Online Rent Collection Services: Convenience Redefined

Online Rent Collection Services:
Convenience Redefined
In today’s fast-moving world, the time has become of the essence. If one
is a landlord, one has to give a heads up to the tenants for rent
collection. It could be a task to visit one’s tenants every month and
collect the rent check. In addition to that one has to pay a visit to the
bank to deposit check and then wait for it to get cashed.
Why not simplify the rent collection? Of late, the online rent collection
services are gaining stream as they offer a hassle-free and easy mode
of rent collection and rent deposit both for landlords and tenants. A
reliable online rent payment service offers landlords an easy way to
collect rent that saves time in the collection gets one access to one’s
money faster. Therefore, instead of waiting for those checks to come in
the mail or going and collecting the rent, one is advised to use the latest
online rent payment tools. These rent payment sites connect one with
one’s tenants and typically allow payments to be transferred directly to
one’s bank account.
As an alternative to giving one’s tenants access to one’s private banking
information, these sites act as a third party between the landlord and the
tenant. While these sites do charge a nominal fee for their service, many

of them give one an option of deciding who would pay the charges
landlord or the tenant or both. Be reminded, before collecting the rent,
that the landlord should know how to rent a house and will want to be
sure to do a thorough job of tenant screening background check.
Advantages to using an online rent payment tool:
These online rent payment services allow the landlord to set up
each individual tenant, enter their monthly rent and due date, and
add a separate late fee if rent is paid after the stipulated date.
Tenants have an option of logging in to make a payment every
month, or to set up recurring payments so rent is never late.
Automatic reminder emails are sent 5 days before the rent is due,
and again on the date, it is due. Tenants payments are deposited
within 3 business days.
Depending on the platform, tenants can pay by E-check, Debit
card, Credit card, PayPal, SMS Payment, etc.
Collecting rent through an online service gives the landlord digital
documentation so one can skip the paperwork.
Online rent payment is one of the most secure options for both
landlord and tenant. For the tenants, it eliminates the concern over
lost or stolen checks. In a recent Identity fraud consumer report,
researchers encourage consumers to use online bill pay whenever
possible.
Some online platforms even furnish a tenant’s rent payment history
to one or more of the three credit bureaus, which helps the tenants
establish a credit history.

These online rent payment portals are not just money transfer, it’s
automated rent collection with landlord-specific features like receipts,
reminder emails, payment tracking, and autopay that tenants would
definitely appreciate.
WEBSITE: https://www.verticalrent.com/