Best Ways to Collect Rent Online That Improve Your Cashflow

As a rental owner or property manager, collecting rents is a top priority. Without the right tools and strategies, collecting rents can become a hassle. Online rental payment solutions offer the perfect way to make rent collection easy for you and the renter.

In fact, the younger generations entering the rental housing market, like Generation Z, expect to pay rents online. Don’t stay in the dark ages: invest in the best online rent payment platforms.

The Top Online Rent Payment Options

Collecting rent online is easy for today’s property owners. From general online payment platforms to specialized property management software, you can find the perfect solution to meet your unique needs.

1. PayRent

The PayRent platform offers a simple solution for rental owners to collect rent payments online for free. The renter pays a processing fee with each payment. The platform also includes a landlord dashboard that allows the property owner to customize the experience. For example, the property owner may customize to cover the processing fee.

2. Online Property Management Software

For rental owners with more than one property or type of property, online property management software provides a holistic solution for property management. For example, CICTotal Manager™ incorporates online payment collection into the other features of the tool. ACH payments are a free part of the package.

3. Other Online Payment Platforms

Many of today’s rental owners swear by PayPal, Zelle, and Venmo. Unlike the other industry-specific options, these payment options work for almost any type of purchase. These online options are a great choice for owners with only one or a few properties. However, for managing large rental portfolios, these don’t offer the tracking or protection most property owners want.

Enjoy the Benefits of Collecting Rents Online

Keep current on your rent collection options by investing in online rent payment solutions. Online rent payments make rent collection simple. You no longer must process checks and worry about them bouncing. Instead, you get money fast with easy bank transfers.

Not only that, but most online payment solutions offer payment tracking and reporting that benefits your overall financial management. Plus, online rent collections make it easier for renters to pay. They can pay from their phone with a few clicks. Overall, online rent collections make running your rental property business better.

Renters also benefit from online payment options. They no longer need to write a check or follow a complex process. They can avoid procrastination and make their rent payment on time and quickly. This helps your renters avoid late fees and the awkwardness of missed or late payments.

Find Solutions to Run Your Rental Property Better

Online rent payment options help create efficiency and quality results for your rental property business. Also, your renters want to pay online. If you want to remain relevant and attract or retain residents, you need to add an online payment option.

In today’s competitive rental market, online payments give a competitive advantage. Plus, with all the user-friendly and affordable solutions available, it’s easy to start!

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