Why Do Online Rent Payments Work?
In an increasingly digital world, residents overwhelmingly prefer to pay rent online using an eCheck (ACH), debit or credit card. PayRent.com provides the tools for modern day landlords and property managers to collect rent seamlessly. As an owner or manager you will have the added benefit of increasing resident satisfaction, avoiding check processing costs and wait times, eliminating physical drop box and mail fraud and freeing up staff to focus on other business priorities.
Using the most innovative payment platform that processes online rent payments for landlords and property managers is the first step. This system enables a landlord or property manager who owns one or multiple rental properties, to electronically accept and keep account of their rent payments through a simple dashboard.
Choosing a company that already works with thousands of landlords and property managers across the country to accept online rent payments by their residents, is important as they already have a tried and tested easy to use program.
How Does This Work For a Landlord/Property Manager?
You can set up a free account where you will link your personal or business bank account to accept online rent payments from your tenant via eCheck (ACH), debit or credit card payments. Your dashboard will enable you to simply setup your rental properties, input the rent due date and rent amount. Payments generally take 3-5 business days to credit your account.
How Does This Work For Your Tenant?
Once your resident receives their invitation via text or email they will have the ability to set up their account and link it to their bank account or credit/debit card information. Once your tenant has added their payment information, they will click the “pay now” tab and both parties will automatically receive a notification of the payment. Your resident also has the ability to set up auto-pay to automatically pay their rent each month and ensure they are never late.
How Much Does it Cost?
It is completely FREE for AOA members and property managers to accept online rent payments through this program.
For each bank transfer, the tenant is charged a $2.25 fee, and for each credit/debit card transaction, the charge is 2.9% + .30 cent processing fee. Bank transfers generally take 3-5 days to process into your account.
This is a service that your tenants will appreciate and they will have no problem paying the small fee. It’s one less thing for them to worry about, they just set it up as a recurring payment and they can forget about stamps, envelopes and worrying if it will get to you in time.
You Are Always Kept Up-to-Date
You, as the landlord, will be notified each time a rental payment is made and when funds are credited to your bank account. A rent receipt will be emailed detailing your tenants’ name, rent amount, address and time of transfer. Additionally, you will email rent reminders to your tenants the day prior to the due date of rent.
Should you want to pay the fees, your personal settings provide you the ability to absorb payments fee(s) or even prevent a tenant from making a rent payment in the event that you have served them with a notice.
- The highest emphasis is on protecting customers’ data. A secure infrastructure is in place and is fully compliant with all payment processing rules. So you know your tenant’s information is as safe as possible.
- Residents do not have access to your banking information.
- The overall security is unmatched and processing online rent payments are taken very seriously. All information is encrypted utilizing modern day encryption methodologies, tokenization and bank level security.
After much research, AOA has chosen PayRent’s as the exclusive program for your tenants to pay their rent online. Their team looks forward to serving you and your residents!
To learn more, visit AOAUSA.PayRent.com.