Why Online Payments Will Now Dominate as a Rent Payment Option

January 17, 2022

Renters’ expectations grew in lockstep with technological advancement. Some property managers have realized that they needed to allow tenants to pay their rent online, if not via their smart device. So, will online rent payments lessen the need for more traditional payment methods? 

1. Electronic Payment Processing is Simple, Easy, and Inexpensive

Renters with checking accounts had to write a check every month and either send it in person or mail it to the rental office. Hence, offering a paperless payment option is quickly becoming a standard for apartment communities of all sizes. Faster payment processing, enhanced security, and convenience will benefit both parties.

2. Personal Checks Have the Potential to Bounce

Renters with low incomes are less likely to have a savings account, so they must pay with cash, check, money order, or cashier’s check. Due to the traceability and guarantee of funds, property managers tend to favor money orders or cashier’s checks over the other options. However, for personal checks, there’s a possibility that it will bounce. This means there isn’t have enough money to cover a scheduled payment. When this happens, the depositor’s bank does not honor it, which can lead to fees and banking restrictions.

3. Receive Cashback or Rewards Points

Renters prefer property management firms that accept credit cards without charging a fee. Not only is this a convenient option, but this allows you to earn money from your purchases by either paying you a percentage of what you spend or rewarding you with reward points. The more you use your cash-back rewards programs, the more money you’ll be able to save.

4. Cash Payments are Difficult to Track Down

It’s difficult to follow the trail of cash. It’s difficult to follow the trail of cash. Even with banking statements and payment orders, it’s difficult to keep track of cash payments, particularly if various tenants are receiving the same cash amount. After all, cash isn’t associated with a name or a check number.
You can certainly consolidate a stack of receipts. However, they are easily misplaced. It’s difficult to classify them. Likewise, the ink on thermal receipts fades over time, leaving a blank piece of paper to be confused with. they are easily misplaced. 

5. Secure and Immediate Form of Payment

Tokenization, encryption, SSL, and other security features are available in numerous electronic payment systems. Renters no longer have to enter their card details every time they complete a transaction because they can save them or make payments using an OTP (One Time Password). The risk of robbery, costly human error, or fraud is reduced when there is less cash in and around your business.

Additionally, there is no time or location constraints when making online payments. These can be easily made from anywhere in the world at any time.

6. Optimized Client Experience

The advantages of accepting online payments for your business also extend to your clients. You can devote considerable time improving your renters’ experience by ensuring that every transaction is quick and efficient. One of the most important aspects of a positive customer service is the ability to save time and money while also being more convenient. 

Leave a Comment