Collecting rent online is the best way to receive payments safely, build a positive landlord-tenant relationship, and save time for you and your renters.
Online rent payment methods save a ton of time, although that’s not the only advantage. For landlords and property managers, online payments make tracking and documenting your transactions easier. You can quickly obtain information about your bank accounts and, if necessary, arrange recurring transactions.
With TenantCloud, users may collect rent payments from tenants online within the system by using an effective payment processing system powered by Stripe. The system includes both ACH Transactions and credit/debit card payments.
What is the Secure Payment Feature?
A credit card number, expiration date, and cryptogram are all encrypted as part of a secure payment to safeguard its users and ensure no information travels over the internet unsecured.
What Is the Most Secure Way to Collect Rent?
Every landlord has several options for collecting rent. Here are five ways to collect rent:
- Mail: Landlords can collect rent using money orders or mailed checks. It's an old-school way to collect rent with the disadvantages of late payments or having checks lost in the mail.
- In Person: Collecting rent in person means a lot of paperwork. However, it will almost guarantee rent payments on time.
- Drop-Off: Property owners can accept rent payments from their office, but it is rather time-consuming, requires staffing, and has the added risk of having your tenants’ payments lost or stolen.
- Hire a Property Management: Delegating rent collection to a property manager means a landlord will be obligated to spend 8% to 12% of the property's monthly rent to pay for the property manager. The fee may vary based on the type of property, vacancies, and services provided.
- Online Rent Collection: Collecting rent online is a simple and convenient way to ensure that your payments are secure and processed quickly. Automatic payments, security deposit collection, and lease administration can all be done online. Tenants benefit from the convenience of electronic rental payment collection as well.
How Does TenantCloud Provide Secure Online Payments?
TenantCloud verifies information on the individuals associated with every online payment account. This is intended to promote transparency and prevent individuals from using complex company structures to hide illegal financing, money laundering, tax evasion, and other financial crimes.
Cloud-based software systems used to store accounting or other sensitive information should have a secure protocol in place. At TenantCloud, we use 256-bit encryption through SSL and store user information in highly secure AWS data centers.
What are the Risks of Online Payment?
When you own more than two properties, manually processing checks or bank transactions can be difficult. After all, when collecting rent offline, fraud, stress, processing delays, and late payments are just the tip of the iceberg. Above all other payment methods, online payments are the most secure.
What is the Safest Method for Online Payments?
One of the most important aspects of online rent collection is its security. Tenants can pay their rent on time because they know their checks will not be tampered with. There are numerous laws and security measures in place to protect against online fraud and data breaches.
Online rent payments are one of the most secure methods of rent payment for tenants. Because they include the tenant's signature and account information, paper checks are slower and more vulnerable to fraud. By requiring online rent payments, landlords can help reduce the possibility of theft.
TenantCloud Payments requires users to verify their accounts using either instant account verification or micro-deposit verification for increased security.
How do Landlords Benefit from Online Rent Payments?
- Ease of Use: Automatic reminders and payments directly deposited into the account are common features of online payments and rent collection.
- Automatic Rent Payments: When rent payments are due, tenants are sent reminders. On-time payments help the renter maintain a good credit score and a good working relationship with the landlord/property manager during their tenancy.
- Secure Transactions: Online platforms are designed to keep transactions safe.
- Payment Records: Keeping a record of every transaction keeps finances in check without the extra paperwork.
How do Tenants Benefit from Online Rent Payments?
- Multiple payment methods give tenants the freedom to pay their rent with a bank account, credit card, or debit card.
- Recurring Payments. By automating this service, tenants are given the peace of mind that their rent will always be paid on time without having to remember to log in each month and transfer payments.
- Online platforms are made with your transactions' security in mind.
- With our latest feature Credit Reports, tenants can report rent payments to such credit bureaus as TransUnion and Equifax and build a positive credit history.