Letting tenants pay rent online is the most efficient way to receive payments with ease, establish a good landlord-tenant relationship 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 concerning this. Here, I will explain everything people need to know regarding online rental payments in terms of reliability and transparency.
In reality, tenants prefer to pay rent on the Internet.
It is not surprising that younger tenants are familiar with paying bills online. Based on recent studies, 74% of tenants are less than 45 years old. Younger tenants are aware of the benefits of paying different types of bills electronically.
Since online bill payments are automated stress free payments, give increased security and allow reduced paper use, younger tenants will probably be also interested in online rental payments.
In case tenants have been paying their other bills online, they can pay their rent online as well. If not, they need to pay rent by means of paper checks, which is a slow, obsolete and tiresome process.
It will be easier for tenants to pay rent online. When living in a rented unit is hassle-free, it creates a positive impact on the way tenants view their landlords as effective. This is just as important when the time comes to re-signing their lease.
Without a doubt, landlords will also favor online payments, especially when it comes to the quickness of receiving payments. Transferring money online is a lot more streamlined than mailing checks and makes sure that landlords get their money faster and more securely.
Tenants are more efficient when paying online.
Based on another study, 85% of tenants who pay rent online pay their rent online on the following month.
This is true, especially when tenants set up automated payments. Even if they are not automated, it is still more likely for online payments to happen on a regular basis because of the ease of completing them. Since it is important for landlords to receive their payments consistently and on a well-timed manner, this is more likely to happen only with online payments.
Tenants (as well as landlords ) acknowledge the transparency given by online payments.
If tenants pay rent online, both parties will see the flow of payments. For example, landlords will know in case their tenant has paid and on what day. This transparency reduces the burden of communicating with tenants every now and then on how and when to pay rent. It also minimizes confusion, streamlines interactions and removes the tendency for tenants to forget about rent payment.
Paying rent online also removes the chance of committing human error. Tenants will not forget to pay, pay the wrong amount or make excuses such as not knowing the name to be written on the check or the address to mail it to.
It is more secure to pay online.
In spite of fearing hackers, online bill payment and online banking are safer than paying a check.
When a tenant is cautious about paying rent online, landlords can ensure them of its safety. As a suggestion, they could use very strong passwords and change their password more often. Online rent payments remove the possibility of letting bank information get in the wrong hands. This is a potential risk when a mailed check is not delivered to the right place.