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If They Can Buy a Pair of Shoes Online They Can Pay Their Rent Online, Too.

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There’s no doubt that the Internet has profoundly changed the way we live our lives. From shopping, booking travel plans and even banking, the average person has embraced the ease and convenience of this technology at the speed of their desktop computers, laptops, tablets and smart phones. With that said, there’s no reason why renters won’t find paying their rent online to be a natural progression of this phenomena.

The prevalence of online shopping and online bill paying is destined to grow exponentially as more technology becomes available to the masses and as the world becomes more digitally savvy. Add to that a recent trend toward renting vs. owning and the appeal of online rent payment is sure to increase.

Online rent payments are particularly appealing to the Millennial Generation. A range of young people from college students to newly marrieds largely comprise this group. They’re not only computer savvy having been raised on technology, they’re young enough to be renting for many years to come. Additionally, they expect to be able to handle all their bill paying responsibilities online and often find having to write a check to be an imposition.

Given these new studies, landlords and property managers are seriously looking into instituting online rent payment services. The feeling is that the benefit of online rent payment may be so great that it may cause the selection of one unit as opposed to another.

The benefits of online rent payment are numerous for both parties. Tenants enjoy the ease and convenience of knowing they can pay their rent from any computer or mobile device 24/7. What’s more, if they choose to elect to schedule automatic payments from their bank accounts, they need never think about the task of paying rent again. For landlords, not only do they no longer need to contact individual tenants for their rent, online payments are credited to their accounts instantly improving cash flow to make repairs, upgrades and otherwise invest. What’s more, since online rent payment will have to be administrated by a financial institution, landlords and property managers enjoy accounting expertise from the selected bank.

One important thing to keep in mind is that there is an issue of transaction fees. Will the tenant absorb the cost or will the landlord or property management foot the bill? This issue will need to be resolved before any online rent collection process can be put in place.

Another issue to consider is whether to accept credit cards. The card’s issuing bank charges fees and while the rent funds are almost immediately available in the landlord’s account, the fees imposed by the bank eat into profits.

Finally, before you institute an online rent payment service you will need to provide a website for your tenants to access in order to pay their rent. Make sure the site you build is user-friendly, easy-to-navigate and secure against hackers.

Paying Rent Online: What’s in It for You?

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No one needs to tell you that the world has gone Internet crazy. Purchasing online, reserving movie and theatre tickets online, paying utility bills online and more. So it should come as no surprise that the idea of paying rent online is gaining traction in many places.

You’re a landlord. And you’ve invested substantial amounts of money and energy into running and maintaining your properties. Much of that energy manifests itself in the form of collecting rent payments. While it’s a simple task in theory, unfortunately many tenants make it far more difficult than it needs to be. Will it be a check a (a good check?), a money order, cash? Will they have the rent at all. These are just a few of the pitfalls landlords face on a monthly basis.

Online rent payment services may be the solution to this difficult situation. An online payment service will notify your tenants of this new option available to them. They’ll also help you pitch the service with free meetings explaining all the details and benefits. Once your tenants (hopefully all of them) agree to pay their rent online the service will provide you with a secure account to which the payments can be made. These services pride themselves on their transparency so you can check your account at any time from any computer. You can see what payments have been received and which have not. You can also transfer funds to your business account for your own use.

Paying rent online has many benefits to both the landlord and the tenants. Online rent services provide confirmation to tenants and landlords that payment has been received so there’s no need for clumsy and easily lost written receipts. What’s more, they can provide an annual accounting of rent payments to both parties, an easier accounting than searching through your checkbook or your bank statement.

Online rent payment services are immediate. The same as paying any utility or insurance payment. The funds are deducted from the tenants account immediately and credited to the landlords account. For the landlord, the funds are instantly available for use. A few clicks and the rent payments are in his business or personal account to do with what he pleases.

For the tenant, there’s no worrying about will your check clear, getting a money order or cash, and making the payment on time. A little time at their computer and your done. No fuss and no worries. Again, online rent payment services make accounting for your annual expenses easy by delivering an accounting of your payments if you so desire.

All in all, the world is doing more and more online. There’s no reason not to think that using online rent paying services will be next. You’ll save time, you’ll save energy, and you’ll save hassle. And isn’t that what it’s all about?

Collecting Rent Online: Is it the future?

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Online shopping, travel reservations, movie tickets and even online bills. Could paying rent online be next? If the past has taught us anything it’s that people throughout the world love the Internet and frankly, can’t imagine living without it. So it only stands to reason that soon landlords will join the fray and begin collecting rent online.

Online rent collection portends to be a huge boon to landlords in so many different areas. Online payments are electronically processed and arrive in your account almost instantly. In addition, once the funds arrive they are instantly accessible. There’s no more waiting for checks, money orders or cash and best of all, you eliminate many bookkeeping and accounting functions which your bank now provides.

The first step in collecting rent online is to establish and account to receive your rent payments. A business account is your best bet as there’s no chance of your personal information being revealed. Once you have the mechanism to receive funds in place it’s time to make your tenants aware of this option. Flyers or letters are probably your best best. You’ll want to extoll the benefits of paying rent online to your tenants. Benefits such as the ease, the lack of hassle, no loner having to remember when the rent is due, and the relief of writing one less check and then accounting for it. Rent payments can be automatically programmed to be transferred to the landlord’s account on any date the tenant sets. Tenants who opt for this option literally don’t have to do a thing. It’s all taken care of electronically online.

You should also provide your tenants a form which they complete signifying their willingness to participate in online rent payment. You will then collect these forms and turn them over to your bank so they can prepare for rent payments form these tenants.

Of course, you may encounter some “old school” tenants who prefer to write a check which they receive back once cancelled. Your goal as a landlord is to do your best to convince these late adopters that they should, in fact, join the majority and switch to online rent payment. Ask these hold-outs whether they shop online, order theatre tickets online or even pay their utilities and other bills online. If so, then paying rent is no different, Their bank statement will show the deduction and the landlord’s will show the credit. All without writing a single check, buying a money order or walking around with a large amount a cash.Once you, the landlord, has received yeses from all your tenants, collecting rent online will put you in the category of some of the most progressive businesspeople around, And that, certainly, is  a good thing.