like an additional burden. Another thing to note is that tenants have to complete a few transactions to pay the full amount as there are some limits to it.
Numerous landlords are wondering about the reason behind collecting the rent online rather than in person. The foremost reason to do so is that it streamlines your rent collection. But this is not all. There are other reasons too.
Collecting the rent online is secure and easy to set up. With this, your tenants and you’ll be having the entire history of the transactions made from time to time. All this in turn increases the security of online transactions. Moreover, instead of moving to your place, it is easy for the tenants to pay you online.
The covid-19 pandemic brought to the forefront the significance of contactless payments. It was a time when there was no contact allowed between people for any reason. Consequently, people started making online payments or say contactless payments.
There are landlords, property managers, and tenants worrying over the additional charges of the money transfer platform or apps. But this is not the case. There are only some apps that charge additional fees, otherwise, it's free for the landlords and tenants. But if you pay with a credit card or debit card, then there are chances to have some processing fees.
By making the entire payments system online, you can also set reminders for your tenants so that they don't miss out on the payments and always pay the rent on time. This is one of the major reasons for getting the payments made online.
Making room for online rent collection will turn out to be a convenient option for you and your tenants. It will aid in timely rent payments and will also save your crucial time going wasted earlier. Reach out to Tenantden to get the software and commence with online rent collection to simplify your work.