Payment systems have seen a 180° shift from the traditional approach of paying for goods and services to a much more convenient style of using the internet. In as much as we still relish the good old fashioned way of going out to shop, we cannot ignore the conveniences of the online experience. Paying for goods and services online have become important parts of many people's lives.
Both businesses and customers have embraced the online experience as a cheaper and more convenient way to pay for goods and services. An industry that's known for its innovative approach is Property Management. It suffices to say that with the technological advancements and structured systems put in place by some property management companies, it still faces an enormous challenge of collecting rent on time and averting defaults.
One top concern of all property management companies is payment problems. Untimely payments or not getting paid can be a more concerning problem for property managers than tenants. With more than half of Americans paying a bill late due to obliviousness, it’s no surprise property management companies are concerned about their tenants’ monthly payments.
The convenience of paying rent online
As mentioned earlier, over half of the country’s population fails to pay bills on time simply because they forgot. More so, there are many problems associated with the collection of rent, be it in person or via mail. This could range from payments made at the eleventh hour, to kited checks or the strains of physically collecting and cashing the checks.
As a tenant, one of the biggest benefits of paying rents online is that you can pay rent at your own convenience. You may forget to mail checks or may not be able to get out of the house to send them. With online rent payments, you can pay the day the rent is due, and nothing gets lost in the mail. Online payments can help you avoid late payments and associated late fees, which is a benefit for you.
Reduce Your Stress with Automated Recurring Payments
Automated payments can make your life easy and its relevance can't be overemphasized. One of its unique features is the reminders via text and email. As a tenant, this would enable you to make timely payments on rent, avert charges from tardy payments and ultimately build a good credit score. Interestingly, a good number of payment gateways and systems operate a full stack of features with the option of autopay. According to a wide range of studies, tenants who use an autopay option are able to avoid late fees and make timely payments.
Mobile Payment Options go hand in glove with a busy lifestyle
Imagine the pressures of an active work and personal life. The ability to maintain a good balance between them can be a important task. So, the need for technology that eases these pressures is exigent. That's exactly why adopting a mobile payment option on a mobile friendly website or payment gateway saves you time and allows you to focus on other things. It doesn't matter where you might be on the globe, paying your rent will be a walk in the park.
Rent Can Be Paid from Anywhere
You might be a consummate professional with frequent travels and a tightish squeeze of activities. Sometimes, finding the time to physically displace yourself to pay rent creeps into your productive time. Also, you could be a tenant who has trouble staying in touch or remembering to mail a check every month.
The likelihood for you to run late on your rent payment is high. In order to avoid an unpleasant outcome of running behind schedule, Online payments offer a convenient and effortless user experience, one in which you could be in another time zone entirely and still pay your rent on time.
Increase Visibility to Your Payment History
Some tenants like to take stock of their expenses and personal finances. They want to be apprised on the outflow of their money and what they're spending on. Adopting an online payment system gives you access to your payment history. With a few clicks and scrolls you would be able to have a detailed record of your past and current records.
A good property management company would offer its tenants the option of making payments online via a tenant portal. Some tenants have a busy schedule and are unable to make payments in person or via checks. Luckily, the option of making payments online saves time and stress.
Fewer Mistakes are Made
The merits of being connected to an online payment system are enormous. There is little room for mistakes, and errors on your account can be traced and resolved in a timely manner. Additionally, an overview of your account is at your disposal; this enables you to be in the loop on late fees, deposits or pending payments. On the other hand, it facilitates the accounting process of your property manager and enables them to track your rental payment history.
With both parties having access to the same information, conflicts can be resolved, satisfaction is heightened, and financial securities will the order of the day.
At Authority Property Management we've adopted cutting edge technology in an effort to make the lives of our clients and tenants easier. We have an unwavering commitment to provide first rate customer service, and we are dedicated to the goal of making our customer service the best in the industry. So, if you’re renting and eager to have the option to make online payments, we make it possible for you to do so.
Written by Kilo Kenan for Authority Property Management
