July 02, 2019
5 Benefits of Collecting Rent Online
Collecting rent online is a must for landlords and property managers. In today’s always online world, it’s no longer a “nice to have.” Online rent collection is essential for doing business and staying competitive. In the years to come, those that don’t catch up risk becoming property dinosaurs. If you haven’t implemented the tools to collect rent online, what are you waiting for? It’s easy and affordable.
Let’s unpack some of the benefits…
Checks can be lost or stolen. When you are collecting rent online, you want bank-grade security for rent payment transactions. For example, systems are PCI-compliant, and feature token-based security that ensures secure data and transactions. In addition to being PCI-compliant, Property Vista’s suite of tools offers end-to-end encryption through Secure Sockets Layer (SSL) technology, ensuring that sensitive tenant credit and banking information is always secure.
Let’s face it, tenants don’t want to have to trek down to the office to drop off a check, and you don’t want to have to swing by their unit to collect the rent. Residents want to pay their rent the same way they pay everything else, online either through their laptop or their phone. And, with a rent collection tool like ours, they can set up automatic payment, so they don’t have to worry about forgetting the rent.
Numerous studies have estimated the cost of processing paper-based checks to be $1.22, which accounts for manpower and various other costs. Doesn’t sound like much, but if you have 100 tenants or more, month after month that adds up. And, it doesn’t end there. Consider all the related expenses like bank fees, charges on bounced checks and administrative costs.
By collecting rent online you’re not only giving tenants the convenience they’re looking for, but it drastically reduces the time you spend collecting and depositing the rent. Now, instead of phone calls and knocking on doors and trips to the bank, you can spend more time interacting with new prospects and developing stronger relationships with current renters. And, additionally, a rent collection tool automates reminders as well, giving you back more time in your day.
More Visibility into Finances
With an immediate digital record of every rent payment, your books are automatically updated, obliterating a huge roadblock in your productivity. Better yet, there’s clear visibility into who has or hasn’t paid their rent. As well, it gives multi-family managements firms the ability to see across their portfolio, and zero in on which buildings have the highest and lowest rates of collections.
About Our Rent Collection Solution
With Property Vista’s solution, your residents can choose direct withdrawal, direct online payment, debit or even Visa and MasterCard payment methods. The resident portal even accommodates different state rules concerning security deposits and last month’s rent payments. Curious? See pricing and set up a demo here.