The landlords, property managers and tenants of today expect everything to be convenient, simple and fast. It is very stressful for busy tenants to keep pace with bill payments, line up at banks, keep track and make sure they are not charged with non-sufficient funds. For this reason, it is a must to have an online payment system.
An online rent payment system will help alleviate their present payment and money transaction problems. Since tenants love using smartphone apps, most of them will be glad with this new service. It is about time to check out rent payment systems and present day property management software that incorporates online payment.
Landlords who have not yet offered online rent payment to their tenants will realize the hidden advantages behind using online payment as contributory to an automated property management system.
Making Business Stay Competitive and Cost Efficient
Due to the depreciation of client property margins and the growth of portfolios, it is a must for property managers of today to use the ideal property management digital technology so they can maintain their income. It is best to keep watch of income erosion through property management functions or make rent payment simple and almost invisible.
Cash flow disturbance and late payments are among the issues faced by landlords, property managers and investors. It is better to be safe than sorry.
Online rent payment is best for investors and property managers that have properties in different countries, cities or states.
Processing checks manually or transferring them from one bank to another can create a number of issues. It can take more time, costs and stress to go through banking time, processing periods as well as currency exchange.
Advantages for Property Managers and Tenants
- Paying online reduces paperwork and maintenance.
- A lot of renters prefer to pay online.
- There are several different ways of affecting online payment.
- Tenants are able to pay anytime using any device.
- Once incorporated into the property management software, online payment gives a single account, wherein it is easy to view payment history.
- It is convenient to pay via Paypal or credit cards.
- It consolidates all types of payments.
- It schedules recurring payments.
- Payment processors can guarantee payments on time.
- Through a single application, residents who share rent are able to synchronise payments.
- Paying online has become an industry standard.
- Payment processors deliver value added services (such as mobile apps, online, smartphone and sms) that use well-known payment methods (like Paypal, credit card, debit card and eCheck).
- It enables tenants to pay property owners as well as split deposit straight to their account.
- Tenants who pay on schedule can connect with the credit bureau to boost their credit standing.
- It is easier to facilitate security deposits plus the previous month's rent check payment.
- Saves time for landlords/property managers since they no longer have to go to the bank.
- It minimizes charges, arrears, payment delays and running after tenants to get payments.
- It provides software/app interview to view payments as well as cash flow.
- The payment status of tenants can be viewed in real time.
- Information to be included in property owners' reports can be relied on.
- It makes it easier to pay utility bills and storage fees, among others, on a monthly basis.