Posted on: 1 January 2016Share
In the past, most landlords went around and collected rent from their tenants. Times have changed a lot since then, and nowadays, many tenants send in checks or money orders or pay in other ways. Many landlords are now using online rent collection services as well, which allow tenants to pay their rent online. If you haven't yet thought about implementing this option, you should consider the benefits of doing so.
1. Provide Fewer Opportunities for Excuses
As a landlord, you have probably heard all types of excuses -- the rent check got lost in the mail, the tenant was unable to stop by the office before it closed, etc. If you offer a convenient online option, your tenants will be able to pay from just about anywhere and will be able to pay at any time of the day. This eliminates most of the excuses that tenants use for not paying their rent on time, which can encourage them to go ahead and pay what is due to you.
2. Make Things Convenient for Your Tenants
Paying bills online is quite convenient -- it's why a lot of people pay their car payments, cable bills, phone bills and more on the Internet. If you allow tenants to pay their rent online, they are sure to appreciate the convenience. This can even be a good selling point for new tenants who are busy and want to make the rental process as easy and streamlined as possible for themselves. If you implement this payment option, you might be surprised by how many of your tenants will use and appreciate it.
3. Avoid Payment Issues
Handling payment issues as a landlord can be a nightmare. If you have ever had to deal with a bounced check, you know how costly and annoying it can be. Even if you don't worry about bounced checks, the process of taking your checks and money orders to the bank can be a pain and can get in the way of your busy schedule. Luckily, an online payment option can make things a whole lot easier for you. If you encourage your tenants to pay online, you can reduce the number of trips that you have to make to the bank and the aggravations that you have to deal with when handling payments. Instead, you can enjoy having your payments automatically deposited in your bank account.
As you can see, accepting online payments can be a smart option if you are a landlord. If you haven't yet thought about providing this payment option, now is the time to give it a try. For more information about online payments, you can contact a tenant services company like Two Rivers Investment or others in your area.