Skip to content

Rent Payments: Take Your Rental Business to the Next Level With Online Rent Payment

Share on facebook
Share on twitter
Share on linkedin
Share on email

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 were turning to online listings and favoring properties managed through an online portal.  Today, your tenants are looking for home listings on Zillow and taking 3-D virtual tours. They are submitting rental applications online, communicating by email and video call, and paying in paper money seems practically archaic.

Since then, the increased focus on isolating at home and social distancing has discouraged direct contact or even trade of physical goods, like the rent check, between hands. Many potential tenants prefer to conduct absolutely everything, including rent payments, online. If you are limiting your payment options to cash or check only, you are also limiting your access to the full market of modern, responsible, and tech-savvy tenants who pay all their other bills online already.

The Benefits of Online Rent Payments for Landlords

Not sure if online rent payments are right for your investment home 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

When you accept a rent check from a tenant, depositing that check does not always drop the funds immediately into your account. Even if you take the shortest route, scanning the check with an app on your phone, the processing is subject to bank delays. Online payments processed at a reliable rate. LandlordStation, for example, is set up for predictable 2-day transfers every time. This eliminates unpredictable bank delays and allows you to streamline your investment revenue process.

Credit or Debit Flexibility

Tenants who must pay in cash are more likely to miss rent payments, especially if their own paychecks are delayed – something that happens to everyone occasionally. The ability to accept both credit and debit rent payments give your tenants the flexibility to manage their money with that useful credit card margin-for-error, covering rent on time and paying the card when their paycheck is cleared. This makes rent payment easier and more reliable for both you and your tenants.

Hassle-Free Rent Acceptance

Why visit the bank to deposit cash or check rent payment when both you and your tenant can make the transfer hassle-free? Online payment is sent easily from your tenant’s phone or computer and arrives 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 manage many rental properties, the instant and hassle-free nature of online payments can reduce the total cost of time and effort to accept rent from your entire portfolio. 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. Every app that handles this sort of transfer is required to meet specific data security standards – which means your funds are protected from the moment your tenant hits Send.

Accessing Great Tenants With Online Payments

Not only can online payments streamline your rent collection as a landlord, but online rent also opens the door to modern professionals who just don’t do things analog anymore. You may be missing out on great tenants just because rent is paid through cash or check instead of using a sleek online tenant portal. The kind of people who sort rental homes by whether they can be managed online is also the kind of high-tech professionals who make stable, well-paying tenants. 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.

Curated Property Management Tips and Advice Straight To Your Inbox.

Instant Renter’s Insurance​

Tenant Liability Coverage
Tenant Contents Coverage
The Tenant Screening Primer

The Tenant Screening Primer

Tenant Screening is your first line of defense when it comes to protecting your real…
Common Odors Left Behind By Tenants and How to Eliminate Them

Common Odors Left Behind By Tenants and How to Eliminate Them

After tenants move out, they leave behind common odors from living in the space. Here…
Tenant Screening: 5 Ways to Cover Yourself When Rejecting a Tenant

Tenant Screening: 5 Ways to Cover Yourself When Rejecting a Tenant

The single best way to cover yourself when you must reject tenant applications (and select…