Property managers understand the stress associated with rent payment due dates. Tenants rush to their office to beat the deadline while managers try to follow up on residents who couldn’t pay. They need to deposit checks in the bank and wait for payments that other tenants send in the mail. If this seems like an endless loop, it’s time to consider making some changes to the process.
Online rent payment is beneficial for both property management companies and tenants. It allows tenants to pay at their convenience and allows property management companies to monitor and manage their transactions. In addition, it gives an extra degree of security. Using online payments will avoid unfavorable situations, such as checks lost in the mail or pulled from a mailbox. Rental payments will be deposited directly into the company’s bank account.
Although paying rent online has its advantages, there are tenants who want to stick to traditional payment methods. There are a number of tips that can encourage tenants to switch to paying online.
Let them register before you move in.
Once tenants move in, it will be more difficult to convince them to try paying their rent online. It would be better to include it as part of the policy and get the necessary information before you give them the keys.
Make any necessary changes to the lease terms to support online rent payments.
A lease should have an explanation of all the payment options that tenants might use. You should have a clear outline of all the requirements and best practices. Property management companies may wish to include online payments as a requirement in the lease term. They can ask their lawyer’s advice regarding the legalities and ask if it is favorable for the company.
Use a tenant portal to make it convenient for them.
It would be helpful to offer flexible payment options. It is imperative that businesses use the tenant portal that links to their property’s website for tenants to conveniently submit their rent payments online.
Send automatic email reminders.
Some tenants fall behind on their rent just because they forget the due date. It would be helpful to send them automatic email reminders that have links to the tenant portal. These automatic messages must be configured beforehand to avoid problems. It only takes a few clicks to reach all tenants.
Explain the main advantages for them.
Tenants may not be aware of the importance of online payments. Property managers should find time to explain their benefits, automatic payment options, and their preferred payment method. They must clearly answer tenant questions and address their concerns to make them feel comfortable.
Accept different payment options.
With the right payment system, tenants can pay using recurring payments, credit cards, debit cards, and ACH/checks. Paying with a credit card can help renters earn more reward points or help those whose paycheck hasn’t cleared yet. This system also allows them to pay in full or set up recurring payments using ACH.
The adoption of online payment is beneficial for both tenants and property management companies. Businesses need to provide payment options that are convenient for tenants, not only to stay ahead of the competition, but also to save time, effort, and money.
