Checks, cash, direct deposit - there are so many ways to accept rent payments from your residents. And these options create headaches on the bookkeeping end of being a landlord. Not only do you have to figure out how you’re going to keep track of who paid, but also who paid when, who owes late fees, how much the late fees are, how you’re going to get the late fees… It’s all part of the business.
Unfortunately.
Did you know there’s an internet option that helps you with rent collection and does a lot of the bookkeeping for you? This option is called Online Rent Payments. Here’s how it works and how it can help you run your business-
When you use software that allows you to collect rent online, you are able to receive rent payments directly to your bank account with a system that will check to make sure the resident’s payment is good and will go through.
Your resident will be alerted about a week before that their rent is due.
Your account will keep a ledger for you of invoices and payments.
The ability to pay rent with a credit card or with a bank account is open to your resident twenty-four hours a day, seven days a week.
As much as you would prefer to not have to keep track of all the rent payments, your resident likely doesn’t want to have to remember to pay rent every month. Auto-pay lets residents set up what day of the month they would like their rent to be paid and they don’t need to worry about it again.
The software will calculate late fees for you and automatically post it to the resident’s account.
