The main source of income for property owners is rent payments. Therefore, landlords need to have foolproof, effective, and convenient tools to allow tenants to pay rent.
The payment system that you have set up for your tenants takes part in the success of your business. Financial stability comes from tracking transactions and keeping a list of tenant payments.
You can use the most convenient way of transactions for you to ensure the growth of your business. As a property owner, it’s necessary to stick to a foolproof payment system. If you still haven’t chosen one, it’s best to go over several transaction tools with your property management team.
Auto-Transactions Via Debit/Credit Cards
One way that most landlords choose to use due to its convenience is automatic transactions. You can set up an automatic payment method with the agreement of your tenant. This method works skillfully as each month on a certain date, payments from your tenant to you will be made automatically using their account.
This way is the best for the landlords because the tenant will never be late to pay the rent and you will always get the exact rent amount that is due.
Paypal
One of the most popular and useful payment tools today is Paypal. You and your tenants can simply create an account with an email address. Afterward, everything is simple. No matter what bank you use, you can attach your bank account to the Paypal profile and the tenant will be able to make payments in any currency and you will receive the bill as you prefer.
You can send invoices to your tenants as reminders if they fail to pay rent on time using this method. By sending invoices you will be able to track the payments more easily.
Paypal also allows you to use the automatic transaction method. Moreover, you can make PayPal payments from one country to another in a matter of hours or even minutes. The fees are minimal, there is a reason why Paypal is the most popular payment method among younger generations.
Zelle
Using Zelle for transactions is free and convenient for both parties. If your and your tenants’ banks support Zelle, you will be able to make easy transactions among each other with multiple benefits.
Zelle allows you to create an account by simply using your U.S. enrolled mobile phone number or email address. The tool gives you the option to schedule your payments, therefore your tenants can schedule their monthly rent payments to you. Using this method, like Paypal, will make it easier for you to trust the payment system as rent payments will be automatically made.
You will receive the money within minutes if you use Zelle as your primary payment method. The best part is that the tool is completely safe to use with no fees.
CashApp
CashApp is another popular payment method that allows tenants and landlords to make convenient transactions and keep track of payments. Moreover, CashApp provides tenants and landlords with a tool that informs them about rental assistance. Money transfers are free with this application.
CashApp allows you to send money all around the world, so even if you decide to move away but keep your rental property as a source of income, you can use the platform for convenient transactions.
In-Person At Your Property Manager’s Office
If you use the assistance of a property management company, you can ask the tenant to pay the rent at the office. If your tenant asks to only make cash payments, the property management company will be happy to receive your assets in one way and send them to you in a way that’s comfortable for you.
If you have chosen a property manager that you trust completely, you can let them take the cash payments at their office and take care of the budget for you. The property manager can serve you as a financial manager as well.
Using Your Property Manager’s Post Office Box
According to these Tucson property managers, if they agree to receive cash in your place to send it to you in your preferred form, but your tenant lives in a different region, then there is a perfect solution. The tenant can send money in cash via the post office box.
The property management company can receive the money just as it arrives and convert it into your preferable form. You will receive your payment as you wish. Depending on the agreement with your property management company, the professional might keep a part of the rent that is their payment from you. This way, not only will you take your payment easily, without getting involved with running to the post office, but you will be taking care of the property management fees as well.
Conclusion
There are a variety of options for landlords to receive rent payments on time. If you have a good property management company by your side that you can trust, each of these methods will be much easier to use. You can keep track of your assets and receive a big profit by using applications and trusting your management team.