From video chatting with friends to ordering groceries, a lot of what we do happens online. That’s right, we’re living in a digital world. And that digital experience can extend to rent payments; it’s not just convenient, but it benefits both you and your tenants. If you’re still collecting paper rent checks, read on to see ten ways online rent payments help both you and your tenants.
1: Saving you time and money
As a property manager, manually collecting rent payments, preparing deposit slips, making trips to the bank to make a deposit, and then manually posting receipts, and updating tenant records can be a waste of time. Having a system in place to collect payments digitally will allow residents to instantly post rent payments via eCheck, debit card, or credit card entirely online, without you having to change your day-to-day.
2: Eliminate errors
No matter the industry, accounting errors can be costly. Accepting rent payments online prevents the most common accounting errors property managers face daily with paper-based record keeping systems. With digital rent payments, one can avoid double posting payments or missed payments. In addition, online payment processing can eliminate data entry errors like the transposing numbers, or incorrect transaction coding, which leads to inaccuracies in the balance sheet. Better yet, you can boost overall productivity and efficiency by accepting online rent payments, so it’s a win-win.
3: Privacy & security
With a well-designed property management system to accept rent payments, you can ensure proper security is a part of every step of the customer payment process. You can implement a payment portal that protects both in-transit and at-rest data, so your tenants can pay without worrying about identity theft, and property managers can rest assured their data is protected from unauthorized views.
4: Stay in the know
Diligent record-keeping is crucial for operating a successful business. With digital transactions, all data is accurate, providing an efficient path for sharing rent payment histories with credit bureaus and other need-to-know partners. With data in one centralized area, you can keep track of late payment frequency, non-rent assessments, and payment type preference over time, allowing you to make important decisions down the line.
5: Streamlined communication
With efficient communication, both property managers and tenants stand to benefit. A fully integrated online rent payment system in place allows you to send alerts when rent is due, and allows your tenants to review payment history, and review fees whenever needed.
6: Digital paper trail
By accepting online rent payments, you’re able to promote accountability. An online rental payment system allows you to track when a payment is made easily, simplifying the dispute resolution process.
7: Tenant flexibility
The easier it is for tenants to post rent payments, the better your chances of receiving payments on time. An online system that allows tenants to post rent payments using eCheck (ACH), credit or debit cards, or even cash/money orders, can provide tenants with the flexibility they need to submit timely payments.
8: Boost efficiency
Nowadays, most of us are used to completing most transactions online, and that goes for your tenants too. Paying credit card bills, student loans, and electricity bills can all be done online, so why not make rent payments just as easy? In that way, tenants can save time and you can be confident that rent payments will come in when they should.
9: Tenant satisfaction:
Happy tenants often means continued lease signing. If rent payments are made easy, tenants will appreciate the time it saves, and the flexibility it offers them. According to a renter preference survey, 86% of tenants said it was important for them to be able to pay rent using a mobile device. So, make life easier for both yourself and tenants by offering online rent payments.
10: Improved online portal adoption
If your tenants are comfortable submitting online rent payments, then they’ll likely adopt other features you can provide online, like maintenance requests and lease renewals. The more streamlined your offering, the more efficient you are, and satisfied your tenants become.
In this day and age, the ability to post rent payments online is not only a preference, but expected. If you’re still accepting paper checks and are ready to make the move into the digital space, let us be your guide. As a property management company, we have the know-how to ensure your transition is smooth for both you and your tenants. Book a consultation with us today, and we’ll show you how with Metro REIG by your side, you can get more done.