Making Rent Payments Online Via Property Management Software
At the beginning of every month property managers have to figure out who's paid rent and who hasn't. Then they have to run around and collect payments from tenants who haven't paid or put up notices that rent is late. After a few days if all of the tenants haven't paid then landlords have to print and put up evection notices. The whole process is very hard on managers and takes a lot of time to complete. However there is a solution to this problem. There is online property management software that will allow for managers to view tenant's payments and it allows for tenants to make payments from the comfort of their homes. There are several ways for the software to be beneficial to landlords and tenants.
One of the easiest methods for making payments is via an automated withdrawal system. This system is setup not using the internet but in the office between the manager and tenant. The tenant will give the manager the bank account number and routing info and then sign a paper consenting to the automated payments. If the bank account doesn't have the proper funds in it then the tenant will often be charged the fees that the landlord gets charged. However the problem is that managers are unable to edit the amount that gets charged to tenants. This means that any other charges, such as water, will have to be a separate payment.
In most other cases you can also go on the internet and set up accounts where you can pay via credit or debit card. This is very effective as tenants can pay their sewer, water, and rent all in one since they can specify the amount that they want to pay. The system will also keep a running tab on the payments and when they were made. This makes it easier for the tenant or manager to view the payment history. Unfortunately there are a few downsides to this method. In some cases you may have to worry about insufficient funds or fraudulent credit cards. While these cases are rare the management can get charged a 2% or 3% fee by the card company.
Finally you can also set up an online payment system where you use your bank account to pay your rent but it's not automated. This system works best as there are no fees as there would be with credit cards.
Online property management software can be very handy for all types of managers as they can stay more organized with less effort. This also means that you won't have to spend hours upon hours at the beginning of the month trying to figure out who paid rent because you can simply log onto the software and look. - 23200
One of the easiest methods for making payments is via an automated withdrawal system. This system is setup not using the internet but in the office between the manager and tenant. The tenant will give the manager the bank account number and routing info and then sign a paper consenting to the automated payments. If the bank account doesn't have the proper funds in it then the tenant will often be charged the fees that the landlord gets charged. However the problem is that managers are unable to edit the amount that gets charged to tenants. This means that any other charges, such as water, will have to be a separate payment.
In most other cases you can also go on the internet and set up accounts where you can pay via credit or debit card. This is very effective as tenants can pay their sewer, water, and rent all in one since they can specify the amount that they want to pay. The system will also keep a running tab on the payments and when they were made. This makes it easier for the tenant or manager to view the payment history. Unfortunately there are a few downsides to this method. In some cases you may have to worry about insufficient funds or fraudulent credit cards. While these cases are rare the management can get charged a 2% or 3% fee by the card company.
Finally you can also set up an online payment system where you use your bank account to pay your rent but it's not automated. This system works best as there are no fees as there would be with credit cards.
Online property management software can be very handy for all types of managers as they can stay more organized with less effort. This also means that you won't have to spend hours upon hours at the beginning of the month trying to figure out who paid rent because you can simply log onto the software and look. - 23200
About the Author:
Layla Vanderbilt is the content coordinator for a leading property management software review website which connects people with the leading property management tools.
posted by X - Men @ 4:53 AM
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