Rent payment issues are a top concern of every landlord. However, they are more concerned about not getting paid than having tenants who have a history of crime or troublesome eviction. More than 50% of Americans do not pay their bills on time because they simply forget. That is why, landlords feel troubled because of their tenants’ payments.
Fortunately, there is an answer to their problem. Advancement in technology has made it possible for tenants to pay rent via the internet. Landlords and tenants love this solution since it provides many benefits to both parties. In this article they will discover why paying rent online is convenient and beneficial.
Schedule Recurring Payments Is Convenient
As earlier mentioned, more than 50% of the country’s population forgets to pay their bills on time. Whether an individual is a landlord who is fed up of reminding his tenants that their rent is due or he is a tenant who likes to increase his/her credit score and improve rental history, he can opt to schedule recurring payments.
This payment option enables tenants to “set and forget” so that they could make sure that their rent payment is taken from their bank account every month. In addition, this saves the landlord the bother of waiting for the check, falling in line at the bank to deposit it and recording the payment manually in their accounting ledger.
View Bill Status Anytime
Tenants will no longer be unaware of their bill status. A lot of online rent payment platforms let tenants view their bill status anywhere they are at any given time. These platforms also have simple digital records, allowing them to skip the paperwork.
Secure Rent Payment
Actually, online rent payment is among the most secure options for landlords and tenants. There is not need for tenants to worry about checks and personal info on them getting lost in the mail or even worse, stolen. As a matter of fact, according to an official report, the University of North Dakota reported that researchers are encouraging consumers to pay their bills online whenever they can.
Tenants are more secure with online rent payments. On the other hand, checks contain bank information that is printed in front of it. This makes tenants who use checks more vulnerable to fraud.
Make Rent Payments from Anywhere
As earlier said, paying rent online takes away the hassle of buying checks, envelopes and stamps. Tenants do not need to rush to the bank to be there on time. They simply have to get their phone or log on to any computer to pay their rent. They can just imagine how it feels to pay their month’s rent while they are passing time at a coffee shop or lining up at a grocery store.
They younger generation pays 61% of their bills via the internet so, it is only sensible for landlords to provide tenants with the option to pay rent online. As a matter of fact, according to some studies, 85% of individuals who pay rent online will most probably pay the rent next month.