Rent collection is one of the most stressful tasks associated with property management. If you are collecting paper rent checks and entering the rental data manually, we can understand the difficulties you must be experiencing. Tenants not paying their rent on time or incomplete rent payments are a few concerns worse than complicated tenant eviction.
It's time to add convenience to your tenant payment processes through online rent payments using enterprise accounting software. Introducing a paperless system by implementing online payment options mutually benefits both businesses and residents. Below are a few ways online rent collection can help property owners and tenants.
- Saves Time & Money
Property managers have to spend a lot of time and money on manual rent collection, deposit slips preparation, and depositing funds. Once the check clears, they have to spend more time manually updating resident records. Online rent collection can save a lot of time as they can pay their rent online. Online payment options also reduce operating costs. For example, REDA offers a cloud-based payment solution and allows tenants to pay their rent online through debit cards, credit cards, eCheck, and others.
Online payment option helps property managers streamline their workflows and drive efficiency. Many property managers from different real estate companies have quickly and easily grasped REDA property management software and enjoy accepting online rental payment options as it saves their efforts in paperwork management and reduces their rent week workload by more than 50%.
- Reduces or Completely Eliminated Errors Involved in Manual Audits & Edits
Financial and accounting errors can be expensive. But if you choose REDA for rental payment management, you can easily avoid commonly faced accounting errors caused due to paper-based record-keeping systems. The digital payments option in REDA eliminates mistakenly posting the same payment again and failing to post any payment. Online payment processing also prevents errors while entering the data, such as improperly coding transactions and transposing numbers, which can further create inaccuracies in the balance sheet and other financial statements. With a paperless system like REDA, these common errors are reduced, saving the company time, money and frustration while increasing overall efficiency and productivity.
- Enhances Both Tenants' and Landlords' Security
With the introduction of several payment technologies, landlords and tenants find it easy to perform online transactions. Online payment is the most reliable form of payment as it saves time, improves cash flow, enhances efficiency, and reduces cost. Cash payments are not safe and put both parties at a security risk. With online payment options, you can move around anywhere and make the necessary payments when needed. They are reliable and secure.
- Protects Tenants' Identity and Privacy
Choosing a well-designed property management system like REDA is designed to keep security infused at every step of the customer engagement process. This also includes online payment portals, which protect both in transit and data at rest. Absolute security ensures residents can pay rent online without worrying about identity theft and are confident that their data is shielded from unauthorized people.
- Identify Trends & Make Informed Decisions
If you wish to operate your business successfully, you need accurate records. Online transactions are 100% accurate. You can use transaction records as it is an efficient way to share rent payment histories with anyone. You can also check back data in the system to help your teams know the trends, such as non-rent assessments, late payment frequency, and payment type preferences that may change over time. Real-time analytics offered by REDA always prove beneficial as it is built within your technology platform and lets you and your team make better business decisions. Property owners are also encouraged to pay assessments online and accept monthly expenses to have a clear and complete picture of the financial health of their property business.
- Creates Transparency & Makes Communication More Simpler
Paying rent through online payment channels via a fully integrated system allows both property owners and tenants to access rental payment history, review fees, and assessments, and change payment options 24/7. From a business perspective, this integration enables property managers to streamline communication through automated features, like text messages and email alerts to tenants when rent is due. They can also add one-time payable add-ons through the software itself, irrespective of the portfolio you manage.
- Gives More Flexibility To Tenants
The more ways to pay property owners, the more likely tenants will adopt online payment modes, and the better you have to get your rent payments on time. Different payment options like eCheck, electronic money orders, credit cards, debit cards, and bank drafts give your tenants more flexibility and support they need in terms of rental payment. Apart from offering multiple payment gateways, you can also give them the flexibility to make payments. For example, REDA - Salesforce CRM for real estate allows you to set up a payment plan and convert the existing amount into an easy-to-pay series of payments. This will relieve the tenants while maintaining visibility into the pending repayment plan as per the agreement.
Wrapping up!
The ability to pay rent online is not only preferred but also expected. When you provide your residents with modern ways of making payments, you are taking some initial steps to enhance their customer experience, eliminate errors, boost efficiency, save money and give your property managers ease of time. Now they will have enough time to focus on new strategies to grow your business and increase your profits.
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