Making Rent Payments Online Via Property Management Software
If you’ve ever managed a property or have known someone who has, then you know that property managers have their hands full when the first of the month rolls around. This is because they have to sort through tons of paperwork and figure out which tenants have paid their rent and which ones have yet to pay. Then they also have to compare the payments made to the numbers on the paperwork to make sure that the tenants are paying the correct amount. On top of this managers have to put up late notices and eviction notices if tenants haven’t paid on time. This task can be very tedious for managers and there are several mistakes that can be made during it because of the amount of time required to do it. Luckily there is online software that managers can use to make the beginning of the month a lot less hectic.
One of the easiest methods for making payments is via an automated withdrawal system. This system is setup not using the internet but in the office between the manager and tenant. The tenant will give the manager the bank account number and routing info and then sign a paper consenting to the automated payments. If the bank account doesn’t have the proper funds in it then the tenant will often be charged the fees that the landlord gets charged. However the problem is that managers are unable to edit the amount that gets charged to tenants. This means that any other charges, such as water, will have to be a separate payment.
In most other cases you can also go on the internet and set up accounts where you can pay via credit or debit card. This is very effective as tenants can pay their sewer, water, and rent all in one since they can specify the amount that they want to pay. The system will also keep a running tab on the payments and when they were made. This makes it easier for the tenant or manager to view the payment history. Unfortunately there are a few downsides to this method. In some cases you may have to worry about insufficient funds or fraudulent credit cards. While these cases are rare the management can get charged a 2% or 3% fee by the card company.
Finally there’s another form of online payment that tenants can do as well. Rather than setting up a monthly automated payment they can use their bank accounts to pay their rent at their disclosure. This may be more convenient for both parties. Managers won’t have to worry about the fees associated with credit cards and automated payments. Also the payments will be neatly organized for managers. Tenants won’t have to worry about forgetting that they have an automated payment setup and they don’t need a credit or debit card.
Both types of online payment systems can be very handy for managers as they automatically record when a tenant paid, how much they paid, and several other pieces of information if setup correctly. Using an online payment system can save landlords a lot of time and effort as well as make it easier on the tenants to pay their rent.
Layla Vanderbilt is the content coordinator for a leading property management solution review website which connects people with the leading property management tools.
