With all the technological advancements happening before our very eyes, it’s important that entrepreneurs are able to cope with all the changes. Clients and customers want almost everything to be automatic and instant. So why do things the traditional way if you have better options?
Time = Money
This definitely applies to managing rental properties, which can be a great way to earn some passive income. There are a lot of tools and ways that can help you simplify your rent collection, making the process more favorable for you and your tenants. Below are some of the best online rent payment tools that you may want to consider. Check them out below.
With Avail, you are allowed to set up each individual tenant and enter their data such as their monthly rent and payment due date. You would even be able to add a late payment fee if your tenant pays passed the due date. Moreover, the app also allows you to schedule security deposit payments. As for your tenants, they also have the option to set up their payment preference, whether manually or through automatic recurring monthly payments to ensure payment deadline is never missed.
Avail also sends reminder emails 5 days before the rent is due and on the actual due date. Payments received are deposited to your bank account within 3 business days.
Clearnow works a bit differently from Avail as instead of allowing your tenants to make the payments themselves, this app automatically withdraws the payment from their bank account and transfer it to yours within 3 business days.
This app though doesn’t take partial payments so if the funds aren’t enough, no money will be taken out from your tenant’s bank account. Fees can either be paid by you or the tenant, whichever you prefer.
Offering a complete platform to bill tenants and collect rent online, Clickpay is perfect for property managers and landlords to automate their rent collection process. Accepted modes of payment are credit cards, e-check, and paper check payments.
Cozy.co on the other hand, is perfect for individual landlords and renters. The platform aims to change the way renting works by making rent collection as easy as possible.
Envoi is a relative newcomer to the sector, but they are moving the whole industry forward with artificial intelligence driven solutions for property managers. Their IBill service allows your residents multiple online payment options, as well as access to 30,000 convenient payment centers all over the US.
eRentPayment is recommended for property managers and landlords. Features are as follows:
- Efficient online Applications
- tenant screening
- Online Rent Payment Collection
- Maintenance Requests Processing
- Credit Reporting
Rentigo offers quick payment deposit, as fast as 48 hours upon collection. Payments accepted are e-checks and credit cards. Like Avail, Rentigo also allows tenants to schedule recurring payments ensuring rents are paid on time.
There you have it! You should be able to find an automated payment solution that’s both affordable and efficient. Free up time to focus on the most productive activities you possibly can, and you’ll reap the rewards.
Entrepreneurs have to focus on automating tasks and finding ways to free up time if they want to scale up their endeavors. If rental income is either one of your ‘side hustles’ or a full-time source of income, you’ll want to be as efficient as possible in your management. Giving your tenants a convenient way to pay rent online is a great first step towards saving time so you can reinvest your efforts into the next big thing.