If you are not making the best use of a secure online system to collect your rent payments, you could be placing your cash flows and your tenant’s bank information at risk. One of the greatest challenges that Roslindale rental property owners usually face is collecting rent payments. This concern is compounded if you are still trusting in traditional methods of payment, like personal checks. The reason for this is that 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 disappear from your mailbox, it’s hard to justify using a system in which too many things can go awry. If you are not already securely collecting rent payments, you should be. Let’s check out some of the top reasons why.
Tenant Convenience
One of the fundamental reasons to switch to collecting your rent payments online is that tenants want it. Nowadays, most tenants choose the convenience of paying all of their bills online, including their rent. Countless people prefer to automate their monthly payments, reducing the chance of forgetting or paying late. It moreover endows tenants a means 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 likewise mostly brings about more timely payments, with deposits coming days faster than it takes to clear a personal check. Contingent on the payment platform, you may equally be able to verify the payment status even before it has landed in your account. Wait times are greatly cut down, allowing you to spend less time on your collections process.
Better Security
Many of today’s ideal online rental payment programs grant enhanced security features that are devised to protect your tenant’s sensitive information. With so many ways to fall victim to identity theft and fraud these days, just letting a tenant pay you securely may make them feel good as regards sending those payments in each month. Anything you can do to add to your tenant’s safety, big or small, is probably to be received with gratitude and delight. And a happy tenant stays in their rental home longer.
Peace of Mind
While numerous different platforms offer online rental payments, you may be thinking about which one to choose. Quite a lot of options will charge a fee to use their services and may moreover involve a long-term contract. They additionally make multiple claims with respect to convenience, quality, and security; several rental payment platforms are indeed so of the latest type that it can be hard to realize if they live up to their advertising. Online rental payment scams do exist, so it’s significant to do your homework before signing up for services.
If you are worried regarding who to trust with your monthly rent collection, think of the benefits of hiring Real Property Management Boston to handle it for you. Our secure proprietary software grants tenants the convenience of making online rental payments and gives property owners like you total peace of mind. Besides quality, security is one of our main priorities, and something few other Roslindale property management companies can offer. In other words, 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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