When it comes to rent collection, landlords look for the most convenient methods that make the whole process hassle-free and less time-consuming. Old fashioned forms of rent collection, like mailing checks, usually aren’t the best solution in the times of global digitization. That’s why more and more industry players are adopting digital payments for their rental business. And there are a few reasons for that:
Security
Tenants are looking for a safe approach to having their money deposited into the landlord’s account in a timely manner, and landlords want to be able to collect rent without handing over personal info. Plus, due to restrictions caused by a national lockdown and stay-at-home orders across the country, people have made a move towards transferring money online for the sake of personal safety.
Accessibility
With digital payments in place, you have access to your funds basically 24/7. For the landlords and tenants, this is a crucial factor since rent payments are often provided right before the grace period and it’s important to see the time the transaction has been initiated in order to avoid late payment fees. In short, if you have your card or phone on you, you have access to your funds.
Also, tenants can pay from anywhere with just a few clicks. This gives more mobility and puts less pressure on the tenants who travel a lot or live far from their landlord’s office.
Related: Create An Online Lease Agreement: Top 5 Benefits Of A Digital Document
Lower Risks
Since digital transactions are a more secure payment option than cash or personal checks, you don’t have to worry about your banking information because it’s strongly encrypted to prevent any unauthorized access.
According to the TenantCloud Twitter Poll, most respondents are concerned about the dangers of hacking. But trusted digital payments platforms guarantee the security of financial transactions and personal banking information, which is essential for everyone involved.
Related: Does Rent Control Work? Oregon, California And Illinois Law Overview
To make sure your sensitive data is safe, you should opt for reliable online payments or rental management tools. TenantCloud, for example, provides a few integrated payment systems that allow you to make and accept payments online. Along with Credit card payments, TC Payments is a great tool for rent collection. There are no fees per transaction, and it requires user verification that makes the payment procedure even more secure. Tenants can also enable AutoPay to make rent payments automatically on or before the due date.
Easy to Track
The details of online transactions are easy to document and help to keep track of the payments that are still in progress. Having everything stored in one place eliminates the need to utilize tons of paperwork and optimizes your daily tasks. Besides, that way tenants have quick access to payment information in the event that disputes arise. Something that is hard to do if you’re still using cash as a primary payment method.
Online payment methods are likely to fully replace traditional payment methods in the near future. That’s why a good payment service is a must have.
Related: Top 4 Digital Landlord Tools: Property Management Software, Online Rental Applications And Others
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What do you think are the main pros and cons of online payments? Which payment method would you prefer?
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