Why You Should Encourage Your Tenants to Pay Their Rent Online
Do you manage or own property? Are you tired of battling with your tenants to pay rent or even rent on time? If you answered yes to any of these questions then maybe it is time to change up your approach. Sometimes getting your tenants to pay can be as easy as just switching up the payment options. In the article below, you will learn how just by offering your tenants the option to pay their rent online, you will see a dramatic rise in rent paid on time.
Long Gone is the Time of Mail and Checks
Believe it or not, 85 percent of Americans have switched their entire banks over to completely paperless; this means no checks, no paper statements, and no bills! Therefore, they have an issue mailing in their rent with a check. By giving them the option to pay online, they don’t need a check. They can just type in the web address for online pay rent, and pay their rent while they are doing the rest of their finances.
They Have Nothing to Keep Track of
Did you know that one of the main reasons your tenants can’t pay their bill on time is due to the fact that they can’t keep track of it. Between work, school, and kids, it can be a daunting task of keeping track of a small slip of paper such as the rent bill. When you encourage your tenants to switch to online rent pay they don’t have to worry about losing the bill, being late, and being charged a late fee. All they have to do is try and slow down for 5 minutes to pay rent and go on about their busy lives.
It is Instant
Nothing is worse than knowing you have a large amount of money sitting in the bank and you are unable to touch it. By paying rent using the traditional method the tenants have no idea how long it will take for the check to arrive or how long it will take for the check to be processed. This can be annoying and very tempting to spend, which later turns rent checks into bounced checks. With online rent pay, they no longer have to worry about it. As soon as they log on and make the payment, the money will be removed from their account and so will the temptation of spending it.
Another great thing about online rent paying being instant is that they don’t have to plan on sending rent in a week early they can pay it the day it is due. This way, if they don’t feel like they have enough money it gives them approximately an extra week to come up with the full payment.
If you want to learn more about setting up an online rent pay account for your tenants or how to let them know to pay their rent online contact Benefit National Property Management. They are there to assist you in several different property management services.