If you haven’t shifted to a secure online system for collecting rent payments, you may be putting your cash flows, as well as your tenant’s bank information, at risk. Rental payments collection is one of the biggest challenges Kaneohe rental property owners often face. The issue gets compounded if you still rely on traditional methods of payment, like personal checks. This is because the process of collecting a check has so many potential delays and, increasingly, security concerns.
Whether the rent check is late due to mail delays or waiting for your bank to clear it, or you’ve been the victim of mail theft and had a rent check vanish from your mailbox, it’s hard to justify sticking to a system in which so much can go wrong. If you are not yet securely collecting rent payments, you probably should start soon. The following are some of the top reasons why.
Tenant Convenience
For starters, tenants want to transact rent payments online. Tenants want convenience when paying their bills online, including rent. Many people even automate their monthly payments to avoid paying late. It also offers tenants a way to use a range of payment methods to pay their rent, rather than relying only on a physical check dropped in the mail each month.
Improved Cash Flows
Having your rental payments done online typically results in timely payments, with deposits arriving days faster than it takes to clear a personal check. Most payment platforms even let you check the payment status even before the funds reach your account. With significantly shorter wait times, you can spend less time on your collections process.
Better Security
Most of today’s best online rental payment programs offer enhanced security features that are designed to protect your tenant’s sensitive information. Identity theft and fraud are so rampant these days. Allowing your tenant to transact their rental payments securely will make them feel better about paying them each month. Anything you do to enhance your tenant’s safety will be appreciated. And a happy tenant stays in their rental home longer.
Peace of Mind
Given the many platforms that offer online rental payments, you may be having a hard time deciding which one to choose. Most options charge a fee for their services & might even include a long-term contract. They also usually make claims about convenience, quality, and security. Some rental payment platforms are still very new, so it is hard to validate if they live up to their advertising. With the prevalence of online rental payment scams, it is important to do a thorough check before signing up for any service.
If you are concerned about who to trust with your monthly rent collection, consider the benefits of hiring Real Property Management Alliance to handle it for you. We have secure proprietary software that offers your tenants the convenience of making online rental payments, giving property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other Kaneohe property management companies can offer. In short, we have the tools you need to make monthly rent collection one of the easiest parts of owning profitable investment properties.
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