Receiving Payments on Time with A Rental Payment Platform
There are many challenges that face landlords and property management companies. However, one of the greatest has to be receiving rent payments in a timely manner. One way to simplify matters is to set up a reliable rental payment platform allowing tenants to pay the amounts they owe at the appropriate time and via the method that they prefer. This ensures that landlords enjoy better cash flow and expend a lot less time and effort on dealing with nonpayments of debts – time that would be better spent on dealing with more important property-related tasks.
How Does A Rental Payment Platform Benefit Landlords?
For landlords who are struggling to receive payment from their tenants, the obvious solution is to find a way of facilitating payments so that tenants do not have to go out of their way to pay their rent. Traditional options, such as cash or paper checks, may still be accepted. But, in today’s modern age, they should no longer be the primary method to receive payment. By expecting residents to go to a bank, to comply with office opening hours, and to write out paper checks and mail them, landlords are making matters more complicated than they need to be. In a world of reliable Internet connections and smartphone online access, it makes sense to give tenants what they want – a way of making payments from the comfort of their own homes and from the palms of their hands. With an online payment portal, BillingTree guarantees that residents are able to benefit from the latest technology and make their payments over the Internet at a time and place to suit their needs. With an intelligent IVR (interactive voice response) system also at their disposal, landlords who manage a number of properties can more easily direct tenants to the correct payment channels through customized system programming and then allow for payments to be made over the phone using account data validation and touch-tone prompts for a solution that is secure and user-friendly.
The primary benefit of offering a reliable and modern rental payment platform is that it is possible to receive money more quickly. And with real-time authorizations, landlords no longer have to wait for checks to clear. However, there are other benefits, too. A rental payment platform is a cost-effective option that makes sure landlords and property managers no longer have to pay out for check processing fees. Instead, they can benefit from the competitive rates offered by BillingTree’s network of established banks.
One further benefit is the smoothing of the relations between landlords and their tenants. The landlord-tenant relationship can be a difficult one, especially when it comes to late or missing payments. However, BillingTree’s rental payment platform helps to improve that tricky relationship, to attract good tenants to the property, and to encourage long-term residencies.
Do Tenants Benefit from A Rental Payment Platform?
Although many of the benefits of a rental payment platform are for the landlord, tenants, too, can benefit from this innovative arrangement. Because they can make payments 24 hours a day, every day of the week, tenants can easily fit their rent payment into their lifestyle. So, whether they work an awkward shift pattern or are unable to access their landlord’s office during working hours, they can still make a payment using the method that suits them best, from credit and debit cards to ACH payments. Tenants can also benefit from knowing that their payments are secure and will be authorized in real time. Therefore, there will be no more worries about checks being lost in the mail or issues relating to security or potential fraud.
Is BillingTree’s Rental Payment Platform Compliant?
Compliance with today’s complex regulations can be another headache for landlords. However, when they opt for BillingTree’s convenient rental payment platform, they can have the peace of mind that comes with knowing that their system will be in line with current legislation. Fully SSAE-16- and PCI-DSS-certified, BillingTree’s solutions are ideal for landlords who want full compliance without any additional hassle. By partnering with leading property management software solutions, BillingTree also ensures innovation and full integration with existing systems for a seamless solution that works perfectly. It also guarantees it is capable of adapting to future enhancements thanks to the dynamic code base. Harnessing the latest payment technology, BillingTree’s systems have been deployed thousands of times, so both landlords and tenants can have confidence in their reliability.
Driving up revenues, BillingTree’s property management payment solutions make sure that landlords benefit from faster and more secure payments while also enjoying better relationships with their tenants. Through the convenient rental payment platform, both property managers and tenants reap the advantages of faster and easier payments with the added peace of mind that comes with greater security and better value for money.