As a property manager or landlord, the rent payment process can be a tedious task both for you and the tenant. From sending out rent reminders and payment collection to cashing checks, there are many factors that contribute to the rent payment process.
Many property managers and landlords, however, have added convenience to the rent payment process through electronic rent payment services. This is becoming more and more prevalent in the property management industry due to the numerous benefits that are provided by electronic rent payments including:
Timely Payments – Through the electronic payment process, tenants have an instantaneous payment option, reducing the risk of late payments. Tenants may also choose to have their monthly rent payment electronically debited from a bank account, making it much less likely that there will be a late payment or account delinquency.
Saves Time - Tenants have the added convenience of not having to write a check or deliver the payment to a rent office, making the rent payment process less time consuming. Property managers and landlords also benefit through the reduced usage of paper checks. This saves time by not having to deposit checks to the bank and, unlike a paper check, the payments clear instantly.
Going Green Option – This can help property managers and landlords reduce the use of paper rent reminders, receipts, etc. By taking care of the rent payment process electronically, these initiatives can be done through digital communication channels such as email, voice and SMS text messaging, in addition to electronic rent payments.
Automated Processes – Many parts of the electronic rent payment process can be done through an automated system. Automated rent reminders and late payment notifications are two examples. These can be sent through tenants preferred communication channels of email, voice, or SMS text messaging. A hot-key press can also be used to allow the tenant to be automatically connected to the rent payment office or landlord in order to make a payment.
Easier Record Keeping – Electronic notifications and electronic rent payments are much easier to track than paper checks, reminders and receipts. A property manager or landlord can easily view electronic payments to analyze what tenants have made payments and who has not. They can also easily view whether their email, voice and SMS text notifications have been delivered and received, unlike when utilizing a paper process.
Although the initial process of setting up electronic payments and automated notifications may seem like a hassle, for the most part, getting started with this process is quite simple. Through this transition, property managers, landlords and tenants will be provided with outstanding benefits that will greatly outweigh the cost.
How has accepting electronic payments made an impact on in your rental communities? Share your thoughts on our blog!
To learn more about adding convenience to your rent payment process through automated notifications, download our brochure.