Today’s technological advancements enable people to pay their bills, make plans and schedule appointments from almost anyplace, by using the World Wide Web. In the same way, tenants can learn to use the latest technology to pay rent in a timely manner and manage the funds as well. At present, it has become the standard to send and receive payments from anywhere. It would also be wise for property owners to use online rent payment services. It will benefit both their business and tenants. Following are five of the top reasons why every landlord might want to consider implementing a system that allows him to collect the rent online:
Improve the relation with the renters
No more need to lose precious time with paper checks – collecting and processing checks takes up serious time that might be spent otherwise. Now you can use the spare time to work on marketing your service and improving the relation with your tenants – ever heard anybody complaining because customer services were too good?
Cut down on management costs
Every property management process comes with a cost. Rent collection online will help you reduce these costs, and this is something every business owner aims at.
No more late payments
In today’s world there are a lot of Internet payment options, so tenants can decide on their favorite one. No matter if it’s PayPal, credit card or eCheck, the possibility of late payments is really low. Furthermore, you can set up the system so that every tenant is notified via reminders that the dues date is coming.
You can easily solve any payment dispute
When tenants say that they have paid online, it is easy for property owner to access their chosen app to confirm or refute their claim. When a property management software is fully incorporated into their system, property owners can quickly and easily do all kinds of operations – such as evaluate late fees, update the owner system or track split payments.
More often than not, online rent payments eliminate the risks associated with cash payments. In addition, it is possible for the insurance company to lower coverage every time no cash is retained onsite.
In the past recent years a lot of landlords have become at ease in using online transactions. For those who have not tried them yet, it is about time to make the switch to save time, minimize costs and improve cash flow.