Rent Payment Software
Believe it or not, there are still a large number of landlords who collect rent manually each month.
Whether checks or cash payments, it’s part of an old-fashioned practice that actually can hold a business back.
Studies show all types of renters want to pay rent online. Convenience is a big part of the value today’s renters seek from their landlords or the property management company that serves them.
Automating rent payments and other payments helps you operate more efficiently. It reduces errors and encourages compliance with paying rent. So, there’s more to automation than meets the eye. As you automate your entire business, you’ll enjoy the extra time and how the friction that wore you down, is suddenly missing.
Lowering Cost, Work Time, and Collections Work
Automating rent payment systems lowers payment processing time by 90%. If you have a big number of tenants/properties, the time savings from automated payments could be substantial. Time is money and staff can be redeployed to more important work.
The Bank Account Setup is a Very Simple
Setting up online payments for collecting rent is very simple today. It can be set up different ways, but in most cases it is done via the bank’s app which connects your account. This is a process used by many software platforms, and it’s secure and private.
For renters too, the setup process is so convenient. Once completed, your cash flow will improve, and if there are late payments, you can charge late rent fees automatically.
A full list of payment processors is cited below. Stripe is the industry leader and provides the best, most secure infrastructure to allow integration of banks, credit cards and other online payment methods.
For Owners, Contractors, Vendors
Online payment services provides significant convenience for owners, contractors and vendors. HOA and Property management companies in particular ease their workloads by adopting online payment automation.
To find out more about ManageCasa’s automated rent payment solutions, please contact us or better yet, schedule a demo to discover all the features you’re not enjoying right now.
Online Services Attract Better Renters
Online rent payment is a big benefit. It’s one of the most sought-after software features this year. And this is just one of the benefits of digital property management software for landlords, property managers, and HOA management companies.
Payment processors/gateways (such as Stripe) open up a multitude of payment methods. Renters may use a bank account, PayPal, or even use credit cards for emergencies. The key is that online rent payment works flexibly for your tenant.
Ease Your Bottlenecks and Work Fatigue
Using a online rent payment system can help you ease your current payment and financial transaction issues. See the full list of payment providers below. There is a list of benefits of using a service, and you can learn the details of how ManageCasa has integrated Stripe technology.
Of all the concerns of property managers, investors, and landlords is disturbed cash flow, late payments, and persistent rent default. Prevention is better than the cure.
A good case for online rent payment is where property managers and investors have properties in a diverse array of countries, states or cities. Manual processing of checks or bank transfers creates worries for you. Bank hours, processing periods, and currency exchange can present delays, stress, and more cost.
22 Clear Benefits of Automated Rent Payment
- paying online keeps maintenance and paperwork to a minimum
- online payment can be achieved many different ways
- many renters prefer paying online
- tenants appreciate the ability to pay anytime on any device
- integrated into property management software, it provides a single account where rent payment history is easy to see
- ability to pay with credit cards or PayPal are key conveniences
- ability to consolidate all payment types
- recurrent payments made on schedule
- payment processors may guarantee on-time delivery of payment
- tenants who share rent can synchronize payments via one application
- online payment is becoming an industry standard
- part of a fully automated solution that you are hoping for
- payment processors offer value-added services (online, mobile app, sms, smartphone) using popular payment methods (credit card, debit card, PayPal, eCheck)
- lets you make payments to property owners and directly split your deposit to their account
- can tie into credit bureaus for a credit boost for renters who pay on time
- security deposits and last month’s rent check can be facilitated easily
- saves landlord or property managers time — no visits to the bank
- reduces arrears, NSF fees, payment delays and chasing tenants for payments
- provides on software/app interface so you can view payments and cash flow
- view renters payment status in real-time
- more reliable information for inclusion in your owners reports
- easy payment of utility bills, storage fees, and other fees to be collected monthly
List of Rent Payment Processors
Online rent payment then seems to be a no-brainer for property managers and landlords who want their businesses to be sustainable.
Online rent payment systems offer a simple setup process and fee structure, and are easy to roll out to your tenants.
Rent Payment Processor Companies
Besides the online payment system you can enjoy for free as part of your ManageCasa Property Manager subscription, these rent payment processors offer services:
- http://dwello.com (Canada)
- http://renttrack.ca (Canada)
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