Making Rent Payments Online Via Property Management Software

By Layla Vanderbilt

If you're a landlord then you know at the beginning of the month that you have to track down all your tenants and make sure they've paid their rent. If someone hasn't paid rent then you have to print up late payment notices as well as eviction notices if it's a certain amount of days after the 1st. The process itself is very time consuming not to mention there can be many mistakes that are made accidentally. More and more managers are starting to use property management software which allows for renters to make online payments thus making the manager's job a lot easier. There are several different aspects of the software that managers can use to their advantage.

One type of payment method that is used by some managers is an automated withdrawal system. Using this system managers don't have to worry about collecting rent from everyone as the payments are taken out on the same day every month from tenant's bank accounts. Tenants will have to give the manager their bank account number, routing number, and have to sign a consent form for the automated payments. Tenants that use this method don't have to worry about making their rent payments every month. There can be problems every once in a while for the manager as some payments might be rejected due to insufficient funds. If this happens the property may be charged a fee by the bank that they will have to pass on to the tenant. Another problem for managers is that they can't change the value of the rent. Therefore the managers will have to collect separate payments for utilities that change such as water.

Another solution to money orders and paperwork is online payments. There are two types of online payment systems that managers can use. The first is by having tenants make payments using credit or debit cards. This is a great system for landlords as they can have all the payments recorded on the spot and not have to deal with tons of paperwork. If they want to see who has paid rent all they will have to do is check the software.

Finally you can also set up an online payment system where you use your bank account to pay your rent but it's not automated. This system works best as there are no fees as there would be with credit cards.

Both types of online payment systems can be very handy for managers as they automatically record when a tenant paid, how much they paid, and several other pieces of information if setup correctly. Using an online payment system can save landlords a lot of time and effort as well as make it easier on the tenants to pay their rent. - 23212

About the Author:

Layla Vanderbilt is the webmaster for a leading property management solution review website which connects people with the leading property management tools.