Set up automatic rent payments
How many ways are there to pay the rent?
Post dated cheques: These are written in advance and dated for every month throughout the tenancy.
Direct Debits: Set up in advance, proven to be set up with notifications of them being successful or failing.
Standing Orders: Set up in advance and proven to the Landlord
Cash deposits into the landlords bank
Payments through an intermediary
Online payments: Bank to bank transfers, online, with screenshots to support.
Not all methods are evaluated equally when considering whether a renter has paid rent on time. Landlords are only regarded to have received their cheques when they have been cashed, and that can take up to 5 banking days.
Online payments, on the other hand, are processed real time and are regarded as received as soon as the renter begins payment. Using an “automatic payment method” to pay rent has become more common, but how can you set up automatic rent payments? If you are not tech-savvy, this article will help you get a glimpse of how you can set it up.
Online solutions have immensely benefited landlords and property managers that want to improve their rental management company and give better services to their renters, customers, and suppliers. There are several advantages to allowing your tenants to make rent online transactions. You boost the possibility of on-time rent payments, decrease the number of late fines issued to tenants, and streamline your monthly rent collection tasks by collecting rent electronically.
Online payments are one method for automating your online payments. Rent may be collected using Zenlord Pro. Using this will assist you in inviting your renters to pay after you’ve established the terms of rent and when it’s due. They will be alerted through SMS on the first of the month, so you can both relax knowing the rent will be paid on time.
You may also use Realtor.com’s Avail app to expedite rent collecting without a property manager. You may plan forthcoming payments, and Avail will send payment reminder emails to your renters before the given deadline. Rentler is also another alternative. Landlords may use this to collect monthly rent from renters for free. Rentler, unlike Rentdrop, charges renters a fee to pay rent using a debit card. Although the processing fee is smaller than that of TurboTenant, it still adds to the ongoing rental expenses. Additionally, Rentler offers split rent, regular payments, and credit bureau reporting.
