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 landlord, HOA, or property management business 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.
While there are apps for collecting rent, it’s not really solving the layers of complexity you need to get rid of. A better approach is a rent payment solution built into your property management software. In fact, this may be the most important feature to evaluate in a property management platform.
Lowering Cost, Work Time, and Collections Work
Aside from keeping it simple and streamlined, an automated rent payment system lowers payment processing time by 90%. If you have a large number of tenants/properties and you intend to grow in 2024, the time savings from automated payments could be substantial. And it can enable on-time payments and avoid late rent payments by making it so quick and easy to pay rent.
Let’s look at all the benefits for you and your tenants.
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 owner reports
- easy payment of utility bills, storage fees, and other fees to be collected monthly
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 connector app which connects to your ManageCasa 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 which ManageCasa uses, is the industry leader and provides the best, most secure and reliable business infrastructure to allow integration of bank accounts, credit cards, PayPal, retail and other online payment methods.
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.
An online rent payment system such as with ManageCasa offers a simple setup process and fee structure, and is 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)
Check out more on how to help your tenants pay rent online.
More from the ManageCasa Blog: Pay Rent | How to Ask for Rent Payment | HOA Voting Software | Property Management Companies | Property Management Software for Landlords | Next Generation Software | Switching Software | Landlord Software | Top Features/Benefits of Software | Best Software | Software Comparison | Property Management Services