Making Rent Payments Online Via Property Management Software
If you're a landlord then you know at the beginning of the month that you have to track down all your tenants and make sure they've paid their rent. If someone hasn't paid rent then you have to print up late payment notices as well as eviction notices if it's a certain amount of days after the 1st. The process itself is very time consuming not to mention there can be many mistakes that are made accidentally. More and more managers are starting to use property management software which allows for renters to make online payments thus making the manager's job a lot easier. There are several different aspects of the software that managers can use to their advantage.
There's an automated withdrawal system that some managers use. This system is very simple and effective. It's similar to setting up a monthly payment for anything else. The system will take the rent out of the tenant's bank account automatically on the first of every month. The tenants have to give their bank account information to the manager for this to work. Usually both the routing number and checking account number are required for the process to work. This is convenient for tenants as they don't have to worry about getting money orders to pay their rent and the rent comes out on the same day every month for the same amount. For tenants that forget to pay their rent this system is very helpful. However there is one downside to it. The system doesn't allow for you to change the amount that comes out every month. Thus you'll have to charge your tenants for water and trash separately. In some cases the system is a downside for management as some tenants may not have sufficient funds which can potentially cause fees for the management.
In most other cases you can also go on the internet and set up accounts where you can pay via credit or debit card. This is very effective as tenants can pay their sewer, water, and rent all in one since they can specify the amount that they want to pay. The system will also keep a running tab on the payments and when they were made. This makes it easier for the tenant or manager to view the payment history. Unfortunately there are a few downsides to this method. In some cases you may have to worry about insufficient funds or fraudulent credit cards. While these cases are rare the management can get charged a 2% or 3% fee by the card company.
The other type of online payment system that can be used is where tenants use their bank accounts rather than credit or debit cards to make a payment. Once again landlords can view all of the payments online. This system often works best as landlords don't have to worry about possible fees due to credit card issues.
Online property management software can be very handy for all types of managers as they can stay more organized with less effort. This also means that you won't have to spend hours upon hours at the beginning of the month trying to figure out who paid rent because you can simply log onto the software and look. - 23221
There's an automated withdrawal system that some managers use. This system is very simple and effective. It's similar to setting up a monthly payment for anything else. The system will take the rent out of the tenant's bank account automatically on the first of every month. The tenants have to give their bank account information to the manager for this to work. Usually both the routing number and checking account number are required for the process to work. This is convenient for tenants as they don't have to worry about getting money orders to pay their rent and the rent comes out on the same day every month for the same amount. For tenants that forget to pay their rent this system is very helpful. However there is one downside to it. The system doesn't allow for you to change the amount that comes out every month. Thus you'll have to charge your tenants for water and trash separately. In some cases the system is a downside for management as some tenants may not have sufficient funds which can potentially cause fees for the management.
In most other cases you can also go on the internet and set up accounts where you can pay via credit or debit card. This is very effective as tenants can pay their sewer, water, and rent all in one since they can specify the amount that they want to pay. The system will also keep a running tab on the payments and when they were made. This makes it easier for the tenant or manager to view the payment history. Unfortunately there are a few downsides to this method. In some cases you may have to worry about insufficient funds or fraudulent credit cards. While these cases are rare the management can get charged a 2% or 3% fee by the card company.
The other type of online payment system that can be used is where tenants use their bank accounts rather than credit or debit cards to make a payment. Once again landlords can view all of the payments online. This system often works best as landlords don't have to worry about possible fees due to credit card issues.
Online property management software can be very handy for all types of managers as they can stay more organized with less effort. This also means that you won't have to spend hours upon hours at the beginning of the month trying to figure out who paid rent because you can simply log onto the software and look. - 23221
About the Author:
Layla Vanderbilt is the content coordinator for a leading property management software review website which connects people with the leading property management tools.
posted by X - Men @ 1:49 AM
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