Managing a rental property is harder than many
people realize when they first started leasing their properties. Besides the
challenges that come with maintaining the property, collecting rent can become
a real time sink. Collecting rent from tenants and depositing it into bank
accounts becomes more laborious the more properties or units you manage.
ClearNow has tools that can make these processes more manageable. Here are four
ways that ClearNow
can help landlords and tenants.
Setup a Payment Portal for Paying
Getting a rent payment from an occupant can be
surprisingly problematic. When people pay by mailing a check, some checks will
get lost in the mail, which slows down payment. You have to wait for the renter
to send a new payment or travel to pick up the check in person. ClearNow makes
it easier for renters to make their payments by helping landlords set up online
payment portals. With ClearNow, you get the service you need without having to
run your own secure website for financial transactions. ClearNow has provided
electronic rent payment since 2000 while maintaining a perfect BBB rating. Our system works for any
property, whether you have one rental unit or a hundred thousand.
Provide Customer Service to
Tenants Paying Rent
Using ClearNow for online rent payments also
provides additional benefits for tenants. When you try to run your own online
payment system from a website, there is no support for the tenant. Most online
rent payment services do not have phone support. It’s essential to offer some
technical support for web-based services since some of your tenants may not be
extremely computer literate. With ClearNow, we have phone support Monday
through Friday from 9 a.m. to 5 p.m. ET. If your tenants are having trouble
setting up their account or they encounter another issue, we’ll be there to
Ensure Landlords Get Paid on Time
For many property owners, it’s essential that
they get their rent payments promptly. The money from the rent may be needed to
pay expenses related to property management. Landlords can’t afford for money
to be tied up in the banking ether. When you use ClearNow to collect rent
payments, the money is always directly deposited three banking days after the
debit day. How often you need to make deposits determines how which services
from ClearNow you’ll need. Each ClearNow account debits on a specific day and
credits to a specific bank account. Instead of setup fees, ClearNow fees are
based on your debit day and are only charged when you attempt to debit a
tenant. This way, property owners who only need a single monthly deposit pay
less than larger management companies that need debits more often.
Improve the Credit Score of Your
Getting tenants to switch to online payments
is easy with the intrinsic benefits of using ClearNow. When using ClearNow to
pay rent, tenants improve their credit by paying their bills. Tenants can
establish credit history by having ClearNow furnish data to Experian RentBureau.The rental data from
Experian is updated every 24 hours, so every on-time payment helps your tenant.
As Experian explains, “This quick turnaround and robust data impacts every
point of decision making – from identifying higher-quality residents and
improving bad-debt recovery to streamlining the collections process.”
As you can see, there are a lot of benefits to using
ClearNow to handle rent payments for your property. If you want to spend less
time collecting and processing rent, while providing excellent features to your
using ClearNow today. Send us a message online if you have any
question about using our services.
We’re happy to announce that we have incorporated e-signatures into our online enrollment process for tenants.
Tenants no longer need to print, sign, scan, and email the tenant form to us. Recently, many tenants have let us know that they did not have access to a printer and wanted to complete the enrollment process just with their smartphone. Their wish has been granted!
Tenants can now use their smartphone or computer to complete the tenant form entirely online. After they complete the form online, they just need to email a photo of their voided check, bank statement, or direct deposit form.
It is easy to get tenants to use our e-signature process. Landlords simply log into their ClearNow accounts and click on the ‘Add Tenants’ menu choice. Follow the instructions to “Email the form to your tenant”. The email that tenants receive gives them the link to use the new online signature process.
ClearNow furnishes rent payment data to Experian RentBureau. Once a tenant is enrolled in ClearNow, he/she can opt in for this service. Once we have four months of complete data, those payments are furnished to Experian. Thereafter, the tenant’s ClearNow rent payments are furnished on a monthly basis.
You can have a complete tenant screening report delivered to you in seconds. This powerful and hassle-free tenant screening service enables landlords to set up an account, request authorization from the applicant, and almost instantly receive the applicant’s complete report. It will include the applicant’s credit score, criminal background check, eviction report, and an easy-to-understand recommendation!
Tenant screening is useful for landlords because it provides insight into the type of tenant an individual might be before committing them to a lease. Tenant screening with TransUnion’s SmartMove, enables landlords to learn more about a tenant’s background through their credit score, criminal background check, eviction report, and an easy-to-understand recommendation. To learn more, visit ClearNow.MySmartMove.com.
ClearNow‘s income and expense tracking feature is a FREE tool that makes it easier to track rental income and expenses. It provides instant “Profit and Loss” reports with clickable links for details as well as a “Schedule E Helper” report that saves hours during tax time. When you use ClearNow for electronic rent collection, the rent collected and associated fees are automatically recorded as income and expenses, saving you more time.
Once you have set up your ClearNow account, you may email the tenant enrollment agreement to your tenant. The tenant may also access a blank copy of the form by going to www.clearnow.com, select the “Tenants” tab, choose the correct debit day, and print the form. The tenant must complete and submit the form along with bank documentation either by email to email@example.com or fax to 919-680-4700.
A property manager can enroll in ClearNow to receive electronic rent payments by completing and submitting the ClearNow Property Manager enrollment agreement with their bank documentation. Once their ClearNow account is set up, they may have the tenant and property owner submit their enrollment materials. The owner will receive owner proceeds from the tenant’s rent payments. The property manager would assign the amount he/she should receive and the amount the property owner should receive from each rent payment. Both of their deposits would occur three banking days after the tenant’s debit day.
ClearNow can only process rent payments for landlords and property managers in the United States. We cannot collect rent in Canada.
Yes we do! We prefer that enrollment materials be sent by email to Support@clearnow.com because it is more likely they will transmit clearer, but you can also fax enrollment materials to 919.680.4700.