One of the biggest challenges with rental property is paying and collecting rent. Collecting rent from tenants is time consuming. If you receive payment by check or cash, you have to then find time to deposit it. This process becomes more laborious the as the number of properties you manage grows. ClearNow’s online rent payment service has tools that can make the rent process more manageable. Here are some ways where ClearNow’s benefits of online rent payment reach both landlord and tenant.
Rent Payment on Autopilot
ClearNow makes it easier for tenants to pay rent online. Once set up, tenants just need to have sufficient funds in their bank account on their debit day. That’s it. They do not have to deal with checks, mail, or any interaction to pay rent with ClearNow. Similarly, landlords using ClearNow simply wait to receive rent payment directly into their bank account. ClearNow eliminates the time and expense related to picking up rent from tenants and depositing checks at the bank.
Build Credit History
The benefits of online rent payment extend to helping tenants build credit history. With ClearNow, tenants can build credit history by having their ClearNow rent payment data furnished to Experian RentBureau. The drive to build credit history encourages tenants to pay rent on time which in turn, benefit landlords. Landlords want to get paid on time.
The benefits of online rent payment with ClearNow are evident for landlords and tenants. While landlords get paid on time, tenants benefit in the process of building credit history while making the rent payment process easy.
January is a time of reflection and commitment. Traditionally, we set goals for the New Year. For landlords, why not improve the way you do business? Many landlords still wait for a rent check in the mail. Improve your landlording by making it your goal to use online rent collection for the New Year!
The Many Benefits of Online Rent Collection
The obvious benefit of online rent collection is less work for the landlord. There is no check to collect, no deposit activity that takes your time (even with mobile deposit you need to sign the back, take pictures, etc.).
But, from 20 years in the business, ClearNow can list some additional benefits:
Younger Renters love online rent payment. Many of them have expressed that they no longer receive checks when they open a bank account!
Your recordkeeping is better! Online rent payment services like ClearNow allow you to see any historical payment activity in a report by time or address.
You get your rent faster from renters who procrastinate or are travelling (or involved in an emergency). The name of the game of property management is collecting rent.
It is Easy to Get Started
ClearNow is a service that has helped landlords collect rent online for over twenty years! ClearNow makes it super-easy to sign up and then email all your tenants so that they can sign up. Learn more at www.ClearNow.com and get started on a positive change for the New Year!
Online rent collection is almost a no-brainer for landlords and property managers. It allows you to collect rent faster, with fewer excuses and less procrastination from tenants. On top of that, online rent collection is less work – rent arrives automatically into your bank account. However, landlords often think that to implement online rent collection they need to sign up with a full property manager suite like Appfolio or Buildium. Nothing could be farther from the truth. In fact, there are strong benefits to just signing up for a standalone online rent collection service.
Less Disruptive to Your Process
You do the things you do for a reason. It works for you. While change is good, it usually doesn’t make sense to throw away your whole process to attain one benefit.
Yet, many providers of online rent collection want you to undertake their entire “ecosystem” of property management software just to do online rent collection. Why replace how you do your accounting just to do online rent collection? Fortunately, standalone online rent collection is available through services like ClearNow (www.ClearNow.com). You can just setup online rent collection without changing the rental processes that you are comfortable with.
Potentially Way Less Costly
Moreover, one of the big benefits of using a standalone online rent collection service is that it is often cheaper. Appfolio charges at least $280/mo.Buildium charges at least $50/mo with additional fees for online rent collection. Holy Moly! Once again, fortunately, standalone services exist and they can be less expensive. ClearNow (www.ClearNow.com) starts off at just $14.95/mo for one tenant and each additional tenant is just $2/mo extra.
Don’t despair if you are looking to try out online rent collection for your rental business and feel like it will be a complex process. Enjoy the benefits of easy-to-implement and inexpensive standalone online rent collection services like ClearNow.
Online rent payment (also known as online rent collection) is a method that uses technology to pay and receive rent electronically. There is no paper involved with online rent payment, whether it be in the form of cash, check, or money order. Instead, rent is paid and collected by paperless methods like credit cards or by electronic withdrawals from and deposits to a bank account. With today’s modern technology, landlords and tenants benefit from the convenience of online rent payment, which saves time and improves communication.
For landlords, online rent payment eliminates any trip to the bank to deposit rent as rent is directly deposited to the landlord’s bank account. Online rent payment can also streamline the bookkeeping process. Depending on how landlords track rental income and expenses, some online rent payment services, like ClearNow, have landlord accounting built in such that rent payments are automatically recorded in the books saving the landlord even more time.
For tenants, online rent payment eliminates the need to write a check and mail it or visit the leasing office to drop off rent. Additionally, tenants do not need to schedule payment, as some online rent payment services will automatically debit tenant bank accounts on a recurring basis for the lease term.
Most online rent payment services provide a range of communication beneficial for landlords and tenants. Examples include rent reminders for tenants to prepare for upcoming withdrawals, emails for landlords of failed tenant payments, and payment histories for both. Such communication and transparency enhances the landlord/tenant relationship and off loads this task making online rent payment convenient.
According to Yahoo, the overall trend of online payments is increasing in popularity. In the past, setting up online rent collection was challenging. Today, there are a number of online rent payment services to support landlords and tenants creating convenience for both parties.