1. It helps you stay competitive
In this day and age, many landlords are allowing tenants to pay their rent online. If you’re not, you may be beaten out by the competition. Many tenants like the convenience that paying online offers. Online rental payment is also attractive to the younger generations because it’s become popular to pay bills online as opposed to writing checks.
2. It offers more security
There’s always some risk in mailing checks or cash. The tenant is taking the chance that the wrong person could open up the letter and get a hold of their bank information or steal the cash. The letter could also simply get lost in the mail.
3. It’s convenient
Like we mentioned above, tenants like the convenience online payment offers. They don’t have to drive anywhere to drop off a check or even remember to send one in the mail. They can simply pay their rent online and move on.
4. It boosts the chance of rent being paid on time
The convenience factor of online payments helps increase the likelihood that tenants will pay on time. If tenants have the option to schedule out their payments, it can increase the timeliness of payments even more. You might also want to consider an online scheduling system. This allows tenants to pay their rent from anywhere, even if they’re traveling for work or on vacation.
5. It can help negate issues
If the rent doesn’t make it to you on time, you may be wondering if your tenant sent a check or forgot. If your tenant says they mailed the check, you may have to assume it was lost and ask them to send a new one. However, if they pay online, you can easily check to see if the payment was made through the system or not.
Overall there are a lot of perks to offering your tenants the ability to pay online. Not only do you make out by reducing the chance of late payments and other issues, but your tenants benefit from the convenience factor.