If you are running a property management company, you have probably already discovered one of the greatest problems you face is ensuring rents are paid on time. Handling the financial side of just one property can be a headache. However, dealing with multiple properties can easily lead to confusion and stress. Finding the right property management payment solutions to meet your company’s needs is paramount in guaranteeing your business runs smoothly and all your rental payments are received in a timely manner.
The Perils of Outdated Payment Methods
It is surprising just how many tenants in today’s modern society are still making their rent payments in cash or by check. In almost every other financial area of life, people are making payments over the Internet – from checking their bank balance to buying goods or services online. However, when it comes to paying their rent, the old ways still die hard.
While some landlords see no reason to instigate any changes or bring their payment collection systems into the 21st century, there is every reason to start looking for more contemporary property management payment solutions that are better suited to the modern world.
The inconvenience of having to write a check and send it in the mail, or of having to physically go to the bank to take out cash in order to make a rent payment can often lead to late or missed payments. Keeping track of when the rent is due can be difficult since everyone has a busy lifestyle, and, therefore, it is incredibly common to find tenants have failed to make their payment when expected. While this may only seem to be a minor problem, when it occurs regularly, or across several properties, it can soon start to become a major issue. Landlords and property management companies need to maintain a regular cash flow to operate successfully. When tenants miss payments, that cash flow is interrupted, which can lead to problems in paying for goods, maintenance, and services.
The Benefits of Choosing Online Payment Portals
Integrating an online payment portal with your existing property management system is one of the best ways to increase the number of tenant rent payments received on time while also improving your landlord/tenant relationships.
A property management payment solutions provider, such as BillingTree, can set up a convenient system that enables tenants to make their rent payments over the Internet when it is convenient for them using a wide range of payment methods to suit their needs. Offering the ability to pay using an e-check, credit card, debit card or ACH payment, tenants can access the system 24/7 to suit their schedule and can make payments through any Internet-enabled device for extra convenience.
Using the services of a property management payment solutions provider will greatly increase your revenue as a landlord, and will improve the customer experience for your tenants exponentially. There is no easier or more seamless way to bring your property management company up-to-date.