If you haven’t shifted to a secure online system for collecting rent payments, you may be putting your cash flows, as well as your tenant’s bank information, at risk. One of the challenges Redwood City rental property owners often face is collecting rent payments. Relying on traditional methods of payment, like personal checks, make this issue even more complicated. 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. It is about time you started collecting rent payments securely if you haven’t already. The following are some of the top reasons why.
Tenant Convenience
For starters, tenants want to transact rent payments online. With the convenience of online bills payment facilities, tenants also want to be able to do the same with their rent payments. If your tenant is like most people, they are likely to automate their monthly payments to avoid forgetting or being 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 typically results in more timely payments. Deposits arrive faster than personal checks clearing. In addition, depending on the payment platform, you might be able to get updates on the payment status even before it has been credited to your account. With reduced wait times, you spend less time on the 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. Because of the threat of identity theft and fraud these days, allowing your tenant to make their rental payments securely will make them feel better about paying them each month. Anything you do to enhance your tenant’s safety will be appreciated. And a happy tenant stays in their rental home longer.
Peace of Mind
Given the many platforms that offer online rental payments, you may be having a hard time deciding which one to choose. These options usually charge a fee to use their services and may even come with a long-term contract. There are also the usual claims about convenience, quality, and security; although some rental payment platforms are so new that it’s hard to know if they do live up to what they advertise. To avoid online rental payment scams, check everything carefully 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 Mid Peninsula to handle it for you. Our secure proprietary software offers your tenants the convenience of making online rental payments and providing property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other Redwood City 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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