Many of our landlords indicate rent collection is their biggest hassle in managing properties, even above evictions and dealing with criminal activity. If you have had to track down lost or late payments, you know what they’re referring to. Chasing down payments can be a time sink and create strains in the landlord/tenant relationship.
Though there are many reasons people are late on rent payments, one of the top reasons is they simply forgot to send it in. This, along with many other reasons, is why our landlords and tenants both see the many benefits of online rent payments. Additionally, with nearly two-thirds of millennials preferring to pay bills online, it’s essential that the modern landlord provide online payment options to tenants.
Here are five reasons why online rent collection saves our landlords and tenants time and is much more convenient than traditional check or cash-based payments.
5 Great Reasons to Collect Rent Online
- Ease of Recurring Payments
With online rent payment software, tenants are able to quickly and easily schedule recurring rent payments. This means tenants can automatically pay rent on the same day each month, eliminating the ‘I just forgot’ scenario. It also saves our tenants time, in writing checks, mailing them, and checking to see if their payment arrived on-time. No need to go to the post office for stamps either. Tenants are not the only ones who save time. Landlords also see the benefit, by eliminating the need to go to the post office box, collect rent envelops, track them in spreadsheets, and go to the bank to deposit them. Online rent payments are a huge time-saver for both landlords and tenants.
Landlord software, such as Schedule My Rent, allows tenants to schedule rent payments from their bank accounts on the same day each month. It even enables tenants to approve each monthly payment separately. Today’s modern tenants prefer flexibility in payment options, and landlords looking to offer optimal solutions are wise to consider Schedule My Rent’s landlord software products.
- Fewerlate rent payments
Online payment software enables the landlord to automatically send reminder notifications to tenants each month – emailing them to let them know their rent is due. With this pre-notification, landlords experience fewer late rent submittals.
If a payment is submitted after the due date, email reminders for late rent are also a great feature. With Schedule My Rent, late fees can be added when a payment is paid past the lease due date. By automating the late fee process and communications, our landlords find increased understanding of payment expectations, reducing unnecessary strain on the landlord/tenant relationship.
- Real-time rent payment status
As a tenant or landlord, it’s reassuring to be able to go online and check the status of your rent payment in real time on a Landlord Software Dashboard. With online rent payment options, like Schedule My Rent, tenants are able to view a complete status of their account, are able to authorize one-time fees (such as late fees or a one-time bill payment) and are able to split rent payments between roommates. Another great feature to online rent payments is the electronic receipt of payment. Tenants can be reassured that their payment is received and have full visibility to the date and amount submitted – for both landlord and tenant.
Schedule My Rent’s services include receiving an ACH payment in 3 days, as a standard. Attaining your money sooner enables landlords to achieve improved return on investment.
- Property Management Streamlining
Many landlord software providers require unique passwords and logins for each property a landlord manages, making it difficult to view payment status across multiple properties or accounts. With Schedule My Rent, landlords are able to see a complete account of amounts due for each property and across properties with a single log in, saving landlords significant set-up and viewing time.
To better enable landlords to manage their properties, Schedule My Rent provides landlords with a status e-mail collection report reflecting the complete payment status by property and across their real estate portfolio. With this feature, landlords are able to spend more time increasing profitability in other areas.
In managing properties, landlords are looking to receive rent payments as quickly as possible to better enable them to meet mortgage commitments and to improve cash flow. Schedule My Rent’s everyday 3 day ACH processing time is standard, and enables landlords to count on payments receipt in this time-frame.
- Rent Payment Security.
Online rent payments have the added benefit of increased payment security. With electronic payments, there’s a reduction in the likelihood of loss of payment or the potential for another party to fraudulently use the account information on your paper check. Online rent payment is one of the most secure options for both you and the tenant.
In a recent report titled Identity Fraud Consumer Report, authors encourage customers to “use online bill pay whenever possible.” With Schedule My Rent, all personal payment information is encrypted, and the transaction is fully secure.
As landlord software for online rent collection can save both landlord and tenant time in many aspects of the rental management process, consider Schedule My Rent for your electronic rent payment needs.