There’s nothing wrong with collecting rent in checks from tenants. However, online rent collection can offer real benefits. Beyond being an additional rent payment method for tenants, it can increase rental income at your properties.
How can rental businesses benefit from online payment systems? Read on to find out!
Increase Profits With Online Rent Collection
Save Time and Reduce Work
Conventional methods for rent payments require a lot of work from you or your staff. It will be even more work if you have someone go collect the rent in person. Even if tenants mail or drop off checks, you still need to spend time opening envelopes and sorting payments. Someone will also need to go to the bank to deposit the checks. When you count all the small steps, manual rent payments take a lot of time and effort.
Easier Payment Tracking
Another task you will need for manual payments is entering all payments in your books. Beyond the time it takes to do the work, you must also review payments to ensure everyone has paid the correct amount. It is much easier with online rent collection. You can track online records to see who has paid and who hasn’t. Some online payment systems can also send notifications if a tenant fails to pay on time.
Allows for Automated Payments
One nice feature is that online payment systems allow tenants to set up automatic payments. Beyond being a convenience for tenants, it can reduce the number of late payments. Tenants won’t have to worry about forgetting to pay on time, making it less likely you will need to send tenants reminders when they are late, and you can enjoy a more reliable cash flow.
Simpler Bookkeeping and Accounting
Online payments can also simplify financial record keeping. Many of these systems can integrate with your bookkeeping and accounting software. As the payments come in, the software will update automatically. It will save time since you won’t need to do the work manually. Along with that, it can also reduce errors in your records.
A Better Tenant Experience
Allowing online rent payments can also help you create a better tenant experience. Offering more ways to pay will make it easier to serve your tenants better. Many of your tenants will also appreciate the simplicity and convenience of online payments. With a better tenant experience, you’ll have happier residents. If people are happy, they’ll be more likely to stay. That can help you reduce costs associated with turnover.
New Orleans Property Management Services
Do you want expert rental property management in New Orleans? Click here to contact the team from Redfish Property Management. We handle everything from tenant screening and rent collection to maintenance and evictions. Reach out now to learn how we can help you get more from your rental properties.
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