How To Make Sure Rent is Paid On Time?
Updated: May 9, 2022
Streamline your rental business by automating the collection of rent through pre-authorized debits.
Getting the rent paid on time is crucial for the success of your rental business. To collect money from tenants manually is a hassle that is very frustrating. To receive cash rent, you must meet with the tenants every time and count the bills to ensure they are not counterfeit.
Getting cheques can be a challenge as many tenants no longer have cheques so you have to wait for them to order. You would have to pick up the rent cheques in person in order to prevent them from being lost in the mail if you had the tenant send them to you. Then, you must deposit the cheques and record the collections manually in your ledger.
The convenience of online rent payment has become a standard expectation for modern tenants. You're on the right track when you're using email transfers and other digital wallets, but still you need to remind your tenants to do the transfer each time.
The best way to ensure rent payments are received on time is by implementing a systematic collection system. Tenants can set up recurring payments so the rents are received on time every time. By setting the payment frequency and amount up front, they won't have to remember to make their payments every month.
Tenants benefit from automated rent payments because they are far less likely to incur late fees for missing rent. Meanwhile, landlords have peace of mind knowing that their money will be delivered on schedule and in the right amount.
Due to the clear and transparent records created by automatic online payments, your tenant relationships will improve because disputes over whether or not a payment was received will be avoided. Your tenants will also appreciate you not requiring them to order checks.
With the LuckRent app's partnership with leading rent collection service providers, you'll be able to manage like a professional with recurring online rent collection. After verifying your identity, you can set up your bank account and invite your tenants to set up recurring rent payments. Tenants will receive automatic reminders so payments are always made on time.
Rent collection is safer with online payments. Rent is automatically collected electronically in a secure, fast, and safe way. As a result, cheques will never be lost or stolen in the mail, and landlords are not responsible for keeping payments safe until they reach the bank. In addition, both landlords and tenants can easily track their payments and pending balances. With the automatic rent collection system, you will reduce late payments, improve your tenant relationship, and improve your cash flow.