So you’ve been thinking about collecting rent online for some time, but you’re not sure how to get started. Perhaps you’ve considered accepting Venmo or Zelle payments or committing to a landlord specific platform like PayRent. Here are five things you should consider when selecting an online rent payment platform.
Security
Look for a platform that guarantees the privacy of your financial information from start to finish. While many tenants can personally send an ACH payment from their bank, they’ll need to know your account information to do so. Shield your personal banking information by using a third-party app or payment platform that keeps you and your tenants safe from fraud and identity theft.
It’s also important to consider the security of the funds once payment has been made. Peer-to-peer payment platforms don’t allow payments to be reversed, so if your tenant sends money to the wrong person on accident, they won’t be able to get it back. A landlord specific program guarantees that funds are paid to the correct person.
So you’ve been thinking about collecting rent online for some time, but you’re not sure how to get started. Perhaps you’ve considered accepting Venmo or Zelle payments or committing to a landlord specific platform like PayRent. Here are five things you should consider when selecting an online rent payment platform.
Security
Look for a platform that guarantees the privacy of your financial information from start to finish. While many tenants can personally send an ACH payment from their bank, they’ll need to know your account information to do so. Shield your personal banking information by using a third-party app or payment platform that keeps you and your tenants safe from fraud and identity theft.
It’s also important to consider the security of the funds once payment has been made. Peer-to-peer payment platforms don’t allow payments to be reversed, so if your tenant sends money to the wrong person on accident, they won’t be able to get it back. A landlord specific program guarantees that funds are paid to the correct person.
Payment Prevention
A rent collection-specific platform will allow you to protect yourself against payments from tenants you’re trying to evict by blocking all payments or only accepting the full payment amount. If you chose to use a peer-to-peer payment system or allow your tenant to deposit money directly to your account, you won’t be able to refuse or reverse payments which could weaken your case in eviction court or even force you to start the lengthy eviction process over again.
Late Fee Enforcement
Another thing to look for is a platform that helps you to enforce your late fee policies. A robust rent collection system will give you the option to add late fees for payments made after a specific time and only allow full payments.
Short Payment Processing Times
There are many rent collection platforms available from which to choose. Some charge monthly membership fees and contracts, while others only charge for the payments processed by the platform. Be sure to investigate what the typical payment processing times are. These can range from 2 business days to 10, with some platforms charging a premium for faster payouts.
Payment Prevention
A rent collection-specific platform will allow you to protect yourself against payments from tenants you’re trying to evict by blocking all payments or only accepting the full payment amount. If you chose to use a peer-to-peer payment system or allow your tenant to deposit money directly to your account, you won’t be able to refuse or reverse payments which could weaken your case in eviction court or even force you to start the lengthy eviction process over again.
Late Fee Enforcement
Another thing to look for is a platform that helps you to enforce your late fee policies. A robust rent collection system will give you the option to add late fees for payments made after a specific time and only allow full payments.
Short Payment Processing Times
There are many rent collection platforms available from which to choose. Some charge monthly membership fees and contracts, while others only charge for the payments processed by the platform. Be sure to investigate what the typical payment processing times are. These can range from 2 business days to 10, with some platforms charging a premium for faster payouts.
Robust Customer Support
Peer-to-Peer platforms may be less expensive initially, but you’ll find that you’ll receive little to no customer support when your payments are delayed or accidentally sent to the wrong person. Look for a platform that assigns a manger to their accounts for quick and responsive help when you or your tenants need it.
There are multiple service providers for landlords looking to collect rent online, so make sure you find one that meets your business needs and keeps both your and your tenant’s financial information safe.
Robust Customer Support
Peer-to-Peer platforms may be less expensive initially, but you’ll find that you’ll receive little to no customer support when your payments are delayed or accidentally sent to the wrong person. Look for a platform that assigns a manger to their accounts for quick and responsive help when you or your tenants need it.
There are multiple service providers for landlords looking to collect rent online, so make sure you find one that meets your business needs and keeps both your and your tenant’s financial information safe.
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