7 Tips for Collecting Rent and Getting Paid on Time
Having Trouble Choosing an Online Rent Collection Platform?
Many different websites and platforms are now offering third-party options that will connect you to your tenants and create an instant payment system similar to electronic bank transfers.
We looked at the pros and cons of each platform to help you decide which is the best online rent payment service for your business.
So we may be slightly biased on this one, but Property Apps is your tool for comprehensive rent collection. Property Apps rent collection platform offers:
- Automatic and manual methods of accepting electronic transfers, cheques, and cash
- Tenant reminders
- Direct transfer of funds to tenants to landlords
- The assignment of one-time fees to tenants
- Automatic late charges
- Automatic collection notices
- A payment history tab tracking all payments
- Full reports of amounts due across all properties
- Automatic invoices and receipts
Oh and did we mention it’s all completely free and compatible with your existing technologies? Click here to find out what Property Apps can do, and how we can onboard your building in under an hour.
ClearNow is an online rent collection platform that withdraws rent from your tenant’s account and transfers it directly to yours, within three business days. This platform will keep records for tenants if they choose to build a credit history with Experian Rent Bureau.
We love that this platform offers automatic rent withdrawals from tenants’ accounts for a fee that can be assigned to the landlord OR tenant.
However this platform doesn’t collect partial payments, so if the exact amount isn’t transferred, nothing is collected. Also, a 3-day wait for payments can still be long for some. Nevertheless, if you’re seeking a quick solution to begin collecting rent online, ClearNow may be right for your business.
PayYourRent.com is another rent payment platform that will process payments for a small fee which can be assigned to landlords or tenants.
This rent collection platform:
- Accepts various types of payments such as echeck and credit card
- Allows tenants to make over-the-phone payments if they do not feel comfortable using online banking.
The diverse payment options make this website an ideal platform to cater to all tenants’ preferred payment types. We also love that it’s as easy as logging on and making the individual payment, or scheduling monthly recurring withdrawals,
However, there is no automatic recordkeeping for either party. This means less transparency, and although saving some time, payment records will still need to be kept manually.
PayClix is another online platform that collects rent online for a small fee, geared towards credit card payments.
This rent collection tool:
- Lets tenants useVisa, Mastercard, and Discover, or EChecks
- Notifies you that a payment is pending
- Allows you to accept or deny each rent payment
This system is ideal for landlords with a smaller number of tenants that are prone to electronic banking. However, having to accept or deny every payment with over a hundred tenants can get time-consuming.
Rentific is a rent collection software that allows tenants to make a rent a payment by ECheck, credit card, or SMS payment. This service is free, and provides reminders if the tenants chooses to pay by text.
Although the text payment option is quite convenient, this tool takes slightly longer to process the payment: 7-10 business days. There is a preferred service available is you are willing to pay a bigger transaction fee. Even this accelerated processing time is still large, at 4 business days.
If you are looking to experiment with online rent collection, this tool could be a good option for your business.
Rentalutions is a tool that allows you to set up payment plans for each one of your tenants. Although slightly more time consuming to begin with, you will then have a customized monthly rent amount, due date, and option to add fees or late charges, for each one of your tenants.
With this platform:
- Landlords assign a security deposit charges and corresponding payment dates
- Email rent notifications to each tenant
- Tenants can then log in and make individual payments
- Tenants can set up recurring payments to ensure their rent is always on time
Unfortunately, this rent collection platform is not the fastest. Payments take 3 business days to process. If you don’t mind waiting a couple days for your payments to be deposited to your account, this system could be for you.
With all of these online rent collection platforms, there is sure to be one that is perfect for your business. Implement a platform today. Witness how your rent collection processes becomes streamlined within one rent cycle.
Click below to find out how we can onboard Property Apps in your building in under an hour by using your existing technologies. One rent cycle, that’s all it takes.