If you have not yet started using a secure online system to collect your rent payments, your cash flows and your tenant’s bank information might be at risk. Collecting rent payments is one of the biggest challenges Bangor rental property owners face. The issue gets compounded if you still rely on traditional methods of payment, like personal checks. This is because the process of collecting a check has so many potential delays and, increasingly, security concerns.
Whether the rent check is late due to mail delays or waiting for your bank to clear it, or you’ve been the victim of mail theft and had a rent check vanish from your mailbox, it’s hard to justify sticking to a system in which so much can go wrong. It is about time you started collecting rent payments securely if you haven’t already. Here are some of the top reasons why.
Tenant Convenience
Most tenants prefer transacting their rent payments online. It is more convenient for tenants to pay their rent alongside the other bills they already pay online. To avoid paying late, many people automate their monthly payments. It also offers tenants a way to use a range of payment methods to pay their rent, rather than relying only on a physical check dropped in the mail each month.
Improved Cash Flows
Receiving rental payments online also means more timely payments. Deposits even arrive days faster than it takes for a personal check to clear. Most payment platforms even let you check the payment status even before the funds reach your account. With significantly shorter wait times, you can spend less time on your collections process.
Better Security
Most of today’s best online rental payment programs offer enhanced security features that are designed to protect your tenant’s sensitive information. With the constantly looming threat of identity theft and fraud, giving your tenant the option to pay you securely might make it easier for them to consistently send those payments each month. The simplest things you do to add to your tenant’s safety are likely to be very much appreciated. And a happy tenant stays in their rental home longer.
Peace of Mind
With the many platforms that offer online rental payments, you may be wondering which one to pick. Most options charge a fee for their services & might even include a long-term contract. They also usually make claims about convenience, quality, and security. Some rental payment platforms are still very new, so it is hard to validate if they live up to their advertising. With the reality of online rental payment scams, it is important to do a thorough check before signing up for any service.
If you are concerned about who to trust with your monthly rent collection, consider the benefits of hiring Real Property Management Acadia to handle it for you. Our secure proprietary software offers tenants the convenience of making online rental payments and provides property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other Bangor property management companies can offer. In short, we have the tools you need to make monthly rent collection one of the easiest parts of owning profitable investment properties.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
