Eco friendly rentals can help attract and retain tenants.
Successful landlords attract and retain good tenants. The tenant selection process can be time consuming. Time is money. Landlords win when they find great tenants and have low tenant turnover. This post will provide landlord tips for eco friendly rentals. Embracing green living can be important to certain tenants.
Reducing or eliminating paper altogether is an easy first step towards an eco friendly rental. For example, online rent payment eliminates checks, envelopes, and stamps. Furthermore, it makes rent payment and collection fast and efficient for both tenants and landlords. There are many online rent payment services available for landlords. Another easy way to go paperless is with electronic signatures. Landlords can have tenants sign leases electronically and save the environment because you do not need printers or paper.
Another landlord tip for eco friendly rentals is to provide recycling bins along with trash bins for tenants. Curbside bins make it easy to reuse or recycle and helps the environment.
Lastly, using energy efficient lighting and water saving fixtures are two more landlord tips for eco friendly rentals. For example, LED bulbs and toilets and faucets that use less water help with efforts towards environmental sustainability and attracting tenants where green living is important.
Tenants can use some prepaid cards for online rent payment.
When you are at the store and ready to check out, we sometimes hear the store employee ask, “Will you be paying by card?” In years past, “card” usually referred to “credit card”. Fast forward to present day, and now the definition of “card” is not so crystal clear. Mention of the word, “card”, could mean “credit card”, “debit card”, or “prepaid card”. Fortunately, many tenants can now use a prepaid card for online rent payment and discover its convenience.
Unlike debit cards, prepaid cards are not linked to a bank account. Instead, you deposit money into an account so that when you use the prepaid card, funds are deducted from that account. Credit cards allow you to pay for items by borrowing money. When you hear “payment on credit”, it usually refers to payment by way of a loan. You are obligated to pay charges made on your credit card within a period of time after the purchase. While different, all of the cards come with fees of some sort.
When it comes to online rent payment, not all services accept credit cards, debit cards, and prepaid cards. For example, ClearNow does not accept credit cards or debit cards, but it can debit some prepaid debit cards. Tenants wanting to use ClearNow with their prepaid debit card need to first check with their card company to ensure their card account can accept an ACH debit. If it can, then tenants may use their prepaid card for online rent payment with ClearNow.
The benefits of online rent payment can reach landlords and tenants.
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.
Online rent payment is superior to mobile check deposit.
One of the conveniences of the smartphone revolution has been the introduction of “mobile check deposit“. With the help of an app, you can photograph a check for deposit while never leaving your home. For landlords and property managers, mobile check deposit for rent payment is an improvement over driving to the bank or ATM. It is convenient, but there are drawbacks making it not the best way for landlords to receive rent payment.
Downsides of Mobile Check Deposit
Mobile deposit still relies on a paper check. Mailed checks take time to receive. In some cases, they get lost.
Because mobile deposit is check-based, most banks put a hold on accessing funds until funds clear. In some cases, the first $200 may be available the next day, however, the delay can be much longer on larger amounts.
Mobile check deposit for rent payment can still bounce. If the tenant does not have enough funds by the time you deposit the check, you will likely be charged an insufficient funds fee.
Online Rent Payment is the Superior Solution
Online rent payment eliminates paper. Rent payment is electronically withdrawn from the tenant’s bank account and then directly deposited to the landlord’s bank account. The beauty of online rent payment is that checks cannot get lost or delayed. Even if the landlord is on vacation, the deposit will still happen.
One of the oldest and most trusted online rent payment services is ClearNow. With ClearNow, landlords save time and collect rent faster. Rent is directly deposited three business days after the debit day. A landlord can enroll with ClearNow at www.ClearNow.com.
Among the options for online rent payment, ClearNow and Venmo are two.
Landlords have choice on how they want to collect rent. Cash and checks are still methods used today. More efficient methods like online rent payment can range from focused rent payment services to basic money transfer apps to full service property management software. There are pros and cons for each method, so landlords should consider things like fees and ease of use before committing. In this post, we will compare ClearNow to Venmo for online rent payment.
