The pros of being able to collect rent online are that it removes all hassles and stresses associated with manual collection of rent.
The collection of rents manually is not a great idea – especially today when the digital platform is being used consistently for more and more payment-related aspects. An online rent collection is a viable option. The good thing is that the digital platform has numerous credible sites that offer a specialized and customized online rent collection option.
Why it is good to collect rent online?
- It is convenient – manually drawn checks can get lost anytime. Cash is unsafe, both in carrying and paying. Posting checks and drafts every month requires envelopes and stamps. These things are getting obsolete with time. Recurring payments like rent payments can make life uneasy and inconvenient. No doubt more and more people today prefer to stay away from manual payment methods. A recent survey suggests that about 61% of the new-age generation prefer to pay online, while about 42% of the older generation also likes to use online methods. Recurring payments by online methods are easy to track and monitor. One can use the digital platform to schedule such recurring payments.
- Collecting rent online is a beneficial feature because tenants and landlords can set reminders and alerts to remind about rent payments and rent collections. Landlords can collect online payments through reliable rent collecting websites where tenants can pay via debit card, credit card, and more.
- When you collect rent online as a landlord you can see and track payment status in real-time. There is a digital record of every payment received and is a great help to property management firms that need to collect rents regularly. Such business and commercial entities can easily integrate their website with the online rent collection system for seamless working.
- Collecting rent online is a secure method – the chances of theft and fraud is minimal when the payment is done the proper way, with caution.
The online collection method eliminates the need for the manual accounting process. Now, accounting software systems can be synced with the digital payment collection platform for the smooth input of data in the financial ledger.
Choosing the right platform to collect rent online
- Choose a platform that has enhanced levels of security. Remember, in the virtual world, hacking payment systems is a common fraudulent activity. As a service provider, the collection website should be safe and secure. It should be compliant with PCI requirements besides having to be password protected and having a proper authentication system in place.
- Check out the transaction fees that you need to pay as a landlord against every payment collected. You can collate features of every such service provider and compare it for easy comprehension and decision-making.
- Make sure that the platform facilitates the collection of rent through all possible digital means and is attached to all major credit and debit card service providers.
Collect rent online to facilitate a proper professional relationship between you and your tenant. It is a comfort – both for you and him.