If you have not yet started using a secure online system to collect your rent payments, your cash flows and your tenant’s bank information might be at risk. One of the challenges McDonough rental property owners often face is collecting rent payments. The issue gets compounded if you still rely on traditional methods of payment, like personal checks. This is because the process of collecting a check has so many potential delays and, increasingly, security concerns.
Whether the rent check is late due to mail delays or waiting for your bank to clear it, or you’ve been the victim of mail theft and had a rent check vanish from your mailbox, it’s hard to justify sticking to a system in which so much can go wrong. The bottom line is, if you are not securely collecting rent payments, you probably should be. These are some of the top reasons why you should.
Tenant Convenience
A lot of tenants prefer doing their rent payments online. Tenants want convenience when paying their bills online, including rent. Many people even automate their monthly payments to avoid paying late. It also offers tenants a way to use a range of payment methods to pay their rent, rather than relying only on a physical check dropped in the mail each month.
Improved Cash Flows
Receiving rental payments online also means more timely payments. Deposits even arrive days faster than it takes for a personal check to clear. Some payment platforms also allow you to check the payment status even before funds are credited to your account. You get shorter wait times, meaning you spend less time on your collections process.
Better Security
Most of today’s best online rental payment programs offer enhanced security features that are designed to protect your tenant’s sensitive information. With the rising cases of identity theft and fraud these days, just allowing a tenant to pay you securely may make them feel better about sending those payments in each month. Your tenant will surely appreciate your efforts concerning their safety. And a happy tenant stays in their rental home longer.
Peace of Mind
With the many platforms that offer online rental payments, it can be hard to choose. Typically, these services charge a fee and may even include a long-term contract. Some rental payment platforms are so new that it can be hard to know if they live up to their advertised claims about convenience, quality, and security. With the reality of online rental payment scams, it is important to do a thorough check before signing up for any service.
If you are concerned about who to trust with your monthly rent collection, consider the benefits of hiring Real Property Management Anchor to handle it for you. Let your tenants enjoy the convenience of online rental payments with our secure proprietary software that also provides property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other McDonough property management companies can offer. In short, we have the tools you need to make monthly rent collection one of the easiest parts of owning profitable investment properties.
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