Since the average person spends about seven hours online each day, collecting rent over a secure web portal is a popular way to make easy payments. As a landlord, it's important that you allow these options for improved tenant relationships and greater convenience. Read on to learn some online rent collection benefits that you should prioritize.
Convenience
Paying rent online is convenient for tenants. This is especially true if you have an easy-to-navigate tenant portal with a simple payment system. People will be able to access the portal from their smartphone or any other device to pay on the go.
It will also be convenient for you since you can take all rent payments in one place. You and your outsourced property managers can easily see who has paid rent and who hasn't. This means less late payments and a more organized understanding of who still owes money.
Autopay Options
Autopay is one of the best ways to streamline online rent collection. It's easy and convenient for tenants because they can link up their bank account once and never think about paying rent again. They won't need to manually go into the portal, which means that they'll never forget to pay on time.
It also means reliable consistency. People will know exactly when they need to have sufficient funds for rent in their account. You'll know exactly when to expect payments so you can budget for your own expenses reliably.
Multiple Payment Methods
Whether tenants choose to set up autopay or not, an online portal makes accepting multiple payment methods a breeze. While traditional in-person payments require a check or credit card, you can easily set up portals to take money directly from debit accounts. If you want to show Boulder tenants that you're in on modern trends and care about their security, you can also allow crypto-based rent payments.
This gives people a choice as to which option is most convenient for them. It keeps them in full control of their funds and accounts. Your unit will be more competitive because tenants will feel heard and valued.
Security
While personal checks are somewhat safe, there are higher chances of fraud than there are with online payments. Experts note that breaches, money theft, and identity theft are less likely because no one can just pick up the paper check and use it. Forgery, check kiting, paper hanging, and counterfeiting are no longer concerns.
Online rent payment portals have multi-factor authentication, encryption, and firewalls. Plus, a bank will investigate and refund fraudulent transactions online. With a paper check, you would be mostly out of luck.
Cryptocurrency payment methods take this a step further. You get all of the rent funds quickly and easily, and tenants don't need to enter personal or financial information into the portal. There won't be any information on the network to take in the event of a breach.
Streamline Rent Collection in Boulder, Colorado
Now that you know why online rent collection is the best way to take payments, it's time to begin turning a high ROI on your Boulder properties. PMI Coal Creek is committed to streamlining the process of collecting rent so tenants can make fast and easy payments. Contact PMI professionals to learn more about how we can help your real estate career grow.
