5 Reasons You Need to Start Online Payment System For your Tenants
Technology is driving us today! Everyone is having access to the internet and the whole world is like a global village. When we talk about property management still many property managers or property owners prefer to get a check for the rent. This is an old-school mentality that needs to be changed.
If we compare the benefits, then online payment is a way better than the payments received by check. As a manager or owner, if you are providing the convenience of online payment to your tenants, it will be good for you and your tenants. Get benefits of online system by connecting with property management associates, as they will manage all the things related to your property.
Now, let’s discuss the reasons why you need to create an online payment system for your tenants:
1-Ease to Create Recurring Payments
As an owner, if you look to a bigger picture, then creating a recurring online payment will make your life easy. In most of the cases, we see the tenants forget to pay their rent on the said date. However, it can be due to multiple reasons. But when you enable your tenants to create a recurring payment, you can say goodbye to late rents deposits. In this, your tenants will allow his/her bank to transfer the payment either from their account, credit card, or saving accounts on a selected date of the month.
For instance, if tenants have to make the payment on 1st of every month, then tenants will set this date and rent will be transferred to your owner’s account automatically on that particular day. After you implement this system, you will no longer hear any excuse from your tenants.
2-Easy to Monitor the Updates
In property management services, providing convenience to tenants stays on top. Online system offers flexibility to monitor the updates regarding the payments. No matter what platform or bank you are using, you can monitor the dates. When banks are involved some time is needed to transfer the payment. But with the online system, you have the access to see when your tenants have made the payment and you can check your payment using different devices like laptop, mobile or tablet.
Furthermore, with an online payment, you don’t need to visit the bank to inquire either the check is cleared or not? You can check it online.
3- Excellent Source to Send Reminders and Late Notices
Some tenants may not be comfortable to set up recurring monthly payments. But when you are having an online system you can send them friendly reminder email two or three before the rent date. In this way, you will able to remind them about the payment of rent earlier. You can also embed the link in the email so that they can click it and pay the payment online.
If you are not willing to send the early reminder, then you can set a system where you can send an email when rent is too late. Are you a property owner? You might be looking for a company to manage your property to reduce your headaches. You can contact property management company in Cape Cod to manage your property through experienced property managers.
4- It Offers Security
Online payment system offers security as it is easy to transfer and receive the payment as compared to postal service.Online system makes the rent collection process easy for property owner and tenants. In this you don’t need to worry about that postal service will lose your check, it will reach late, or check will bounce.
5- Facility to Accept Credit Card Payments
In many online systems, you can get a facility to send the payment from a bank account and credit card. You might be thinking, why the credit card payment matters. Well, we are not here to encourage or discourage the use of credit card. The point is, it’s a good way to make the payment on time and you can pay your card bill at the end of the month. Timely payment will be good for both property owner and tenants.
Why Online Payment is Preferable?
To find good tenants and have a better relationship with them you need to facilitate your tenants. Same goes for the rent payments. Nowadays people prefer to pay the bills online, so you should set up an online system for your tenants. It will make the payment easier, secure and faster. It will be good for both the parties involved.
These were some of the reason that convinces us to set up an online payment and it really makes sense! Nowadays vacation rentals are also booked to spend quality time with families. So, with an online system, you can make the payment easily. Moreover, if you are looking for management services, then you can hire an experienced company to get vacation rental property management services.