When you set up online to receive each vacation rent payment for your home, you want to find a rental payment system that works for both you and your tenants. With the rising popularity of paying online, it is not unusual for people to want to pay with their card rather than with checks.
Chances are, you will find a rental payment system with a fee structure that is perfect for you and your guests. Here is what to look for in a payment system that will help you collect rent and aid you in the management of your home.
Benefits of a Rental Payment System
One of the many benefits of an online payment system is that you are not required to manually accept as many rent payments.
Your renters, or in the case of hoteliers, your guests, can pay remotely via their computers, smartphones, or tablets. The amount is immediately credited to the tenant’s payment card, and within about three days, you have your money in the bank.
The only way to get your money faster is for the tenant to pay in cash. This type of payment immediately goes into your account, while checks take as long as 10 days to clear.
Usually, management companies look for a rental payment system that will help them become more efficient. Any method that gets the money deposited faster is ultimately better for the business.
Security When Using a Rental Payment System
A rental payment system is more secure than a strongbox under the secretary’s desk holding paper checks. SSL and PCI compliant systems are like an owner’s Fort Knox, keeping data and personal information safe.
Rental Payment System for Complete Clarity
Your fees and deposit requirements can be included in the bills sent out by your payment system. This helps to clarify any dispute as to what a tenant’s deposit should be used for. Clear communication is always better for management.
Customer Demand for Online Rental Payment
When it comes to paying rent, guests are increasingly turning to the use of credit cards and debit cards. For those who do not have much of a credit rating, but make payments on time, this is a great way to boost scores.
This is a boon to landlords or hotel owners who want to increase their booking rate. By offering an online rental payment system, they draw in a more diverse group of tenants who are striving to better their credit ranking. This can only mean that the process of getting paid is much easier than going to them to get a check or cash.
Interfacing with Software
Most property management is done, these days, through software. This type of payment system will interface with your current software, allowing you to take payments into your account automatically. This works equally well with automated card payments or with manual cash transactions.
With the right rental payment software, you can take care of all of your paperwork simply be receiving the payment. This helps to eliminate the margin of error that often plagues bookkeepers and landlords.
If you own a number of properties, your rental payment system can handle payments from all of them. Even if the configuration of units is different between the properties, the system can be programmed to handle the different requirements. This makes it the ultimate tool for collecting and processing rent payments from guests and renters alike.