The benefits of setting up recurring payments for rent collection




More than half of the population do not pay their bills on time simply because they forgot to do so. Landlords who no longer want to remind their tenants of rent payments due, as well as tenants who like to improve their credit rating and rental history, should consider setting up recurring payments.

This gives tenants a “set it and forget it” alternative to ensure their rent payment is withdrawn from their bank account each month. Plus, homeowners don’t need to go through the hassle of waiting for check payments, going to the bank to deposit them, and recording the payments in their records.

Homeowners will see a reduction in late payments

Due to reminders and notices, it is much easier for tenants to remember that their rent payment is fast approaching. In fact, tenants can deposit money directly into their landlord’s bank account without having to know their bank details. In addition, there are also different ways to pay the rent online, such as through:

websites

Text message

Mobile apps

Many tenants have gone through the stress of realizing their rent payment is already due. Today, there are a number of online payment options that save you the hassle of running to the bank or digging deep inside the house to find your checkbook. They just need to open their computer or use their phone and in a matter of minutes, their payment is ready.

Tenants can view bill status anytime, anywhere

Tenants do not need to be caught off guard regarding the status of their bill. Many online rent payment platforms allow you to view the status of your bills 24/7. They can also benefit from simple digital records that allow them to do without paperwork.

Rent payments are more secure

Paying rent online is one of the safest options for both renters and landlords. Tenants don’t have to worry about their checks being lost or stolen in the mail.

Online rent payments give tenants more security. On the other hand, checks contain bank information printed on the front. Therefore, tenants who pay rent by check are more likely to be victims of fraud.

Pay rent online from almost anywhere

In the above, paying rent online avoids the inconvenience of buying envelopes, stamps, and checks. Tenants don’t need to rush to the bank on time, as all they need to do is wait a long time at their computer or reach for their phone to pay their rent. You can imagine what it would be like to be able to pay rent while enjoying time at a coffee shop or standing in line at a grocery store.

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