Are you ready to streamline the way that you collect rent? Searching for the best rent payment platform, but unsure where to begin? Has manually tracking payments become frustrating and tedious due to organizational growth?
If any of that sounds familiar, then you have come to the right place. Below, our experts discuss seven traits to look for in a rent payment platform. When selecting a new rent payment platform for your business, make sure that it includes features such as:
Total Control Over Payments
First and foremost, any great rent payment platform will give you total control over how you accept payments from tenants. The tool that you choose should give you the capability to accept payments online, as this is the most seamless collection method available.
In addition, you should find a rent payment platform that allows you to restrict which types of payments you accept. For instance, most landlords do not accept partial payments. Modern rent payment platforms give you the ability to automatically block partial payments so that you do not have to manually review each transaction.
Another core trait of top rent payment platforms is flexibility. Ideally, you want to partner with a provider that works with all US-based banking institutions and credit unions. Rent payment platforms like PayRent give you the ability to process credit cards and eChecks from all of these entities.
By selecting a flexible rent payment platform, you can consolidate all funds into a single medium. This approach will eliminate the need to deposit cash payments, process paper checks, or engage in other forms of tedious rent collection practices.
Credit Bureau Reporting
Where the best rent payment platforms really shine is their ability to conduct credit bureau reporting. Modern consumers, including your tenants, are extremely conscious of their credit scores. In the past, making rent payments had no bearing on a tenant’s score, even if they paid on time, every time.
Rent payment platforms like PayRent are changing all that by offering comprehensive reporting services. We ensure that your tenants get credit for engaging in responsible behavior and successfully managing their finances.
While reporting rent payments to the three major credit bureaus may not seem all that important, it can be a real difference-maker for your tenants. Partnering with a rent payment platform provider that offers this service will help you set yourself apart from other private landlords, as many of them do not report payments to the credit bureaus.
Perks for Tenants
Speaking of your tenants, it is vital that you select a rent payment platform that benefits them as well. During your search, find out what perks each platform offers your renters and factor that information into your decision.
For instance, PayRent has a program known as RentCred. This service offers benefits to renters who consistently pay on time. They can use RentCred to access late fee forgiveness or to acquire emergency, interest-free loans to cover their rent payment.
Document Tracking Capabilities
Coming in at the number five spot on our breakdown of things to look for in a rent payment platform is document tracking capabilities.
The most user-friendly platforms will allow you to upload copies of your leases and manage these documents in a centralized location. This strategy will help you keep track of essential documents and can be particularly useful if you ever need to conduct an audit of your business records.
Renter Screening Tools
Modern payment platforms do much more than simply allow you to collect payments online. These robust solutions allow you to process tenant applications and screen prospective renters as well.
By selecting a platform that includes these capabilities, you can reduce your risks as a private landlord while also filling vacancies more efficiently.
Lastly, you must ensure that your payment platform is versatile. Specifically, it should allow your tenants to make payments using a wide array of methods.
They should also be able to access their account from any internet-connected device. This interoperability has become particularly important over the last few years, as a large percentage of the population accesses the internet exclusively from their smartphones. The easier you make it to pay rent, the fewer payment issues you’ll see.