As an owner, you may have already considered a rental payment system for your properties. A payment system makes management of rental property much more efficient, allowing you to take care of other facets of your job. There are several characteristics to look for when choosing rental payment software.
Rental Payment Software to Track Activity
Your rental payment software makes management easier by tracking your tenant’s payments. You no longer have to tally their payments or risk overlooking missed payments because your software will monitor them for you.
You will receive notice of late payments, missed payments, and rent paid in full on time every month. It will also accept credit card transactions, which are much preferred by younger renters under the age of 25.
Multiple Payment Platforms
Rental payment software is programmed to accept payments from multiple platforms. Keep on top of all of your property information and your rental income with these incredibly smart programs.
Americans pay their bills online at an increasing rate. In fact, each American pays at least half of their bills online. Check writing has declined by over 20% in recent years. In fact, many people do not use checks at all, while others say that the only check they ever write is for rent.
Not only do guests and tenants pay online, but they also do it from various platforms. Some will use their PC at home or the office. But, increasingly, people prefer to make online payments from their smartphones or tablets. In fact, companies that accept online rental payment report a better on-time rent payment rate than they did before it was made more accessible.
In addition, check payments take as long as two weeks to clear into the bank account – that is 10 working days! Whereas a credit card or debit card payment places funds in the bank account within just three.
Rental Payment Software Interfacing
If you are the main management provider for various rentals, then you know what a headache it can be when software does not interface with other programs. You want a rental payment software that will easily connect with your other organizational programs.
Chances are you have a property management program and, especially in the case of vacation rental businesses, a channel manager to accept reservations from online travel agents. You can find rental payment software that interfaces perfectly with your existing program so that the implementation of your new payment system progresses smoothly.
Your payment program can work with your management software to alert you when your houses are vacant or when rental amounts are not being paid promptly. Owners can spend more time actually managing their homes rather than doing paperwork.
With payment software that interfaces with your software, your managers are free to supervise maintenance – one of the biggest sources of landlord-tenant conflicts (next to late rent payments).
Rental payment software is available for low fees based on the type of services you need. This affordability is a major plus, especially when you consider the many benefits of online rental payments.
Your guests will be more likely to pay on time when given the chance to do it online. The tracking features of the program will give you an overall picture of a renter’s history regarding regular, late, or bounced payments.
You have the money from online payments in your account much sooner than you do with checks. This gives you money sooner for maintaining homes, which is good news for your tenants and owners alike.
Rental payment software will help you run your business more smoothly. This, along with improved profits, makes for an affordable solution to payments.