If you are not yet 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 Gallatin County rental property owners face. This issue becomes even more challenging 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. The bottom line is, if you are not securely collecting rent payments, you probably should be. The following are some of the top reasons why.
Tenant Convenience
A lot of tenants prefer doing their rent payments online. Tenants want convenience when paying their bills online, including rent. If your tenant is like most people, they are likely to automate their monthly payments to avoid forgetting or being late. 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 typically results in more timely payments. Deposits arrive faster than personal checks clearing. In addition, depending on the payment platform, you might be able to get updates on the payment status even before it has been credited to your account. With reduced wait times, you spend less time on the 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 rising cases of identity theft and fraud these days, just allowing a tenant to pay you securely may make them feel better about sending those payments in each month. Your tenant will surely appreciate your efforts concerning their safety. And a happy tenant stays in their rental home longer.
Peace of Mind
With the many platforms that offer online rental payments, it can be hard to choose. Typically, these services charge a fee and may 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. Beware of online rental payment scams, so do your homework before signing up.
If you are concerned about who to trust with your monthly rent collection, consider the benefits of hiring Real Property Management Bozeman to handle it for you. Give your tenants the convenience of making online rental payments with our secure proprietary software that also provides property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other Gallatin County 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.
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