6 Benefits of Having Tenants using Instant Payment
Before the innovation of software systems, which help the property managers with an online rent collection, the property manager practically moves from one door to another to collect rent payments in cash from various tenants. The act of physical collection of rent payment was one of the things that made managing a real estate property difficult. Not too many property owners wanted to take on hands-on management. Hence, the system of Instant Payment which has numerous benefits.
One of the critical hiccups with real estate management is the problem of timely collection of rent payment. Tenants not paying up their rent is a concern. More so, tenants can have various reasons for not paying their rents in time, and forgetfulness can be one of the reasons. The RentGuard System can handle this issue.
Landlords and tenants equally benefit from the relief this online rent payment technology provides. Read on to learn about the convenience and various benefits that come with having tenants make their rent payments over the internet.
Most tenants love to have things done smooth and timely, and this is a more reason why adopting Instant Pay is an excellent idea, particularly when you consider tenants’ convenience, and you also want to collect payments on time.
Unlike before, when rent payments are collected in cash from door to door and processed into the landlord’s bank account via deposit or check, with a payment alert on the tenant’s mobile gadget, he or she can head straight to the online hub and make the expected payment. This instant payment benefits ultimately and saves time.
2. Instant Payment benefits of Rescheduling Recurring Payments
Online Payment is used by most of the Software Systems, for example the RentGuard System give the tenants and option of having the monthly rent payment deducted from their accounts when the time is due; this is a function of settings done by the tenant. On the part of the landlords, it saves them of the stress of waiting to have the check-in their mail, going to the bank to deposit in person, and manually recording the rent payment in their accounting book; there is an online record for the payments.
3.Enhanced Security for both Tenants and Landlords
In recent years after the intervention of new payment technologies, most landlords and tenants have been more comfortable with online transactions. Instant Pay is a reliable form of making payment. It saves time, enhances efficiency, improves cash flow, and, more importantly, reduces cost.
Cash payments can put both the tenant and landlord at a security risk. Unlike in the past, the world has evolved so well that people can move around with their phones that have a bank account with billions of dollars. It is easier to move around and make the necessary payments when needed. This online option of Instant payment is a reliable one.
4.Instant Payment can be done at anytime
The approach to be used by the tenant hinges on which one is preferred by the landlord. Regardless of which one is chosen, payment at the convenience of the tenants is ensured. With Instant Rent Payment, tenants can remotely pay up their rent the day it is due.
Unlike the old method of payment where tenants may need to go out to mail a check to the landlord. This puts the tenant at risk. Online payment is secure, fast, stress-free, and relatively reliable. Also, online payment can make tenants avoid late payments. This is to the advantage of the property manager and the tenant, too.
5.Easier Dispute Resolution and Audit Track
The use of an online payment method to collect rent for tenants makes it easy to settle possible financial arguments or disputes. This is another benefits of Instant Pay. There are different tenants concerning attitudes toward the payment of rent. A dispute over payment can erupt when a tenant claims to have paid his due, unknown to the landlord.
In this case, the landlord can easily access the software system right away to confirm the validity of the claim. More comprehensively, the property management company track all the tenants’ transactions. Hence, they can see what has been paid and what is left.
To the tenants, this online tenant portal enables them to check their payment histories, the date paid, and the amount left to balance up if any. All these give no room for dispute and grants a well-informed financial resolution.
6.Payment Reminder benefits
It is a cliché that most tenants make excuses for forgetfulness or occupied schedule when it comes to late rent payment. Yes, the system can be useful in making sure cases like this never come into play in the first place; this is where ‘a reminder’ option surfaces, another one of the benefits of Instant Pay.
This reminder alerts the tenants when the rent payment period is due. In this case, the tenant pays on time, and the landlords not only don’t need to physically remind the tenant of paying up but also get their money in time.
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