According to CNBC, the state of New York is one of the top 5 most expensive states to rent in. If you are a landlord in Wantagh, New York, then you know the importance of collecting rent on time from your tenants. However, collecting rent the old-fashioned way can be time-consuming and difficult.
When you use technology to simplify your rent collection, the process becomes much easier. With online rent collection, it's as simple as waiting for the deposit to hit your account.
Features of Online Rent Collection Platforms
One of the most effective ways landlords can simplify rent collection is by embracing online payment platforms. These platforms offer tenants various electronic payment options to choose from. By providing these multiple payment avenues, landlords can cater to diverse tenant preferences and open themselves up to a wider tenant pool.
Online rent collection is beneficial to both residential and commercial landlords, as both industries require timely rent payment to succeed.
Some of the most notable features of these online rent collection platforms include:
- Automated Recurring Payments: You can set up schedules for rent collection, eliminating the need for manual follow-ups and reducing the likelihood of missed payments or late fees.
- Payment Reminders: Your tenants will receive automated reminders for upcoming rent payments, improving your relationships with your occupants.
- Payment History and Receipts: You can easily track payment histories and generate digital receipts.
Types of Online Rent Collection Platforms
Now that you know the benefits of online rent collection, which platform will you choose? The three most common ways of collecting rent online include mobile applications, electronic funds transfers, and ACH transfers.
Mobile Applications
With the widespread adoption of smartphones, mobile apps offer unparalleled convenience and accessibility for tenants to pay their rent anytime, anywhere. Roughly 4 in 5 Americans (79%) use mobile payment apps, making this an easy solution for many. Landlords can develop customized apps or utilize existing property management apps to streamline the rent collection process.
Electronic Funds Transfers (EFT)
EFT allows for direct debit from tenants' bank accounts, eliminating the need for manual intervention and reducing the risk of payment delays or errors. With this automated approach, landlords can ensure a timely and predictable cash flow.
ACH Transfers
Another common method of online rent payment is through ACH transfers. ACH transfers enable electronic transactions between bank accounts, which can help streamline the process while reducing administrative overhead and operational costs. Additionally, tenants can authorize recurring ACH payments, ensuring timely and consistent rent payments.
Streamline Your Rent Payments in Wantagh Today
Forget the burden of rent collection and allow our PMI professionals to handle it all. We will collect all of the funds from your tenants and deposit them directly into your account, allowing you to focus on your business while we handle the rest.
When you turn your billing over to us, you gain access to our 24/7 Online Tenant Portal, where you can access accounts at any time. To learn more about our online rent collection and property management services, feel free to contact us at any time.
