Are you already using a secure online system to collect your rent payments? If not, you may be placing your cash flows and your tenant’s bank information at risk. One of the challenges Chevy Chase rental property owners often face is collecting rent payments. This issue becomes even more challenging if you still rely on traditional methods of payment, like personal checks. This is because the process of collecting a check has so many potential delays and, increasingly, security concerns.
Whether the rent check is late due to mail delays or waiting for your bank to clear it, or you’ve been the victim of mail theft and had a rent check vanish from your mailbox, it’s hard to justify sticking to a system in which so much can go wrong. The bottom line is, if you are not securely collecting rent payments, you probably should be. These are some of the top reasons why you should.
Tenant Convenience
A lot of tenants prefer doing their rent payments online. Tenants want convenience when paying their bills online, including rent. Most people also prefer to automate their monthly payments to lessen the chance of paying late. It also offers tenants a way to use a range of payment methods to pay their rent, rather than relying only on a physical check dropped in the mail each month.
Improved Cash Flows
Having your rental payments done online typically results in timely payments, with deposits arriving days faster than it takes to clear a personal check. In addition, depending on the payment platform, you might be able to get updates on the payment status even before it has been credited to your account. Shorter wait times mean less time spent on your collections process.
Better Security
Most of today’s best online rental payment programs offer enhanced security features that are designed to protect your tenant’s sensitive information. With the rising cases of identity theft and fraud these days, just allowing a tenant to pay you securely may make them feel better about sending those payments in each month. Anything you do to ensure your tenant’s safety will be appreciated. And a happy tenant stays in their rental home longer.
Peace of Mind
Given the many platforms that offer online rental payments, you may be having a hard time deciding which one to choose. These options sometimes charge a fee for the use of their services and may even come with a long-term contract. Some rental payment platforms are so new that it can be hard to know if they live up to their advertised claims about convenience, quality, and security. To avoid online rental payment scams, check everything carefully before signing up for any service.
If you are concerned about who to trust with your monthly rent collection, consider the benefits of hiring Real Property Management Washington DC to handle it for you. We have secure proprietary software that offers your tenants the convenience of making online rental payments, giving property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other Chevy Chase property management companies can offer. In short, we have the tools you need to make monthly rent collection one of the easiest parts of owning profitable investment properties.
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