Online Rent Collection Services: Convenience Redefined

1. Online Rent Collection Services: Convenience Redefined In today’s fast-moving world, the time has become of the essence. If one is a landlord, one has to give a heads up to the tenants for rent collection. It could be a task to visit one’s tenants every month and collect the rent check. In addition to that one has to pay a visit to the bank to deposit check and then wait for it to get cashed. Why not simplify the rent collection? Of late, the online rent collection services are gaining stream as they offer a hassle-free and easy mode of rent collection and rent deposit both for landlords and tenants. A reliable online rent payment service offers landlords an easy way to collect rent that saves time in the collection gets one access to one’s money faster. Therefore, instead of waiting for those checks to come in the mail or going and collecting the rent, one is advised to use the latest online rent payment tools. These rent payment sites connect one with one’s tenants and typically allow payments to be transferred directly to one’s bank account. As an alternative to giving one’s tenants access to one’s private banking information, these sites act as a third party between the landlord and the tenant. While these sites do charge a nominal fee for their service, many

2. of them give one an option of deciding who would pay the charges landlord or the tenant or both. Be reminded, before collecting the rent, that the landlord should know how to rent a house and will want to be sure to do a thorough job of tenant screening background check. Advantages to using an online rent payment tool:  These online rent payment services allow the landlord to set up each individual tenant, enter their monthly rent and due date, and add a separate late fee if rent is paid after the stipulated date.  Tenants have an option of logging in to make a payment every month, or to set up recurring payments so rent is never late.  Automatic reminder emails are sent 5 days before the rent is due, and again on the date, it is due. Tenants payments are deposited within 3 business days.  Depending on the platform, tenants can pay by E-check, Debit card, Credit card, PayPal, SMS Payment, etc.  Collecting rent through an online service gives the landlord digital documentation so one can skip the paperwork.  Online rent payment is one of the most secure options for both landlord and tenant. For the tenants, it eliminates the concern over lost or stolen checks. In a recent Identity fraud consumer report, researchers encourage consumers to use online bill pay whenever possible. Some online platforms even furnish a tenant’s rent payment history to one or more of the three credit bureaus, which helps the tenants establish a credit history.

3. These online rent payment portals are not just money transfer, it’s automated rent collection with landlord-specific features like receipts, reminder emails, payment tracking, and autopay that tenants would definitely appreciate. WEBSITE: https://www.verticalrent.com/