At Mid-Coast Title, we know collecting payments is a vital part of running a rental, but it may (or may not) surprise you that not everyone has this process nailed.
In today’s modern age of technology and digital payments, there is really no reason for a landlord to be collecting cash payments or checks. These are outdated, slow and insecure forms of payment that just make everyone’s life harder.
There are multiple benefits to providing your renters with the ability to make payments online. By collecting rent online, you provide a convenient solution to renters wanting to avoid writing a check, increase the likelihood of on-time rent payments, limit the number of late fees charged to tenants and simplify your rent collection duties each month.
So, let’s get digital. Treat your business like a business and make rent day easy for yourself and your tenants.
Features of an Online Rent Payment Service
If you are considering additional methods for collecting rent from your tenants, you will find some of the best online rent payment systems have features including:
- A mobile app for renters to easily make payments directly from their phone;
- Options for tenants to make a one-time rent payment or set up automatic payments;
- Automatically calculate and charge late fees;
- Notify you of late or missed payments;
- Give your renters the option to use a credit card;
- Send reminders to tenants about upcoming payments and due dates; and
- Allow you to accept full or partial rent payments.
When you collect rent online, you give your renters the option to set up automatic payments through their bank account or with a credit card. Automatic payments have been proven to save renters money by helping them avoid late fees.
Online Rent Payment Solutions
Here are some digital methods for collecting rent:
With Zelle Pay, you can send and collect rent payments instantly through your banking app or the Zelle app if your bank doesn’t support Zelle Pay yet. The transfers are free and only require a phone number and email address.
You can use Zelle with multiple accounts at multiple banks but you must have a different email address or mobile number linked to each account to connect it with Zelle.
Venmo allows you to send and receive money quickly and easily through its app to people in your contacts. You can connect to tenants via social media, or, like Zelle, you can use their email or phone number if they already have a Venmo account.
Paypal has been around for awhile now. They revolutionized online payments and it’s taken some time for other companies to catch up. Many people have a Paypal account already. It allows you to quickly, easily and securely send money to a Paypal account through their app or on the web.
Apple is making some interesting moves in the payment sphere and now customers can pay each other using iMessage. Simply connect your debit card and you can pay your contact inside the Message app.
Ready to Give Up Rent Payments Altogether?
If you’re looking to sell your property, consider the array of services offered by the only title agent in Wharton County.
Serving the local community since 1972, Mid-Coast Title offers title reviews, also called a title examination, a title review uncovers any issues with the land on which a residential or commercial building is located. We identify any liens, judgements or lawsuits pending against properties to ensure a clean transfer of ownership.
Title insurance protects both real estate owners and lenders against loss or damage occurring from liens, encumbrances or defects in the title or actual ownership of a property.
Mid-Coast Title also facilitates closings. A professional agent oversees the settlement of the transactions with buyers, sellers and real estate agents.
Deeds, affidavits and any new notes or mortgage paperwork is signed. Old loans are settled and other parties are paid.
If you have any questions about our services or you just want to learn more about who we are and what we do, visit our website.