Owners of hotels and inns often want to take their vacation rent payment online. Landlords have done this for years, with automated payments available for their tenants’ convenience. But the ease of payment and relief from paperwork is not just for landlords. Hotel management will also benefit from your ability to take a rental payment online.
Benefits of Online Rental Payment
Digital rent payment plans have quite a few benefits over the exchange of paper checks. This affordable resource automatically accepts and confirms rental payments online. It will also schedule future payments for willing tenants or guests. Property managing is more efficient when you do not have to collect rent manually. Other benefits of rental payments online are:
- Multiple payment channels, including credit cards
- Ability to manage multiple property configurations
- Ability to manage multiple families or groups
- Integration into your management software
- Quicker exchange of funds into your account
- Guest or tenant tracking
- Improves cash flow for your home
- Rent payments are more likely to be on time
Affordable and Convenient
Your company, whether it is an apartment complex or a bed and breakfast, can take online rental payment for much lower charges than you might think. The fee structure is designed to fit any number of scenarios, making the running of your property more efficient.
With online rental payment, your tenants or guests can pay with a credit or debit card. Last year, Americans paid out nearly $4 trillion in online payments. That shows us, Americans are increasingly using a credit card to pay for more than just big ticket items.
Consumers value their reward points, and savvy shoppers have learned that when they pay monthly bills such as rent with a credit card, they earn more points. Not only does this counteract many of the fees they pay, it also helps to build their credit rating. They can make one payment on the credit card to cover monthly expenses. With a rental payment agreement, they can save time and improve their credit score.
Multiple Payment Channels
Your guests or tenants can pay through multiple sources. Studies show that 65% of people with smartphones book their trip on their handheld device. This means that your website needs to be adaptable to various screen sizes and operating systems to be successful.
With a system that receives payment from multiple channels, you provide guests and tenants with more personalized options, making it more likely that you will receive your payments on time.
Online payment systems are secure and fast, providing you and your guest or tenant with peace of mind. Data and information are protected by SSL, meaning that all data that passes between your server and the browser is private.
Management of Multiple Properties and Configurations
Rental payment software that is designed to take payments online can respond to any property configuration you want. If you are a hotel owner, you can configure the system to accept short-term payments. If you own multi-family rental properties, you can configure it to keep track of each unit.
Management Software Integration
Your management software keeps your business running as smoothly as possible, saving you hours of time that you would have to spend on paperwork and correspondence. A rental payment system is equally useful, and will integrate with your existing software.
The best rental payment program integrates with all of the major PM software systems. It is intuitive, and backed up by quality customer service and troubleshooting.
Perhaps one of the biggest selling points for a rental payment program is that it places the money in your account sooner. Credit cards and debit cards usually take two to four days to clear, depositing the money in your bank. Old-fashioned paper checks require at least 10 days to clear. This improves the cash flow, putting the money in your pocket sooner than traditional methods.
With secure SSL, you can track your guests or tenants, saving their card information for them. This makes it even more convenient for them to pay online. You will also have their history of rent payments at your fingertips.
PM sources say that tenants who can pay online, with a credit or debit card, are more likely to pay on time. They find that on-time payments increase overall with an online rent payment system.