This article is #2 of a 5 part series Part of the Propertyware Tenant Portal Series. For additional suggestions checkout the rest of the Tenant Portal Software for Rental Property Management series.
When you allow online rental payments via a tenant portal system, you make payment easier for your tenants. Today, digital payments are common, and people are more likely to be willing to pay their bills and their rent online. For your business, this means that you'll be paid quicker and the entire process will be easier for you and your tenants.
Encouraging tenants to pay online
Some of your tenants may be comfortable paying online, while others may be more reluctant. For those who are worried about online payment, you can offer a simple tutorial and implement additional website security to reassure them that their information is safe. If tenants have a hard time remembering to sign up, provide an incentive for new people. Make the online signup process a standard part of your new tenant program.
Electronic payments are easy to track with your property management system
When you're doing online payments, your payments become much easier to track. You can get your software programs to automatically track when payments come in so that you can understand who pays on time and who is chronically late. Your software can tally up overdue payments for you, and it can give you reports on the percentage of on time payments throughout the year.
Online payments facilitate automation
As you try to get certain processes more automated, payments are a logical choice. An online payment system is easy to manage with automatic invoices, and it's also simple to set up recurring reminders through your software and payment systems. Not only is online payment faster, it saves your employees time.
They are attractive to tenants
While online payments are helpful for you, they're also very attractive to most tenants. Tenants want to pay their bills at night and avoid going to a mail box. The convenience of online payments can become one element of a package that attracts new tenants to your business.
Additional Reading: Top 25 Websites for Advertising Your Property Rental Listing
Improve your cash flow
If your cash isn't flowing, you have a much harder time running and building your business. Getting online payments is quicker and easier than receiving checks in the mail. Quoted in The Globe and Mail, Mike McDerment CEO of FreshBooks states that "managing your cash flow is basically the lifeblood of your business as a small business owner, so with something so mission critical, you want to choose carefully."
You can focus on the future
Online payment frees up your cash flow to focus on the future. A Wall Street Journal article (subscription required) mentions that small business owners are "finding that mobile-payment devices and other technologies are making it easier ...to turn sales into working capital overnight." In this rapidly-moving world in which properties, tenants, and business needs can change so quickly, implementing a property management system that can help with online rental payments allows you to free up time and money to focus on the future.
Are you trying to make it easier for your tenants to pay online? With its unique tenant portal, Propertyware's property management software makes it simple for tenants to go online, ask questions, and make payments.