As a landlord, accepting rent payments in person or through the mail is a tradition older than our very nation. But time and technology wait for no property owner. Even before the first pandemic lockdown, modern home-seekers favored properties managed through an online portal, and that includes online rent payments. Today, your tenants are looking for home listings on Zillow and taking 3-D virtual tours. They are submitting rental applications online and communicating by email and video call. Paying in paper money seems practically archaic.
Since then, the increased focus on social distancing has discouraged trade of physical goods, like the rent check, between hands. Many potential tenants prefer to conduct absolutely everything, including rent payments, online. If you limit your payment options to cash or check, you are also limiting your access to the full market of modern and tech-savvy tenants.
The Benefits of Online Rent Payments for Landlords
Not sure if online rent payments are right for your rental business? Let’s take a closer look at every day or every month benefits of online rent payments between tenant and landlord.
Nearly Instant Payment Transfer
It may take a physical check a few days to clear your bank. Even if you scan the check with an app on your phone, the processing is subject to bank delays. Online payments processed at a reliable rate. For example, LandlordStation is set up for predictable 2-day transfers. This eliminates unpredictable bank delays and allows you to streamline your investment revenue process.
Credit or Debit Flexibility
A tenant is more likely to miss a payment if you only accept cash or check payments. The ability to accept ACH, credit, or debit cards for rent payments will give your tenants more flexibility. Even if there’s an unexpected delay in their own paycheck, rent can still be paid on time. This makes rent payment easier and more reliable for both you and your tenants.
Hassle-Free Rent Acceptance
Your tenant can make online payments easily from their phone or computer. Those payments arrive in your bank account without a single trip to the bank or ATM. Why add extra steps to your routine when the entire process can occur automatically in a digital transfer?
Cost-Effective Rent Processing
Online rent payments cost a few cents per transfer without any personal overhead. If you plan to expand your rental homes, cost-efficient and time-efficient payment processing is a must.
Security of Secure Online Payment
Online payments are secure by financial industry regulations. Apps that handle online rent payments are required to meet specific data security standards. That means your funds are protected from the moment your tenant hits Send.
Accessing Great Tenants With Online Rent Payments
Accepting online rent payments helps to streamline your process and opens your rental up to a wider pool of tenants. You don’t want to miss out on an excellent tenant because you were filtered out of their search. Up your investment property game and access the new generation of digital professionals as your future tenants. Contact us today to learn how LandlordStation can quickly connect you with an online tenant portal and online payments that your professional tenants will love.