Rent collection

Online payment refers to the exchange of currency for goods or services purchased online or offline. These payments transfer money from a customer's bank account, debit, or credit card to the seller's bank account. These funds can come straight from a customer's credit card or checking account directly or via an online payment platform connected to both the buyer's and the seller’s accounts.

Typical methods of online payment:

• Bank debit via online mandate (also referred to as Direct Debit or ACH debit)
• Bank transfers (also referred to as wire transfers)
• Online credit or debit card transactions
• Digital wallet payments
• Payments can be a one-time transaction or recurring

Bank-to-bank electronic transactions are known as ACH transfers through the Automated Clearing House (ACH) Network and the Federal Reserve. The ACH network is a batch processing system that banks and other financial institutions use to combine these transactions for processing.

ACH transfers allow users to send and receive money conveniently and securely without leaving their homes. Direct payments and direct deposits are the two types of ACH transactions handled by the ACH Network.

Automatic ACH rent payments are helpful to landlords to ensure their tenants pay their rent on time without being reminded. This way, rent payments will never be late because rent collection using ACH is practical for landlords and tenants.

Landlords no longer need to count the cash, return checks, or create paper receipts because everything is done online. All ACH transactions are recorded, and records are updated daily. Tenants can choose to make regular rent payments and forego late fees.

When users use a debit card, money is immediately taken out of the user's checking account. They are also known as “check cards” or “bank cards” and may be used to buy products, pay for services, or withdraw cash from an ATM or a business that will give cash back on a purchase.

Users can pay rent using a credit or debit card while using TenantCloud. Tenants can make individual rent payments or set up automatic payments for the same time each month using Automatic Payments. For tenants who share an apartment with roommates or co-tenants, there is an option for joint or individual payments to split the cost by paying in your Tenant Portal.

One of the biggest benefits of online rent collection is its security. Tenants can pay their rent on time, knowing their checks will not be lost in the mail or tampered with. Numerous laws and security procedures are also in place to protect against online fraud and data breaches.

Online rent payments are one of the most secure options for tenants to pay their rent. Paper checks are slower and more vulnerable to fraud because they include the tenant's signature and account information. Landlords can help reduce the possibility of fraud by requiring online rent payments.

For security purposes, TenantCloud Payments requires users to verify their accounts using either instant account verification or micro-deposit verification.

TenantCloud takes the hassle out of collecting rent online for landlords and tenants. Online rent collection isn't the only advantage of our property management software.

Here is a list of features for users:

• Automated rent payment plan
• Calculate late fees automatically
• Real-time rent payment information
• Accept security deposits securely
• Maintenance tracking features
• Set up monthly rent payment reminders
• Background checks and tenant screening
• Accept rental applications and electronically sign lease agreements

Collect rent online within your account; make mobile payments; receive payments directly to your bank account and manage multiple accounts; pay Service Pros; get notifications and track payment history; manage refunds and discounts; set up late fees, and turn on auto-pay for your tenants — everything in one place with TenantCloud.