If you are not using a secure online system to collect your rent payments, you may be placing your cash flows and your tenant’s bank information at risk. One of the challenges Indianapolis rental property owners often face is collecting rent payments. Relying on traditional methods of payment, like personal checks, make this issue even more complicated. This is because the process of collecting a check has so many potential delays and, increasingly, security concerns.
Whether the rent check is late due to mail delays or waiting for your bank to clear it, or you’ve been the victim of mail theft and had a rent check vanish from your mailbox, it’s hard to justify sticking to a system in which so much can go wrong. It is about time you started collecting rent payments securely if you haven’t already. The following are some of the top reasons why.
Tenant Convenience
The majority of tenants prefer making their rent payments online. Tenants want convenience when paying their bills online, including rent. To avoid paying late, many people automate their monthly payments. It also offers tenants a way to use a range of payment methods to pay their rent, rather than relying only on a physical check dropped in the mail each month.
Improved Cash Flows
Receiving rental payments online typically results in more timely payments. Deposits arrive faster than personal checks clearing. Some payment platforms also allow you to check the payment status even before funds are credited to your account. Shorter wait times mean less time spent on your collections process.
Better Security
Most of today’s best online rental payment programs offer enhanced security features that are designed to protect your tenant’s sensitive information. With the rising cases of identity theft and fraud these days, just allowing a tenant to pay you securely may make them feel better about sending those payments in each month. Your tenant will surely appreciate your efforts concerning their safety. And a happy tenant stays in their rental home longer.
Peace of Mind
While many platforms offer online rental payments, you may be having a hard time deciding which one to choose. These options usually charge a fee to use their services and may even come with a long-term contract. They also usually make claims about convenience, quality, and security. Some rental payment platforms are still very new, so it is hard to validate if they live up to their advertising. With the prevalence of online rental payment scams, it is important to do a thorough check before signing up for any service.
If you are concerned about who to trust with your monthly rent collection, consider the benefits of hiring Real Property Management Indianapolis Metro to handle it for you. Our secure proprietary software offers tenants the convenience of making online rental payments and provides property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other Indianapolis property management companies can offer. In short, we have the tools you need to make monthly rent collection one of the easiest parts of owning profitable investment properties.
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