Do you collect your tenant's rent via checks and money orders? While these forms of payment do have their merit, they can get lost or stolen. That's why many landlords are switching to online rent collection.
It's a secure form of payment that's convenient and saves the time of both you and the tenant. There are multiple methods that you can use to set it up. You can go through a property management company or use money transfer apps.
Do you want to learn more about collecting rent online? Check out this guide for essential tips for landlords in Vancouver, WA.
Benefits of Collecting Rent Online
Online portals give tenants a convenient option for paying rent. They can do it right from their home instead of coming to your office and writing a check.
When your tenant pays online, you'll receive the money right away. No more waiting almost a week for a check to clear!
Most apps and software programs will allow you to send a message to your residents to remind them when their rent is due. That means you'll have fewer tenants who forget to pay until the last minute.
Checks and money orders can become lost or stolen. Record keeping can also be a pain when you only take physical payments.
Is Online Rent Collection Safe?
When it comes to anything related to money, safety is of the utmost importance. Some tenants are hesitant to pay their rent online simply because they don't trust it.
In reality, it's the most secure payment option for both tenants and landlords. As long as you choose an online payment option in Vancouver, WA, you won't have to worry about a data leak.
How to Collect Rent Online
When it comes to collecting the rent online, you've got two options. You can go through a property management company or use secure money transfer apps.
Property Management Company
If you're already going through a property management company for tenant screening and applications, it makes sense to allow them to manage your online rental payments as well.
This is the most secure method for accepting online payments. It's also straightforward. All your tenant will have to do is create an account. From there, they can pay their rent or even set up automatic payments if they want.
Money Transfer Apps
Some renters in Vancouver, WA prefer to pay through money transfer apps like Venmo and PayPal. The app is linked to the tenant's bank account. When they send their payment to you, it will pull the funds from their account and send it to you.
This method is a bit messier than going through a property management company because you will have to manually move the tenant's payment into your bank account.
Make the Switch to Online Rent Collection
Online rent collection is fast and convenient for both you and your tenant. It's also safe and secure as long as you go through the right company.
Invest West Management has been servicing customers in the Vancouver, WA area for over forty years. Contact us to learn what our team of property management experts can do for you.
