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Managing a rental property can be an overwhelming task. Fortunately, the digital revolution is proving to be a great help to landlords. Whether you manage one property or have oversight of several units, online rent-paying services can be a lifesaver.
The best online rent payment for landlords includes apps with the following features:
When you decide to accept rent payments online, the option should include the option for tenants to make automatic rent payments via their credit card or bank accounts. Automatic payments can be a great help for tenants as they help them avoid late rent payments.
Paying rent online is a more convenient and cost-effective method of collecting payments. Online rent payments allow landlords to receive all payments securely, thus eliminating the need to chase down misplaced checks or lost cash from tenants.
If you’re looking for the best way to accept rental payments online, there are several programs available to property managers and landlords. You should first figure out whether you want a property manager or need a full-service property management software solution. You can also consider a money transfer software program to collect rent payments. We have compiled a list of the best online rent payment services for landlords to accept rent payments online.
One of the best ways to accept rent payments online for property managers and landlords is with property management software. Property management software offers a complete range of characteristics that a landlord needs, including accepting rent payments online.
In addition to rent paying service, you can also manage and organize your rental properties.
Here Is Some Property Management Software Brands To Consider:
Landlords who have 50+ rental properties can register to use AppFolio. It’s the best option for more prominent rental property investors and property management companies. AppFolio offers all services related to managing a rental unit, including marketing and leasing applications, portfolio management and growth tools, maintenance tracking, and online rent collection.
Online rent collection is one of the significant features that Rentec Direct’s property management software offers landlords and property managers. The software package has a tenant portal that is accessible both via web and smartphone app. Tenants can also pay rent using a credit card or an e-check.
Landlords can also activate partial or complete rent payment options. The program allows landlords to track payments and collect late fees. What’s best is that this rent-paying service includes property marketing tools, a complete accounting and reporting portal, tenant screening, online leasing, and renters insurance at no additional charge.
Buildium allows renters the option of setting up recurring payment schedules. It also allows tenants to pay rental expenses using their credit cards and bank accounts. This rent-paying service incurs a cost per transaction, which may be a turnoff to some landlords and property managers, but it also offers budgeting and accounting tools, tenant screening resources, reporting, and lease management features.
Suppose you are already managing other aspects of the rental property and only need assistance with converting to online rent collection. In that case, you might want to consider a rent payment-only software program. The rental payment app designed solely for rent collection will not offer the other features included in most property management software platforms.
You can encourage renters to utilize rental payment apps by providing them with the option to pay using electronic funds transfer from their bank account or with a credit or debit card.
Online rent payment for landlords becomes extremely easy with PayRent; this software allows landlords to accept rent online with a tenant credit card or e-check payment. Along with online rent payments, PayRent also sends automated rent reminders to tenants, has reporting and tracking options, and gives landlords the ability to accept full or partial rent payments. It also makes the funds transfer to the landlord account within three days. PayRent does not charge monthly but does assess a 0.25% fee per bank transfer.
RentTrack is another rental payment app for property managers and landlords. This program gives tenants the option to make fast online rent payments. The best thing about RentTrack is that it is one of the few rent-paying services connected with rent payment reporting to all three credit bureaus. In addition, it offers same-day funds transfers to landlords.
There is a fee associated with using this rental payment app, which is determined by the payment method used. E-checks are either free or have a fixed fee, but credit card payments include a fee that is a percentage of the payment amount.
Cozy is another trusted name among rental payment apps. This software allows tenants the ability to make rent payments online with a credit card (with a 2.75% fee) or with their checking account for free. Along with rent-paying services, Cozy gives landlords options like tenant screening and renters insurance, and marketing and maintenance request tracking. Fund transfers typically take five business days.
This program is designed specifically for landlords and manages the entire rent collection process. It also helps you manage all other property expenses.
Landlord Studio allows the tenant to safely and quickly transfer their rent payments directly to the landlord’s account, making late payments a thing of the past.
Venmo can also be used for accepting rent payments. Tenants can send payments to the landlord’s account using a designated email or phone number.
Landlords have used Paypal as a rent-paying option for a while now. This is a great option because many people already have Paypal accounts and can easily access the site from their phones or laptops.
PayPal also has an app through which tenants can send rent payments. If you want to collect rent using Paypal, be sure to set up a business account to avoid conflicting with the company’s terms and conditions.
Apple is well-known for its mobile products. Still, they are taking some extraordinary steps in the online payment arena by allowing U.S. customers to make payments from within the messaging app.
Simply connect Apple Pay to a debit card; once it’s set up, you can send contacts money from within the messaging app.
Apple is also making life easier for U.S. customers by providing a no-fee Apple credit card so that you can send money directly to your landlord’s account.
The Standing Order Mandate allows the bank or other financial institution to make payments regularly for a fixed amount to a specific bank account.
The tenant would have to set up a standing order for rent payments to be sent to the landlord’s bank account on a specific date each month. It can run indefinitely once set up.
1) Less Risk of Fraud and Theft
2) More Flexibility with Payments
3) The Convenience of Rescheduling Recurring Payments
4) Enhanced Security for Both Tenants and Landlords
5) Payment/Rent Reminders
6) Time Savings
7) Faster Payments
8) Enhanced Payment Organization
9) Potentially Improved Landlord Tenant Relationships
There is no shortage of options for property managers and landlords who want to explore modern rent-paying services. What you use will ultimately depend on your unique circumstances, your specific business needs, your budget, the needs of your tenants, and the additional features you want to have access to in order to operate as a landlord or property manager.
Whatever method and software you use, one thing is for sure: rent collection software can make rent collection hassle-free.
Read Also: Rent Collecting Methods from Tenants