Some people are hesitant to pay rent online. Why do it when they are used to paying in the traditional way? Come to think of it, there are some benefits to paying rent online. Landlords are now offering online payment schemes to tenants, giving them the opportunity to better manage their finances, de-stress and improve their credit worthiness. Take a look at the following advantages:
Build credit through credit reports
Tenants gain several advantages by improving their creditworthiness. This can allow them to have a lower interest rate for car financing or large purchases, and even help them buy a home one day. When you pay your monthly rent on time, which is probably your largest recurring payment, it can have a positive effect on your creditworthiness.
However, they do not need to download an app or share their bank account details with another provider. There is a more convenient way. Most landlords provide the opportunity to report your rent payments directly when you pay your rent online. They don’t have to do anything else. This is a simple, safe and effective way to build your credit.
Minimize stress by using automated recurring payments
Online payment schemes make sure tenants pay rent on time, build their credit score and avoid late fees by sending constant reminders via text and email. What’s even better is that most of these systems provide auto pay options that you can set and forget. Automatic payment allows them to pay on time, every time, and therefore there are never any late fees.
Maintain an active lifestyle using mobile payment options
When tenants receive payment reminder via text message while on the go, what should they do? It’s as quick and easy as one click to pay online using a mobile-optimized website or payment app. Most solutions allow anytime, anywhere payments, accommodating tenants wherever they are.
Take advantage of more flexible payment schemes, such as Paypal
Sometimes renters don’t have enough funds in a given month, or they can try to get a free plane ticket, but need more points on their credit card to get the miles. They can benefit from the flexibility that online payment offers. By using their credit card, they can add more points, set up bank withdrawals, or use Paypal.
Reduce chances of check theft and fraud
Many personal and bank account details are printed on checks and are easy to reproduce. Online bill payment minimizes the paper trail and the risk of a check or information about it being stolen.
Have easy access to payment history
Among the best benefits of paying online, which are often overlooked, is the visibility and accessibility of payment history. Tenants can log in whenever they want to see their current bill and payment records in real time. They can get their payment information anytime, anywhere.
Paying rent using the online bill payment option saves a lot of time and effort, while also providing additional benefits like credit reports. If some tenants have not yet tried this payment scheme, it is high time they took advantage of it.
