It Is Safer
The Federal Trade Commission reveals that about 9 million people will be victimized by identity theft each year – that is about 18 people per minute. When the fraud takes place, the FTC estimates that it would take $500 and half an hour for an average victim to resolve each case of identity theft. Except if your tenant personally hands over the check on a monthly basis, the fastest way to fall prey to these types of crimes is by getting a rent check. This is since the banking details of the tenant is printed right in front of all checks dropped in the mail box. Moreover, when the bank account of the tenant has been fraudulently drained, he will most likely turn out to be a major headache. Collecting rent online using the property safety measures makes sure that no one is prone to risk.
It Maintains a Good Relationship between the Landlord and the Tenant
When it comes to sales, the person who hardly ever collects payment is the one who gives you the pitch and gains your support. This is the reasoning behind this. It prevents a good relationship from turning sour by the negative practice of collecting payment. Online rent collection offers the same benefits. Every time you see each other, tenants will relate you with the brand new sink you have installed for them and not the money withdrawn every month from their bank account.
Consider this: your tenants will not be the ones to enjoy the positive effects given by online rent payment. Besides, it gets rid of the stress involved in confronting tenants who do not pay rent in a timely manner, which is not pleasant for both parties.
It Allows You to Remain Organized
Regular transactions between people that involve money require a higher level of organization. This is especially true if there are lots of properties and tenants concerned, since there are more chances to commit an error. Nevertheless, even though you may have only one or two properties, collecting rent checks every month requires you to communicate regularly and stay organized to make sure that payment is received within the right timeframe. Small errors can turn out to be disastrous when they lead to an argument, wherein the landlord and tenant claim that they are the aggrieved party.
One of the greatest advantages regarding online rent collection is the fact that is generates a seamless digital record that barely needs effort for you and your tenant. It is easier to settle any possible disagreements with no room for arguments or opinions: less documentation, maximum effectiveness.
You Can Rely on It
No tenant every said that he/she is excited to pay rent every month. People usually remember the things that make them happy, and this does not include rent payment. If “pay the rent” is found on the last number of your long to-do list, the best tenants can also forget about it.
Paying rent online enables tenants to set up automated payments. This way, even if you do not prioritize rent payment, it will still and always be paid on time. One more major benefit of automatically scheduling rent payments is the fact that it gets rid of your tenants’ temptation to use rent money for other unforeseen expenses.