As a landlord or property manager, ensuring timely rent collection is essential to the smooth running of your business. While this might sound simple enough, anyone who’s managed multiple tenants will know how complicated the process can become. Rent payment platforms are helping to revolutionize rent payments, providing a more efficient, secure, and scalable solution for landlords and tenants alike.
In this latest article, we explore some of the best online rent payment platforms available today. These tools not only help streamline the process of managing rent collection but also offer features that seamlessly integrate rental property management.
Why Online Rent Payment Services Matter
Before we explore some of the best online rent payment platforms for landlords, it’s first important to understand their importance. The days of tracking down tenants for checks or manually depositing rent into your bank account are long gone. Nowadays, landlords need a smarter way to manage rental income, while tenants expect convenient and efficient payment options.
Utilizing online rent payment software can provide a range of benefits, including:
- Efficiency
Manual payments can be a hassle for both landlords and tenants, with over 75% of tenants preferring to make digital payments. Online rent payment platforms transform this by automating the process, significantly reducing administration and time. - Security
An online rent payment system is not only more efficient it also provides a far greater level of security. All payments are processed using encrypted technology while both tenants and landlords have access to full transaction histories. - Scalability
No matter whether you’re managing one property or a portfolio of properties, online rent payment platforms are able to grow with your business.
The Best Online Rent Payment Systems
Despite the many benefits online rent payment platforms can bring, 45% of tenants are still unable to make an online payment. However, as the digital revolution continues, there is a wide range of rent portals for landlords available, with some of the best being:
- TenantCloud
First up is TenantCloud, which is a property management platform that has been specifically designed for landlords and property managers. Alongside its built-in payment system, TentantCloud offers a comprehensive approach to property management and is packed with essential features designed to make the entire rental process easier.
From ACG payments and custom reminders to tenant screening, maintenance requests, and rent reporting, landlords will have access to everything that they need in one simple platform. The powerful tool is a must-have for anyone renting properties, no matter whether they own a single unit or multiple tenants. The expansive range of tools can help to improve overall functionality and streamline the rental payment process.
- Avail
Avail is another popular online property management platform with a rent collection system that allows tenants to pay by credit card, debit card, or checking account. The standard version of the platform does incur processing fees on transfers, but these can be removed when customers upgrade to the Unlimited Plus version.
To help streamline the process, Avail allows tenants to set up one-time or recurring rental payments, ensuring there is never a risk of late fees. Every payment collected is recorded on the rent payment platform, so landlords can easily track their income and expenses.
- PayYourRent
For landlords looking for simpler rent payment platforms that primarily focus on online payments, rather than a host of other property management features, then PayYourRent can be a strong choice. The digital-focused rent collection software is primarily focused on mobile use and has a simple-to-use app that incorporates all of its features.
Renters are able to choose a variety of payment methods, including ACH and credit cards. To make things easier for landlords, PayYourRent can be integrated into various other accounting software. Although its focus is on monthly rent payments, additional property management features are available in additional pricing plans.
- Apartments.com
Apartments.com, or Cozy as it used to be known, is another property management platform used to efficiently automate rent collection. The online rent collection features how much rent has been collected as well as security deposits or other fees. It can also send rent reminders to tenants, minimizing the risk of a late payment. To create a smoother experience for tenants, they are given the option of paying via either a debit/credit card or a prepaid card for a small fee (or it is free via a checking account).
As with the other rent payment platforms, Apartments.com does provide a range of reporting options for both tenants and landlords.
- RentRedi
RentRedi is one of the more stripped-down options compared to other property management platforms. Its online payment system is primarily focused on tenants and offers a range of incentives to make their rental payments on time. It supports multiple payment methods, including debit and credit card, cash, and ACH payments.
There are also some additional property management tools available, such as the ability to coordinate maintenance coordination, marketing and listing tools, and tenant screening. However, it is not the most comprehensive reporting or accounting option, so landlords with multiple properties might need a rent payment platform with more robust features.
- Rentec Direct
For landlords seeking rent payment platforms that focus on vendor management and accounting, Rentec Direct can be a useful option. Suitable for large management companies and individual landlords alike, the software allows users to track and manage their entire portfolio through the platform.
Landlords can also import data from accounting tools like QuickBooks, set up trust accounts or general ledgers, and sync transactions with their bank. A range of reporting options is also available to help property owners keep track of their units.
- Buildium
When it comes to large property management companies or landlords with over 50 properties in their portfolio, Buildium is a good option overall. To take full advantage of everything their rent payment platform offers, however, users will need to pay a monthly fee based on the number of units they own.
The software allows tenants to set up one-off or automatic rent payments via either credit card or bank transfer. Landlords will also need to pay a setup fee for every bank account they add, which is important to keep in mind.
What Is the Best Online Rent Payment Service for Landlords
When it comes to online rent payment for landlords, there is a wide range of tools and software available. Finding the right option for you will depend on your own personal requirements and it’s worth exploring different solutions so you can find one that meets your needs.
Here at TenantCloud, we know how important it is to have a clear and efficient platform that helps you easily manage your real estate portfolio. That is why our rent collection software is designed around you, offering a huge range of features designed to reduce the stress and hassle of property management.
Want to find out more? Sign up today for your 14-day day free trial!
