Every person who owns a credit card has made an online payment for one thing or another, a late dinner delivery, utilities, a gift to yourself from Amazon. There are very few companies now that do not provide an online payment option for their services. Though the rental industry has been slow to catch up, the trend is changing. As more and more landlords realize the efficiency and ease of online rent payment, the more popular it is becoming.
If you are a landlord who is still considering going digital, we hope this article helps you make a decision.
Tenants prefer making payments online
Checks, postal stamps and all the works that go with it seem out of date and like a lot of work, and to younger renters. Even older tenants have become accustomed to paying for services through online portals and prefer paying rent online as well. The option to pay rent online simplifies the process for tenants. It provides an ease of making payments from anywhere and receive an immediate confirmation of receipt.
Decreases late payments
Setting up automatic recurring payments for rent ensures landlords receive rent on time, and they need not worry about missed payments. It also helps tenants be sure their rent is paid without fail, whether they are on a vacation or simply too busy to remember. Paying online is advantageous to both landlords and tenants with timely payments and building a good credit history for tenants.
Receive rent payment status in real time
When tenants have scheduled their rent payments, both parties can easily see when the payment is set to be transferred and reduces the need for communication and reminders about rent payments. Landlords and tenants get real time notifications of the rent deposit and there’s no need to worry about late payments and late fees.
Safer payment processing
Sending rent directly to the landlord’s bank account is much safer than sending a check which has all of your bank details printed on it, where there is always a risk of it falling in the wrong hands. But with just a strong password, your transaction is safe and secure.
With more and more people getting used to online payment methods, it is soon becoming the norm. Landlords may need to catch up to the trend soon.