If you are not yet using a secure online system to collect your rent payments, your cash flows and your tenant’s bank information might be at risk. Collecting rent payments is one of the biggest challenges North Charleston rental property owners face. This issue becomes even more challenging 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 already securely collecting rent payments, you probably should be. Let’s take a closer look at some of the top reasons why.
The majority of tenants prefer making their rent payments online. Tenants want convenience when paying their bills online, including rent. To avoid paying late, many people automate their monthly payments. 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
Letting your tenants make their rental payments online typically results in timely payments, with deposits arriving days faster than it takes to clear a personal check. Moreover, depending on the payment platform, you might be able to get updates on the payment status even before it has been credited to your account. With significantly shorter wait times, you can spend less time on your collections process.
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. The simplest things you do to add to your tenant’s safety are likely to be very much appreciated. And a happy tenant stays in their rental home longer.
Peace of Mind
With the many platforms that offer online rental payments, you may be wondering which one to pick. These options sometimes charge a fee for the use of their services and may even come with 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 Charleston to handle it for you. Give your tenants the convenience of making online rental payments with our secure proprietary software that also provides property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other North Charleston 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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