We are living in a world of increasing digital connectivity, where convenience is the driving force of progress . If your property doesn’t already accept rent payment over electronic media, it should. Modern renters are tech savy, and phone apps and digital resources are already a part of their day-to-day lives. Accepting electronic rent payment comes with a host of advantages for you and your tenants. Here are a few of the major benefits you gain from implementing electronic rent collection.
Any experienced landlord has heard their fair share of late payment excuses. No matter how many days in advance your property management business accepts rent payments, there is always a resident with a seemingly good excuse for why they are going to be just a day late. With anytime rent payments, there are no more excuses. ValencePM processes secure payments through PayYourRent, and deposits are often same day as the payment. The payment dashboard can be easily accessed in the resident portal, and a mobile app provides further convenience.
People are forgetful. Our electronic rent payment system also allows for set-it and forget-it recurring payments. These payments will be automatically withdrawn when rent is due , and will provide residents the convenience of a worry-free payment system.
With electronic rent acceptance, you gain the advantage of sending automated mobile alerts over email or text message when the rent due date approaches. When it comes to rent payments, you will have done your job as a property manager by providing convenient payment options and reminders for the residents.
Electronic rent payment will benefit your property management business as well. Having electronic rent collection creates a trail of evidence detailing payments and deposit dates. This automatic record keeping will allow you to quickly search and answer resident questions regarding rent. Payment date can be difficult to prove with a walk-in money order, but with electronic payment you will have a record of payment time down to the minute. When a tenant claims to have paid a fee, you can check the system immediately for proof of payment. This process will be less burdensome for management staff, and the book keeping process is automatic. Valence is accountant-friendly, and the electronic system will be a game changing asset to your staff.
Rent checks are a liability for your business. You have to store them onsite, which can be a security risk for sensitive resident information. Theft is always a concern, and losing vulnerable data can put you in a bad spot. The constant trips to and from the bank, the fear of losing a check, and the processing time for a check deposit can be very annoying indeed. With electronic rent payment, all these issues are thrown out the window as you never have to leave the building to cash checks on collection day.
Enhanced security is a great feature, and one of the many benefits of electronic rent collection. By accepting payments online, you eliminate the risk of storing sensitive resident information in filing cabinets. The longer you have physical assets in your building, the more vulnerable you are. Our electronic rent payment system is secure, and will prevent your residents from identity theft or fraud.
Sign up for a free demo, and see how ValencePM electronic payment solutions work. You get to enjoy secure, happy tenants who make their payments on time. Payments can be made and received wherever you, or they, are, and you can eliminate paper checks forever. Take a step into the future of rent collection today.