Why You Should Accept/Collect Rent Online?
Rent collection can be a tedious and time-consuming process requiring organization, manpower, and physical tracking. All of this results in a stressful monthly beginning.
Imagine the time that could be saved if there was another alternative for a landlord that receives over one hundred rent cheques monthly, each one requiring manual recording and cashing. Online rent collection is emerging as a stress-reducing solution to this problem.
- Offers a customized online rent collection platform
- Increases your business’ efficiency
- Gives your business a competitive advantage
Increase Payment Efficiency With Online Rent Collection
Manual rent collection is slow in nature. Even on-site, landlords can face waiting up to two days before actually receiving a payment.
Imagine being a landlord who lives out of town with over 500 units. For this landlord, the process can take even longer.
The process also includes an extensive wait time before receiving rent cheques through the mail. With a mortgage payment to make, waiting on these receivables can create an extremely stressful time at the beginning of the month.
However, with Property Apps online rent collection module:
- As tenants pay, landlords receive payments in their bank accounts immediately
- Landlords can track incoming and previous receivables, as well as set recurring payments for the tenants
This ensures rent is paid in a timely manner no matter the situation.
Introducing our online rent collection software is a sure way to increase payment processing efficiency, and ensure you’re paid on time every month.
The process of digital fee collection increases overall convenience for both the landlord and tenant. For example:
- Neither party will waste their valuable time dealing with writing or cashing cheques
- Delivery and receipt of the actual payment becomes much easier
- Payment can be done from any device, anywhere, in a matter of seconds
This option suits the ever-growing technological lifestyle of your tenants, while simultaneously increasing convenience and proficiency within your business.
Automatic Tracking and Audit
Online rent collection makes tracking payments easy. Imagine being able to view all of the data you need formatted and at hand, rather than trying to balance each month’s accounting. Property Apps makes this a reality.
This powerful property management tool:
- Provides an automatic paper trail, which makes it easy to track fees
- Keeps an automatic audit, which is perfect for when it’s time to balance the books
- Provides a quick overview of which tenants have paid rent
Property Apps transforms accounting and fee management to a straightforward trouble-free process, with a simple click.
Manual rent collection, aside from being time-consuming, also has some security flaws. It’s no secret that the post office loses mail from time to time. Additionally:
- Sometimes employees can misplace important documents including cheques or money orders
- There are certain liabilities that come from keeping funds on-site
An online rent collection solution ensure your cashflows are secure and regulated, without compromising important data. Property Apps’ comprehensive tracking and direct deposit will eliminate all further risks associated with manual rent collection, leaving both landlords and tenants with peace of mind.
Customer Demand and Perception
According to Pew Research Center, residents assume the best properties offer an online payment option that is easy to use and navigate. Furthermore, over 48% of Canadians use online banking as their primary form of bill payment.
This data suggests that:
- Customers have an increasingly positive perception of building with an online rent collection method
- As online banking becomes more prominent in Canada, the demand of the market to shifts from manual to online rent collection
Envision yourself being one of the first buildings in your city to offer such a dynamic payment option. Property Apps’ online rent collection tool offers versatile payment options including credit, bank transfer, and more. Finally, our app also goes a step further by customizing your platform to your business’ brand.
Sometimes a gentle reminder is needed to motivate tenants to pay their rent on-time. With our app’s reminder and notification system, tenants will no longer feel hounded for rent. Instead, they will receive a quick, customizable notification. This saves time and avoids an awkward interpersonal situation for both parties.
Property Apps facilitates you with custom and automated notifications, as well as automatic reminders to a tenant when they have late or overdue fees.
With Property Apps’ online rent collection, you’ll achieve greater time, cost, and staff efficiency, while simultaneously augmenting customer perception and relationship. Contact us to learn more about how Property Apps can help simplify building management.