In an increasingly digital world, where almost anything can be done online, rent payment options are still stuck in the past.
Although checks have been the most consistent method of payment accepted by landlords, it is inevitable that they will soon become a thing of the past. In a study done by Smartmove, landlords ranked payment issues as their biggest concern and another study found that millennials prefer to pay their bills online.
If you’re a landlord, you may wonder, “What’s in this for me?”
For starters, in most states, you are required by law to provide multiple payment options.
In addition, online rent payment options allow for you as the landlord to keep track of payments coming in an efficient way.
The best benefit by far is the fact that accepting rent online will save you and your tenants time and money. Your tenants won’t have to spend money on checks, stamps or gas on trips to the bank.
If security is something you are concerned with, many of the options out there for accepting online rent payments have measures in place to protect you. Options like PayRent.com offer bank level and encryption to protect all your data. Plus, you can block payments from tenants who you could potentially have issues with.
Online rent payments are the easiest and most efficient way to accept rent and you are more likely to receive a rent payment from your tenants if you offer them a method that allows them to pay rent at any time from anywhere—there won’t be any more excuses!