If you use rental collection or payment websites, you may come across the phrase ‘instant pay’. You may not find this phrase in ye’ old days of slow internet, but now with the fast and convenient internet, this phrase may pop up more frequently. So… what is instant pay? That’s what we’re here to find out!
What is Instant Pay?
Instant pay is a method of payment that may exist on some rental collection system. A rental collection system is a system in which rent can be collected online from the tenant on behalf of the agent or landlord. These systems help agents or landlords to collect rent, and one of its ways is to let tenants choose their method of payment. This can be manual, in which rent is collected in real life face-to-face. This can also be direct debit, where rent is collected automatically. Finally, this can be through instant pay, where the tenant pays rent online through an online portal without needing to meet the agent or landlord in real life. This usually entails choosing your bank of choice and then paying through their website.
Why Use Instant Pay?
First and foremost, instant pay is one of the most convenient ways to pay your rent. This is because you can just pay your rent from home. If you were to pay your rent manually, you would have to pass the rent money face-to-face to the agent or landlord. With instant pay, you could also pay your rent instantly, with little time lag. With manual pay, you’d have to contact or be contacted by the agent or landlord, then travel to meet them, and then pay the rent, and then come back.
2. Cost of Travel
Also, instant pay can help in saving some costs. When paying rent manually, you’d have to travel to the designated location. This will cost fuel if the location is a distance away. There is also the point of withdrawing the money. If payment is made manually with cash, you’d have to travel to the bank to withdraw that money. With instant pay, there will be no travel needed. You can pay from home, and pay straight from your bank account.
3. Feeling of Control
There is also the point of feeling of control that comes with paying rent. This feeling of control depends on your trust in machinery and the internet. When people don’t trust internet, paying the rent manually will give them the strongest sense of control whereas paying rent through direct debit will give them the least sense of control as it is deducted automatically. Instant pay is the middle option. It doesn’t give as much sense of control but it will give enough as you have to press the button when you pay.
Finally, distance is something to take into consideration. This isn’t just the distance you’d have to travel, but the distance between you and your landlord or agent. In this current time of Covid-19, distance is very important for the safety of you and your family. In fact, even ignoring Covid, there are still a bunch of diseases that spread easily. Thus, using instant pay to pay online may be the best option as of right now.