Nowadays, the fast Wi-fi connection plus the introduction of new mobile apps have enabled people to pay their bills online, and to schedule appointments as well˳ Tenants use the same technology to pay rent on time and manage their funds˳ Paying online anytime and anywhere has become the new standard˳
Property owners should take online rent payment services into consideration˳ Their business will benefit from it – just like tenants do˳ Here are the main benefits that they can receive when they let their tenants pay rent online:
Improved customer service
Instead of collecting rent personally and processing the check payments, they can have more time to focus on their marketing efforts and improve their relations with tenants˳ This is a way of improving their relationship with the customers, and also a way of providing them with better services˳
Controlled management costs
Collecting rent online reduces the expenses related to managing properties˳ A landlord will be able to reduce operational costs and maintain a low property management fee˳ This will benefit many property owners˳
Decreased number of past due accounts
There are different online payment options, such as PayPal, credit card and eCheck, so there will be a significant reduction in terms of late payments˳ In addition, tenants get reminders via text or email when the rent is due or fast approaching, prompting an immediate payment, if the system is in an optimized mobile device˳
Faster dispute resolution and audit track
Rent that is paid online has digital paper trails˳ So, when a tenant claims that he paid online, the property owner can confirm or refute the claim by accessing the system˳ The fully integrated software for property management will allow owners to view the late charges, update the owner system and track split payments automatically˳
It is safer for them to process rent payments and owner disbursements since personal details are not compromised˳ Their accountants can get a snapshot of tenants that have paid to enable well-informed financial resolutions˳
It is Easy to Stay Organized
When money goes from one hand to another, a higher degree of organization is needed˳ When more tenants and properties are involved, there is a higher probability of committing errors˳
Even when managing one or two properties, collection of rent checks on a monthly basis involves communication and organization to make sure that the payment is received in a well-timed manner˳ Errors, however small they are, could be disastrous when they are caused by arguments wherein the landlord and tenant insist that they are the wronged party˳
Added security
Online rent payment eliminates the risks that come with cash payments˳ Furthermore, the insurance company will most likely lower coverage when there is less cash on-site˳
In the recent years, many landlords are getting to be more comfortable with online transactions˳ It is about time for those who have not tried online payment services to consider them so they can save time, reduce costs and improve cash flow˳
Source by https://ezinearticles˳com/?The-Smart-Peoples-Choice:-Paying-the-Rent-Online&id=10136703
