If you are not employing a secure online system to collect your rent payments, you may perhaps be placing your cash flows and your tenant’s bank information at risk. One of the most crucial challenges that Dallas rental property owners generally face is collecting rent payments. This complexity is compounded if you are still banking using traditional methods of payment, like personal checks. The reason is that the process of collecting a check has multiple 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 go missing from your mailbox, it’s hard to justify continuing a system in which so many can screw up. If you are not already securely collecting rent payments, you likely should be. Let’s get to know better some of the top reasons why.
Tenant Convenience
One of the primary causes to switch to collecting your rent payments online is that tenants want it. Currently, the majority of tenants opt for the convenience of paying all of their bills online, including their rent. Quite a lot of people want to automate their monthly payments, reducing the chance of forgetting or paying late. It additionally provides tenants a technique 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 similarly results in more timely payments, with deposits turning up days faster than it takes to clear a personal check. Depending on the payment platform, you may furthermore be able to observe the payment status even before it has landed in your account. Wait times are essentially lessened, making you spend less time on your collections process.
Better Security
The majority of today’s most common online rental payment programs offer enhanced security features that are intended to protect your tenant’s sensitive information. With multiple ways to fall victim to identity theft and fraud these days, just enabling a tenant to pay you securely may make them feel confident in regard to sending those payments in each month. Anything you can do to add to your tenant’s safety, big or small, is highly likely to be received with admiration and appreciation. And a happy tenant stays in their rental home longer.
Peace of Mind
While lots of different platforms offer online rental payments, you may be thinking about which one to choose. Some options will charge a fee to use their services and may indeed include a long-term contract. They likewise make some claims in reference to convenience, quality, and security; different rental payment platforms are so new that it can be hard to know if they live up to their advertising. Online rental payment scams do exist, so it’s relevant to go about doing your homework before signing up for services.
If you are bothered as regards who to trust with your monthly rent collection, take into consideration the benefits of hiring Real Property Management Legend to handle it for you. Our secure proprietary software extends tenants the convenience of making online rental payments and offers property owners like you total peace of mind. On top of quality, security is one of our number one priorities, and something few other Dallas property management companies can offer. In a few words, we have the tools you need to make monthly rent collection absolutely one of the easiest parts of owning profitable investment properties.
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