The world today cannot rely on physical means of payment anymore and online payment services have provided a great deal of security and ease to landlords. Most tenants forget to pay the bill due to their busy schedules, however; online rent payment is the all-time choice because it prevents tenants from forgetting to write out a check and walk it to the landlord’s mailbox. Besides safety and eviction issues, surveys have shown payment problems as the top concern for landlords.
The world is vigorous and so are lifestyles. In this hustle, you cannot suppose your tenant will grab a wallet, rush towards the bank, fill out a check, and transfer the rent. Here are a few evident advantages of why online payment is the first choice for landlords.
Easy to pay and receive
The increased convenience provided by online payments is inevitable and it benefits both the landlord and the tenant. Instead of tracking a busy tenant all day waiting for them to hand the rent check over, payments can be made conveniently and efficiently by ePayment.
E-payments are used to keep track. The time has passed when landlords kept huge volumes of receipts and bank transfer slips and nowadays, the bank does it all for you. All the tracking of payments along with the details of the payee are accessible to the landlord making all the information is organized under one roof. The service provider companies also contribute to ePayments and have made it easier than ever. Click here for more information.
When it’s the matter of the money, security is what we all need. In online payments, additional security is offered to make sure the money transfers to the right person. This additional security includes card payments, e-wallets, and service provider companies. In card payments, companies like Visa or MasterCard have highly secured networks, making online payments the easiest way to bank. Moreover, all the receipts, messages, and mails are kept in record to make ePayments more secure.
Various options for ePayment
An additional advantage of online payment is the numerous available options. Many rent collection apps are now designed to alarm the tenant about the payment. E-Check, PayPal, credit cards, and websites have reduced the incidences of delayed payment. Moreover, the tracking system has released us from the challenges and insecurities.
The decline in check fraud
The risk of check fraud is the most commonly faced problem by landlords. The checks can easily be counterfeited with advanced technology, however; using online payments while paying rent reduces the paper trail. All the excessive struggle of receiving the check from the tenant and traveling to the bank only to discover that the check has bounced, can be minimized by the use of online payments. E-payments ensure legitimacy more than any outdated method.
Check submission and clearance can take hours, whereas, money transferred online is done in a matter of minutes, allowing the landlord to receive money instantly. This way has helped many people in the hour of need.
The decrease in late payments
Online payment saves loads of time for the tenant as well as the landlord. Hence, your tenant can say goodbye to nonstop excuses. No matter where the landlord is located, the money can be transferred with a click.
MOST PREFERED METHODS OF ONLINE RENT PAYMENT
PayPal is one of the easiest and most secure methods of online payment. The company is serving throughout the world and has been proven an effective substitute for paper check-system. To use PayPal all you need to do is create an account on the PayPal site, log in your bank account/debit card/credit card number, and you will be able to shop, receive payments, or transfer payments in no time.
Due to their high security and fraud control features, credit cards have been used for decades now. Moreover, the money is not deducted immediately from your bank account, and instead, it takes a solid two to three days to deduct the money, making them a buyer-friendly option.
If you worry about credit card debts, a debit card is another helpful and convenient option for you. The debit card protects fraud activities and direct money transfers through the bank account, and to ease your security worries, a code/pin is required to make payments and is the only way to get money out of the bank.
Alternative payment services that can also be used are: Google wallet, Amazon pay, Stripe, Blue pay, and many more. These service providers ensure complete security and the money transferred is sent and received within minutes. As an added bonus, the buyer protection features provided by the payment services improves day by day due to intense competition in the market.