Secure Rent Collection & Rent Reporting

So, you’ve advertised your rental property, secured a tenant, and started a new lease. After conducting tenant screenings and property maintenance, you might imagine that the hard work is over—but when it’s time to collect rent, you’ll likely find the process to be much more complicated than you expect.

Depending on the circumstances, you might need to chase down overdue rent or have some uncomfortable conversations with tenants about late fees and grace periods. At the very least, you’ll have to figure out an effective and accurate system to keep track of your rent payments.

Needless to say, it can all add up to a significant hassle for landlords.

You’re in luck, though, because TurboTenant can help. We offer an all-in-one digital platform that fully automates the rent payment process, reducing stress for both you and your tenants. And since 77% of renters prefer to pay rent online, you’ll likely have happier tenants, too.

Here, we’ll explore all the details of TurboTenant’s rent collection software, including how tenants can make secure payments, the different payment options available, automatic rent reminders, and rent reporting, a unique benefit for both tenants and landlords.

Read on to find out what you should know about rent collection with TurboTenant so you can remove unnecessary anxiety from property management.

TurboTenant’s Rent Collection: Why It’s Different

Before TurboTenant, landlords had several options for collecting rent. To go back to basics, tenants could make rent payments via cash or check. However, this is often time-consuming and leads to uncertainty for both landlords and tenants.

Or, you could conduct rent collection through online portals like Venmo and Zelle. But as convenient as these platforms may be, they don’t offer payment protection for landlords or tenants. Fraud is a common occurrence, and you won’t have many other options besides simply receiving their rent payments.

Enter TurboTenant. Our fully online rent collection software is integrated with all of our other property management tools, so you don’t have to waste time moving between different apps and accounts. Because it’s so easy to use, our software will help landlords receive rent payments faster and more consistently, eliminating the need for a trip to the bank (and confusion for you and your tenants).

Speaking of, your tenants are sure to appreciate the added convenience of online rent payments through TurboTenant. The ease of paying rent with our software encourages tenants to avoid procrastination and pay rent on time.

Multiple Ways for Tenants to Pay (Flexibility Drives Adoption)

When it comes time to pay rent through TurboTenant, renters have several options for easy rent payment, no matter your tenants’ preferences or personal finances.

To start, tenants can pay rent via bank transfers. Also known as ACH or direct deposit, this method is quick, easy, and, perhaps most importantly, doesn’t carry any additional fees.

Next up, tenants can also pay rent using credit or debit cards. Though doing so will incur a small fee for the tenant, this can also be highly convenient depending on their specific financial situation.

Regardless of which payment method they choose, tenants can set up AutoPay to make monthly recurring payments. That includes utility payments, if any are due directly to the landlord.

All of these options provide a vital sense of flexibility for tenants, but confidence and convenience are also paramount here. With TurboTenant, your renters will no longer need to worry about whether they remembered to mail a check or send a Zelle payment this month—our software will do the heavy lifting.

Eliminate Late Payments with Automation

The ease of using TurboTenant’s automated payment system motivates tenants to pay rent on time or even early. In turn, this will reduce stress and the number of manual tasks that typically fall to the landlord, such as confronting tenants for past-due rent or late fees.

Both before and after rent is due, TurboTenant automatically sends payment reminders to tenants. Landlords can also incorporate additional options, such as late rent fees and grace periods, into their rent collection profiles. Should a late rent fee become necessary, TurboTenant automatically follows up with and assesses these fines from your tenants.

Think about all the stress and time that you lose hunting down a late rent payment and enforcing late rent fees. TurboTenant’s free software eliminates the need for that often lengthy, headache-inducing process.

Rent Reporting: A Win-Win for Landlords and Tenants

TurboTenant also goes above and beyond typical rent collection features. For tenants who opt in, TurboTenant will automatically report rent payments to major U.S. credit bureaus. Doing so helps tenants build their credit scores and further encourages timely rent payments.

Of course, rent reporting benefits both landlords and tenants—tenants will know that their rent payments are going to good use, and landlords can expect to receive more timely payments every month. This practice also shows professionalism on the landlord’s part and builds the tenant’s trust in their landlord.

Security & Transparency: Built for Trust

Understandably, the security of online payments is a major concern to both landlords and tenants, especially those accustomed to more traditional payment methods, such as rent checks. But online payments can be even more reliable than checks, which could easily get lost in the mail or fall into the wrong hands along the way.

Unlike other platforms, TurboTenant has designed our online rent collection software with both security and transparency in mind, thereby increasing the trust between tenants and landlords. To that end, TurboTenant offers tenant verification and bank-level encryption, ensuring that both tenants and landlords can rest assured their payments will be processed using the highest security measures possible.

Whether or not rent has been paid, TurboTenant’s easily navigated user interface shows clear payment statuses, allowing landlords to stay up to date on which of their tenants may still need to pay rent. After tenants submit their ACH, debit, or credit card payments, receipts and rent logs are automatically generated to enhance record-keeping for both parties.

Complete Payment Tracking & Reporting

Whether you have one tenant or 100, TurboTenant makes rent tracking a matter of simply checking the centrally located dashboard within your account. Once there, you’ll find several other features designed to improve the rent collection process.

TurboTenant creates downloadable reports for bookkeeping purposes, so you don’t have to do any manual reporting yourself. If any tenants miss payments, TurboTenant automatically sends alerts to landlords to keep them fully apprised of the situation.

TurboTenant’s payment tracking feature fully integrates with the rest of our property management software, which also offers tenant communication and leasing services. That way, landlords can handle all aspects of rental property management—from the big-picture items to small details—in one place.

How to Set It Up

TurboTenant makes it easy for tenants to send and landlords to receive online rent payments. Here’s how property owners can get started:

1. Add your rental property to your account.
2. Set up payment information such as the frequency of rent payments, whether you’re a business or personal entity, and personal and payment information.
3. Invite your tenants to pay rent via TurboTenant’s online portal.
4. Add information that tenants need to know, such as due dates, the amount of rent, and any late fees, if applicable.
5. Enable tenants to pay rent via AutoPay, add reminders for rent payments, and incorporate rent reporting features.

That’s it! Collecting secure, fast rent payments online is that easy. Sign up for a free TurboTenant account today and give it a try yourself.

Why choose TurboTenant over other rent collection apps?

TurboTenant’s rent collection software offers a wide variety of features not available on other platforms.

Unlike tools like PayPal and Venmo, TurboTenant offers a free ACH deposit option, allowing tenants to pay rent quickly and securely. We also streamline the rent payment process for both landlords and tenants, allowing for AutoPay and automatic rent reminders before and after the rent payment deadline.

For any renter who opts into TurboTenant’s rent reporting feature, TurboTenant automatically reports rent payments to credit bureaus, offering a major incentive for tenants to pay rent on time.

Finally, TurboTenant’s rent collection services are fully integrated with the rest of your property management needs, allowing you to handle tasks like screening, leasing, tenant communications, and maintenance requests all in one place.

Make Rent Collection One Less Thing to Worry About

We’d be the first ones to admit that managing rental properties is often more difficult than it looks. However, TurboTenant can significantly reduce landlords’ stress and uncertainty when it comes to rent collection.

TurboTenant’s free rent collection feature provides peace of mind for both landlords and their tenants. Our platform utilizes secure, fast payment technology, allows tenants to make rent payments using multiple different methods, and sends automatic payment reminders to tenants both before and after rent is due.

So, what are you waiting for? Join the more than 750,000 landlords who use TurboTenant and set up secure, reliable rent collection in minutes.