What you really need to know about online rental payments
Letting tenants pay rent online is the most efficient way to easily receive payments, establish a good relationship between landlord and tenant, and minimize stress for both parties.
For those who are not aware of the benefits of paying rent online, this post will provide more information on this. Here, I’ll explain everything people need to know about online rental payments in terms of reliability and transparency.
In reality, tenants prefer to pay their rent over the Internet.
Not surprisingly, younger tenants are familiar with online bill paying. According to recent studies, 74% of tenants are under 45 years of age. Younger tenants know the benefits of paying different types of bills electronically.
Since online bill payments are automated, stress-free payments, provide greater security, and allow for reduced use of paper, younger tenants will likely be interested in online rental payments as well.
In case the tenants have been paying their other bills online, they can also pay the rent online. If not, they must pay the rent by paper checks, which is a time-consuming, outdated, and tedious process.
It will be easier for tenants to pay rent online. When living in a rental unit has no problems, it creates a positive impact on how tenants view their owners as effective. This is so important when it comes time to re-sign your lease.
Homeowners will no doubt favor online payments too, especially when it comes to how quickly they receive payments. Transferring money online is much easier than mailing checks and ensures that owners get their money faster and more securely.
Tenants are more efficient when paying online.
According to another study, 85% of renters who pay rent online pay rent online the following month.
This is true especially when tenants set up automatic payments. Even if they are not automated, online payments are more likely to be made on a regular basis due to the ease of completing them. Since it’s important that homeowners receive their payments consistently and in a timely manner, this is more likely to happen only with online payments.
Tenants (as well as landlords) recognize the transparency that online payments provide.
If tenants pay rent online, both parties will see the flow of payments. For example, landlords will know if their tenant paid and on what day. This transparency reduces the burden of communicating with tenants from time to time about how and when to pay rent. It also minimizes confusion, streamlines interactions, and eliminates the tendency for tenants to forget about paying rent.
Paying rent online also eliminates the possibility of human error. Tenants won’t forget to pay, pay the wrong amount, or make excuses like not knowing the name to write on the check or the address to mail it to.
It is safer to pay online.
Despite fearing hackers, online bill paying and online banking are safer than paying a check.
When a tenant is cautious about paying rent online, landlords can ensure their safety. As a suggestion, they could use very strong passwords and change their password more frequently. Online rental payments eliminate the possibility of letting bank information fall into the wrong hands. This is a potential risk when a mailed check is not delivered to the correct location.