ClearNow for Online Rent Payment
ClearNow is a focused online rent payment service where payments are initiated by the landlord. Serving landlords and tenants since 2000, ClearNow directly deposits rent three banking days after the tenant’s debit day. For a monthly debit, ClearNow starts at $14.95/month. This fee includes the debit of one tenant. Additional tenants are $2/month.
Unique among all online rent payment services, ClearNow has an owner proceeds feature where property management companies can directly deposit tenant funds to the property owner’s bank account for just an additional $2/tenant.
In addition to online rent payment, ClearNow provides landlords with various reports including a Schedule E Helper report for tax time. With ClearNow, landlords can record income and expenses, screen tenants, and esign leases. In 2011, ClearNow was the first online rent payment service to allow tenants to report payments to Experian. So tenants can build a credit history with their ClearNow rent payments. Unlike other services, ClearNow provides telephone and email support, so you can talk with a person if you wish.
Venmo for Rent Payment
Venmo is similar to Zelle in that it is a money transfer app. Tenants can use Venmo to transfer rent payment directly to the landlord’s bank account. To send and receive funds via Venmo, tenants and landlords have to have the Venmo app. Unlike Zelle, Venmo does not require both parties to have a bank account that is part of a specified network of banks. Generally speaking, money transfers occur within minutes, even though it can take a few days for funds to clear. Venmo charges businesses who receive funds a transaction fee of 1.9% + $0.10 of the payment. This fee is a consideration for landlords who operate as a business entity.
One of the biggest considerations for landlords accepting Venmo for rent payment is the issue of partial payments. Because tenants initiate the Venmo payment, tenants may not pay rent in full thus making it difficult to recoup the full amount due or even evict if necessary. Some states prevent eviction if partial payments are made.
Summary of ClearNow vs Venmo for Online Rent Payment
Service
Pros and Cons
ClearNow
+ Focused online rent payment service + In business since 2000 with an “A+” BBB rating + $14.95/mo for one tenant. $2/mo each additional tenant. Rent payments received in 3 business days. + Reports for landlords such as Schedule E helper and P&L + Email and phone customer support + Tenants can build credit history for paying rent +Automatic income & expense tracking for landlords + Enroll at www.ClearNow.com
Venmo
+ General money transfer service + Landlord and tenant need to have the Venmo app + Tenants initiate payment and can make partial payments + Pricing is generally free. There is a transaction fee for businesses to receive funds. + No reports specifically for landlording activity + Set up account at Venmo.com or download the Venmo app
In the 2000s, the big 3 US credit bureaus started to add rent payment information to an individual’s credit history. Initially, they offered this only to some people who rented from the largest apartment companies.
How to Build Credit History with Online Rent Payment
There are a number of services that help tenants get their rent payment information added to their credit history. Unfortunately, some of them appear to be a little expensive. RentReporters charges a $94.95 sign-up fee and then $9.95/mo. Rental Kharma similarly charges a $50 setup fee and then $8.95/mo per renter.
If you can get your landlord to use ClearNow’s online rent payment service, there is no fee for you as a tenant to have your payments furnished to Experian. Landlords using ClearNow pay $14.95/mo for the first tenant and just $2/mo for each additional tenant.
Make rent payment and collection easy when it’s on autopilot with ClearNow.
One of the most important obligations tenants have is paying rent. And one of the most important tasks landlords have is collecting rent. With any chore, completing it with the least amount of work and time is the goal. So putting rent on autopilot with online rent payment is the answer for landlords and tenants. 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. So the only thing tenants have to do is ensure they have sufficient funds in their bank account. Most online rent payment services, like ClearNow, automate the entire rent payment and collection process. This means once a tenant is enrolled and they have sufficient funds in their bank account, then rent payment is made.
For landlords, rent on autopilot with online rent payment means they simply need to wait to see the rent deposited to their bank account. Rent on autopilot eliminates waiting for checks in the mail and making trips to the bank. Online rent payment makes life easy, and services like ClearNow are the answer for many landlords and tenants.
The variety of accounting software make it challenging to integrate with all.
