Quite surprisingly to a lot of people, many apartment and house rental tenants still pay cash or write checks to pay their rent to their landlords.
Of course, that payment method is going out of vogue faster due to the Covid 19 infection pandemic. Now in the spring of 2021, as new more contagious Covid 19 variants threaten, seeing tenants face to face even for a moment to collect and process a paper check or cash payment is dangerous for the landlord and all those in their households.
The Covid 19 threat isn’t expected to go away, and almost everyone is much more aware of diseases are transferred. And landlords are more aware of the cost savings and other business benefits of online rent payment. They’re exploring property management software solutions and finding a pleasant improvement to their business.
Online Rent Payment is Just Part of the Benefit Picture
Most business software, especially cloud-based solutions have evolved to deliver remote, online services and online rent payment. Larger businesses have transitioned to digitally delivered services.
One online rent payment company (which is integrated into ManageCasa) provides solutions for most industries, including the rental property sector. Online and mobile payments are the new normal. And if you’re a landlord or property manager considering the transition, the business benefits should make you delighted.
It’s a critically important part of software for property managers. Landlords and property managers are very busy and with that cascade of tasks including rent processing, errors can occur.
So back up the claim that online rent payment is the best choice for landlords and property managers, let’s list the benefits.
1. Automation and Convenience — the system is online and automated, thus allowing renters to set up automatic payments through a variety of sources such as bank accounts, etransfer, ACH transfers, echeck, credit cards etc.
2. Saves Time — no manual processing of checks or cash leaves you more time for you other tasks and less rework if there are issues.
3. Convenience for tenants — they can pay anytime they want and don’t have to write out 12 checks every year.
4. Speed — payments are processed quickly and late payments or NSFs are discovered immediately so action can be taken quickly.
5. Automatic Late Fees — late paying tenants could be charged fees and this helps to ensure the lateness doesn’t happen again.
6. Keeps Information Secure — online means no tenant information or bank account info is lying around loose on paper.
7. Rent Roll Management — allows collection of payment success (reports) and a record of payment behavior across all your properties.
8. Less Administration — eases you and your staff’s admin with respect to bookkeeping, bank account reconciliation, receipt generation, which can lead to errors.
9. Fewer Errors — errors can be typos, handwritten mistakes, forgotten signatures, or other details that create friction for banks, landlords and tenants.
10. Online Files — all your data is secure and not vulnerable to fires, break ins and theft, or errors. When people get tired from heavy administration and other workloads, paper errors occur.
11. Digital Paper Trail — allows you to follow up on errors easily and quickly wherever you are (mobile access)
12. Tenant Service — tenant knows when and what was paid in their tenant portal account.
13. Encourages use of digital property management software — a digital software solution helps save you time, improves your communications with them, and makes financial management more cost effective.
14. Timely Reminders — tenant is reminded to pay their rent which helps avoid late fees and extra admin when they’re late.
It’s pretty clear that paying rent online is the standard now. The process for you as a landlord is particularly valuable. While it appears to be a landlord benefit, most young renters do not want to deal with cash or checks anymore. They are fully vested in digital solutions which they see as being considerate of their time.
Online rent payment is just one feature of modern property management software. Check out all the features and benefits of ManageCasa’s digital property management suite for collecting and processing rent payments.
ManageCasa is a simplified management solution, built for modern landlords to serve modern tenants — the ones you want to build your business on.
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