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Protect Yourself with PayRent Online Rent Collection

SherRon Marcek

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Landlords
Protect Yourself with Online Rent Collection

All businesses come with some risk attached. Without risk, there is no reward. The same can go for landlords and property managers. While your business cannot be entirely without risk, there are a few things that you can do to minimize the risks you are taking. Here at PayRent, we often taught our service as being “safe and simple” rent collection, but what exactly are you being kept safe from? This article examines the many ways that online rent collection through PayRent protects landlords. 

Fraud Protection

When you use an online platform to collect rent from your tenants, your personal and financial information is kept secure. While it is true that you could give your banking information to your tenants and have them deposit rent funds directly into your account, you will be giving out some sensitive information about yourself or your business. PayRent allows your tenants to make payments deposited directly into your bank account without sacrificing your privacy. 

PayRent uses bank-level encryption for all of our transaction information so both you and your tenants can feel safe using the service. 

Eviction Protection

Have you ever tried evicting a tenant only to have them make a last-minute partial payment that allowed them to continue living in your property and forced you to start the eviction process all over again? Landlords who have experienced this know that they need to protect against accepting partial payments. 

Unlike peer-to-peer money transferring applications, PayRent has built-in landlord specific features that protect you during eviction proceedings. The ability to refuse payment or only accept full payment on a property can protect your evection case, as tenants can not provide you with a small partial payment and stop the eviction process.

Late Fee Enforcement

While it is possible to continue to enforce your late rent policies without an online rent collection platform, it can be difficult to do when you accept checks, cash, or direct deposits to your bank account from your renters. With PayRent, you can add a late transaction to your renter account and adjust your account settings to only accept full payment, thereby forcing your tenant to pay the late fee according to the lease, to pay rent

Physical Protection

Collecting rent in person can be a risky venture. There have been several instances where landlords have been attacked by their renters while trying to collect rent. This Salt Lake City landlord was murdered by a tenant or this New York City landlord who was pushed down a flight of stairs to his death while trying to collect rent. Keep yourself safe by offering online rent collection. You won’t have to physically confront your tenants for payment, and you will never have to give out sensitive information, like your mailing address to your tenants. 

If you do find yourself needing to confront a disgruntled tenant. Please find a safe place to do so, like a video-monitored location near a police station or request a local law enforcement officer to come with you to talk to your tenant.

SIGN-UP FOR PAYRENT

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

**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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SIGN-UP FOR PAYRENT

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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Protect Your Evictions

PayRent gives landlords the control to block
all or partial payments from their renters.
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Protect Your Privacy

PayRent allows landlords to accept payments without
ever sharing their personal information with tenants.
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Automatic Rent Reporting

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Require Insurance and Track Documents with PayRent
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Accept Credit Cards

PayRent makes it easy for Landlords to accept
Bank Transfers and Credit Cards.
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