9 Quick Benefits of Online Rent Collection System

1. In this day and age, people are migrating to the convenience of the online platform. Whether they have to go shopping, make payment or perform some other activities, they eager to use the internet. No doubt, it has generated a lot of buzz around the landlord community as well. Today landlords or property managers are evaluating the possibility of collecting rent digitally from their tenants. It is not only them to reap the benefits, but the tenant can enjoy as well. The online facility keeps you away from several hassles such as you don’t need to collect payments for rent, provide receipts, enter the payment information manually, update your tenant files, preparing checks for deposit and much more. When you implement online rent collection system, you no longer need to spend the time to all these tasks as they can be handled automatically and the number of late payments can be significantly reduced. Let’s find out how online rent collection can benefit you. 1. Automatic Deposit The web-based rent facility allows the tenant to deposit rent automatically. 2. Email receipts You don’t make a receipt and send it to tenants as they can receive email receipts. 3. Information Update The information of tenant payment is updated immediately. And both sides can view this. 4. Monitoring Property managers or property owners can monitor rent collection through real-time status reports.

2. 5. Email Notification They can send an email notification to tenants about the payments, rent and late fee schedules, upcoming policy changes, payment deadline, late payment status and much more. 6. Fees and security deposits Security deposits and fees are collected automatically. Also, the vacancy lists can be available. 7. Convenience It is an easy solution for both, the landlords and the tenants. For the tenants, they can experience, fast, easy, and time-saving method in managing their finances. 8. Payment by cards Even your tenants don’t have cash; they can pay your rent by using credit cards or issue you a post- dated e-cheque. They can also enjoy a hassle-free experience. 9. Payment history Whether the landlord or the tenant want to check the payment history, they can access it. There are some applications that allow only the property owner to view the history. Besides, tenants can make a one-time payment of monthly payment or choose for automatic payment option. Thus, the facility of online rent collection is of great advantages. It is biennial for both, the property owner/manager, landlord or the tenant.