ClearNow is an online rent payment service that has been serving landlords and tenants since 2000. Its focus is on the transfer of rent from the tenant’s bank account to the landlord’s bank account. ClearNow makes the rent collection and payment process easy and efficient for both parties. On occasion, landlords will ask us, “Does ClearNow’s online rent payment service integrate with accounting software?”
ClearNow’s online rent payment service integrates only with RentalIncomeExpense.com. Created by ClearNow, RentalIncomeExpense.com is a free tool that enables landlords to track income and expenses for their rental property. ClearNow automatically records rents collected and service fees paid in the built in income and expense tracking tool.
Landlords have a lot of choice when it comes to accounting software. The variety of such software makes it difficult for ClearNow’s online rent payment service to integrate with all of them. For ClearNow landlords using a tool other than RentalIncomeExpense.com, they can download a CSV or PDF file that can be used to help populate their data in whatever tool they use.
Landlords who use ClearNow can easily add additional income and expenses from within their ClearNow accounts. The built in income expense tracking tool within the landlord’s ClearNow account makes it easy to run reports. Landlords who do not use ClearNow for online rent payment can still track income and expenses by setting up a free account at RentalIncomeExpense.com. Hopefully after reading this post, you now know the answer to “Does ClearNow’s Online Rent Payment Service Integrate with Accounting Software?”
ClearNow and Zelle are online rent payment choices for landlords to consider.
Landlords have a lot of choices today when it comes to collecting rent online. Choices include focused online rent payment services to basic money transfer apps to full service property management software. They are not all created equal, so landlords should consider things like fees and initiating party before committing to a payment method. In this blog post, we will compare ClearNow vs Zelle for rent payment.
ClearNow for Online Rent Payment
ClearNow is a focused online rent payment service where payments are initiated by the landlord. Serving landlords and tenants since 2000, ClearNow directly deposits funds three banking days after the tenant’s debit day. For a monthly debit, ClearNow starts at $14.95/month. This fee includes the debit of one tenant. Additional tenants are $2/month.
Unique among all online rent payment services, ClearNow has an owner proceeds feature where property management companies can directly deposit tenant funds to the property owner’s bank account for just an additional $2/tenant.
Beyond online rent payment, ClearNow provides landlords with various reports including a Schedule E Helper report for tax time. With ClearNow, landlords can record income and expenses, screen tenants, and esign leases. In 2011, ClearNow was the first online rent payment service to allow tenants to report payments to Experian. So tenants can build a credit history with their ClearNow rent payments. Unlike other services, ClearNow provides telephone and email support, so you can talk with a person if you wish.
Zelle for Online Rent Payment
Zelle is a money transfer app that enables tenants to transfer rent payment directly to the landlord’s bank account. It requires both landlord and tenant to have a bank account that is part of the Zelle network. Generally speaking, money transfers occur within minutes, and generally Zelle does not charge sender or receiver (some Zelle banks do charge small businesses).
While fast and free, some landlords may not prefer Zelle as a method of rent payment. Tenants initiate the payment and may not pay rent in full thus making it difficult to recoup the full amount due or even evict if necessary. Some states prevent eviction if partial payments are made.
Additionally, depending on your bank, Zelle may limit transfers to $1,000/day or $5,000/mo.
Summary of ClearNow vs Zelle for Rent Payment
Service
Pros and Cons
ClearNow
+ Focused online rent payment service + In business since 2000 with an “A+” BBB rating + $14.95/mo for one tenant. $2/mo each additional tenant. Rent payments received in 3 business days. + Email and phone customer support + Tenants can build credit history for paying rent +Automatic income & expense tracking for landlords + Enroll at www.ClearNow.com
Zelle
+ General money transfer service + Same day transfer times + Tenant and landlord have to have bank accounts on the Zelle network. + Tenants initiate rent payment and can make partial payments. + Pricing is free for users with Zelle accounts. Zelle may limit total amounts that can be transferred. + Enroll through a bank that is part of the Zelle network.
With online rent payment, tenants pay rent on time and can build credit history.
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.
