Collecting rent online will give you a digital receipt, and the details are also updated in your accounting module if incorporated with your property management software.
Fremont, CA: One of the most stressful aspects of maintaining a property is rent collection. However, moving to an online rent payment solution can remove this stress from the life of a property manager and help streamline the entire process. Here are five benefits of online rent payment for a property management company:
Simplify Property Management Operations
Discrepancies like check bounce, insufficient balance, and loss of cash are mitigated with online payments. It issues online payment receipt confirmation, thus decreasing the assignment to generate receipts for the property manager manually. Integration with the accounting and reporting software of the online rent payment solution will help simplify the process and help everyone remain on the same page.
View Rent Collection Status Instantly
A central payment solution merged into the software for property management allows property managers to see the status of rent collection instantly. Collecting rent online will give you a digital receipt, and the details are also updated in your accounting module if incorporated with your property management software.
Secure In-Built Payments Module
The benefits of collecting payments online are excellent; but, due to the extra processing charges imposed for a credit card or debit card payment, a tenant may be put off.
To resolve this, consider providing an in-built online payment method based on ACH (Automated Clearing House Network). ACH transfer is a mechanism in which money is electronically transferred between accounts at various banks. To ensure smooth onboarding and implementation of the online payment system, a property manager would have to make the tenant aware of the benefits.
Schedule Reminders for Payment
Most tenants easily forget to pay the rent on time. Sending reminders closer to the date of payment will ensure a better collection of rent. Sending rental reminders manually, however, is time-consuming. An automated payment reminders online rent payment solution can help send the tenant accurate and consistent reminders.
Save Money and Time by Automating Processes
Property managers have to travel physically to collect the payments each time and then run to the banks, spending time and gas. Likewise, it consumes a lot of time to create payment receipts and deposit cash in banks. Automating the process and moving online is an efficient way to save time and money for property managers and tenants.