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Why You Should Offer Online Rental Payments

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Why You Should Offer Online Rental Payments

In today’s world, most everything is done online. From shopping to interaction with friends, we use the internet on a daily basis. When it comes to your rental property, why not offer online rental payments as well? As technology continues to advance, rental properties have more ways to provide convenience to their clients. Learning more about online payment options will ensure you can provide your tenants with the best and most convenient options for making payments.

The Online Advantage

Think about this. How many bills do you pay online? If you are like most people, you take advantage of online banking and pay your mortgage, car loans, cell phone, and even utilities online. Being able to provide an online option for your rental properties will provide a convenient way for your tenants to make payments.

With online payments, tenants can easily send in their monthly rent payment when it is due. The online transaction means you collect the rent right away instead of waiting for a check to clear. In the past, rental payments were made via check, which meant you would be able to clear the payment in a few days. This can create a large span of time in which you are waiting on funds.

With today’s online banking, payments can be made instantly, which helps you to see the payment in your account quicker than ever before.

Setting Up Services

One of the easiest ways to set up an online payment option for your rental property tenants is to work with a Chicago property manager. A seasoned manager will have the software already in place that can be integrated with your property details. You can then alert tenants to the new process and they can use a debit or credit card to make their monthly rental payment.

Any Chicago property manager will tell you that going online creates a whole new wealth of opportunities for your business. You will be able to stay on top of your rental payments as well as know when someone falls behind. With online features, you can keep track of every aspect of your rental properties, easily making changes as needed.

Provide documentation or even step by step instructions on how to make the payments online for your tenants. Older renters may still want to use check or cash payments, so you need to consider if you will allow this option alongside the online payment system.

A property managing company will be able to provide you with insight into what your options are when considering online payments. You can create a customized experience that fits your rental properties as well as tenant needs. In no time, you will have a solution online where tenants can log on and pay their monthly rent.

Consider this option as it is a modern way for tenants to take care of rental payments. Advertising the online payment system can also be positive for tenants who want more convenience when it comes to renting. This small change can reap major benefits for your business as renters will be more apt to work with you and payments will be quicker than ever!

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