There is a lot of discussion about how online rent payment benefits landlords. In fact, online rent payments are a win win for both landlords and tenants. We all lead busy lives, including tenants. Anything that helps simplify and save time are welcomed. Similar to landlords, tenants benefit from online rent payment.
Never Forget to Pay Rent
The convenience of online rent payment is difficult to dispute. As long as tenants have funds in their bank account, rent will always be paid, and it will be paid on time. Most online rent payment services, like ClearNow, are automatic. This means once a tenant is enrolled, their payment is made on their designated debit day every month. Tenants do not need to schedule anything online. They just need to have sufficient funds in their bank accounts. Life is easy and simple when chores, like paying rent, are on autopilot.
Build Credit History
In the early 2000s, the largest US credit bureaus started adding rent payment information to an individual’s credit history. Initially, they offered credit reporting only to tenants who rented from the largest apartment companies. So there was still a large number of tenants missing out on this opportunity to build credit history because they were renting from smaller landlords. In 2012, Experian made a revolutionary step by allowing tenants using ClearNow’s online rent payment service to report their rent payments. For many tenants, rent is their largest expense. So when paying rent on time, tenants benefit from online rent payment. ClearNow along with other services enable tenants to build a credit history with online rent payment.