Collecting Rent Electronically: Benefits for Both Landlords and Tenants

We live in an age where carrying cash is uncommon, and writing checks is passe. That’s not to say that as a landlord, you can’t collect rent every month this way. However, many of your tenants under forty are not likely to hand you cash or write you a check. They would prefer to pay you electronically. If you are older than most of your tenants and unable to accept digital payments for rent, it’s time you upgrade your payment options. There are several benefits for both tenants and landlords when it comes to collecting rent electronically. 

You Can Send Email Reminders to All of Your Tenants a Few Days in Advance of the Rent Due

 When you finally choose to offer electronic rent payment options, you can also gain the ability to send email reminders to your tenants a couple of days before the rent is due. If a tenant is late, you can send another reminder with the additional mention of consequences for late rent payments. The whole process of collecting rent electronically and reminding tenants without having to try to reach them by phone is more convenient. 

Tenants Can Create an Online Payment Account Through Your Chosen Electronic Payment Platform

When you choose an electronic payment platform like PayRent, tenants can create a secure online account that allows them to pay rent with their bank account or a credit card. Payments typically reach your account within 2-5 business days. Your tenants can also pay ahead of schedule, or make back payments if needed and approved by you.

Tenants Can Choose to Set up Automatic Rent Payments

Some rent collection platforms allow your tenants to submit automatic rent payments. If you have tenants that have a very steady income, this may be a good option for you. When they choose this option, their rent is automatically pulled from an assigned account on the first of the month and sent to you. If they want, they can add more than one payment option if they need to use a credit card for rent one month and ACH transfer the next. They will need to log into their account to choose which form of payment they want the automatic payment pulled from, but then they can go about their business and not have to think about paying the rent on time. 

Track Offline Payments as Well

Sometimes you may receive a rent payment, a partial or full amount, directly from a tenant. If that’s the case, you can still track the payments made via your landlord account on an electronic rent collection site. There are additional tools available to landlords to keep track of all properties and rent monies owed and collected each month. 

Collecting Rent Electronically Almost Turns the Business into a Turnkey Operation

Previously, you had to sit and wait at home for rent payments from your tenants to show up in your mailbox or personally make the rounds to collect payments on the first and second of each month. When you receive electronic rent payments, you’ll receive a notification each time your tenant initiates a payment, and funds are deposited directly to your bank account. You can track and check off tenants that have paid. If you have unpaid rent, you can continue with email reminders or make house calls to collect the rent.

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**Blog Article Disclaimer*

This blog article is provided for informational purposes only and does not constitute legal advice. The content is intended to offer general information and should not be relied upon as a substitute for professional legal advice tailored to your specific circumstances.

While we strive to keep the information accurate and up-to-date, laws and regulations are subject to change, and the legal landscape may vary based on jurisdiction. Therefore, we make no representations or warranties regarding the completeness, accuracy, reliability, or suitability of the information contained in this article.

Reading, accessing, or using the information provided in this blog does not create an attorney-client relationship between the reader and the author, and any reliance on the information is at your own risk. If you require legal advice or assistance, it is crucial to consult with a qualified attorney who can consider the specifics of your situation and provide advice accordingly.

The author and the platform disclaim any liability for any loss or damage incurred by individuals or entities as a result of the information presented in this blog. We recommend consulting a legal professional before making decisions or taking action based on the information provided in this article.

This disclaimer is subject to change without notice, and it is the responsibility of the reader to review and understand the disclaimer before relying on the information contained in the blog article.

PayRent is on a mission to build a rent collection app that fosters a positive and productive relationship between renters and landlords. We focus less on transactions and more on the people behind them.

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Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
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