Why You Should Switch To Online Rent Payments

Many people do their banking, shopping, and even pay their bills online. Why not switch to online rent payments? They’re quick, easy, and tenants love having the choice to pay rent online.

They’re easy

Setting up an online account can take a few minutes and all you need is your bank information. The one-time set up can save you time and energy in the long run. Plus, if you use the same service for online rent payments and other landlord services, like online applications and tenant screening, you can have all your information in one spot.

They’re fast

Are you still waiting for a check in the mail, or visiting tenants to collect rent? Save yourself some time by allowing tenants to pay online. There’s no excuse for late payments and you can reduce trips to the bank to deposit checks. Some services even offer a turnaround time of 2 business days for payments, which means you’ll have access to your funds quicker.

Tenants love online options

According to a recent study published by the Federal Reserve, 74% of consumers accessed bank services online and 35% use mobile banking. As those numbers continue to grow, the option to be able to make rent payments online may become an expectation rather than a novelty.

Your tenants will appreciate the option to pay online, and a mobile-friendly option will appeal to a lot of renters.

Online rent payments are just another tool for landlords and property managers to make the rental process more efficient. You may need to tweak your lease to reflect this payment method.

Have you made the switch? We want to know! What’s your experience with online rent payments?

 
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