Nearly every simple task in today’s modern world happens online. From shopping to communication, technology plays into all aspects of life. Given this is the standard, it’s time to collect rent online. Changing your rent collection method may seem overwhelming, but trust us — many tenants want or even expect the option for digital payments.
In fact, many companies actually charge a fee for customers that don’t pay online. Here are five benefits that happen when you collect rent online and ditch the cash exchange.
Benefits That Happen When You Collect Rent Online
Switching to online payments makes your life easier. You’ll get notified when your tenants pay their rent and when the money goes into your bank account. Plus, your tenants will appreciate the availability of online payments. They can set and forget with AutoPay, which means less late payments and chasing down your money.
You’ll Save Time
When money directly deposits into your bank account, you’ll reduce the number of trips you make to the bank for you and your tenants. It’s a pretty significant time savings each month.
Plus, setting up a program like RentMindMe takes minutes. Not to mention the time you’ll save month after month with automated tasks. If you could do five minutes of work today and save yourself hours moving forward – would you make that tradeoff?
When you implement systems, tenants recognize that you have processes, and they conform to those processes. Many landlords and property managers worry that it will be hard to transition their tenants into a new process. We can assure you that it’s rarely an issue.
Thanks to rent reminders and automated invoicing, you won’t get as many questions about rent rates and due dates. That means fewer headaches for you and your team.
We get it, some of you love doing paperwork and compiling reports for your accountants or bookkeepers. But you have to admit that it takes a lot of time. When you collect rent online with software, everything gets reported automatically. That means more time to focus on growing your business — also, less human error, which is always a benefit.
Supplementary Benefits Beyond Rent Collection
When you adopt software to collect rent online, you’ll get more benefits to help streamline your business. You wouldn’t run an accounting firm without software to help you manage tasks, so why are you running your real estate with spreadsheets and notebooks? It’s time to increase efficiencies and get the most profit possible.
Want to learn more about how to collect rent online with property management software? We’re here to help. Give us a call to schedule a demo today.