As a landlord, one of the most important things you can do to protect your business and ensure that you’re able to continue providing housing for your tenants is to collect rent electronically. In today’s world, more and more people are relying on electronic forms of payment for their everyday transactions, and collecting rent electronically offers a number of benefits for both landlords and tenants.
Save Time
Collecting rent electronically can save you a significant amount of time and hassle. Rather than having to worry about chasing down rent payments, or dealing with bounced checks, electronic payments can be automatically deducted from your tenants’ bank accounts, ensuring that you receive the funds on time, every time.
Protect Yourself
In addition to making your life easier, collecting rent electronically can also help to protect your business. When you collect rent in cash or by check, there’s always the risk of theft or fraud. But when you collect rent electronically, your payments are secure, and you can easily track and monitor your transactions.
Make it Easy For Tenants
Furthermore, collecting rent electronically can also be beneficial for your tenants. Many people prefer the convenience of electronic payments, and by offering this option, you may be able to attract more tenants to your properties. Additionally, electronic payments can help your tenants to better manage their finances, and can make it easier for them to pay their rent on time, especially if you use a system that allows them to setup autopay.
3 Ways To Collect Rent Electronically:
- Zenlord Pro– ZenLord Pro offers free electronic rent collection. That’s right, free! With ZenLord Pro, your tenants can pay via ACH by connecting their bank account, or card (tenants incur the transaction fees), and they can even set up autopay. ZenLord Pro allows you to choose the day of the month you want your rents to post, the rent amounts, any late fees, and from there the software will post the charges for you each month. It’s a true “Set it and forget it” system!
- Venmo– Venmo allows for peer to peer transactions. Venmo is typically used by landlords who only have one unit and know the tenant. It is not setup for specific rent collection, and won’t automatically post your rent charges or late fees, but it is a better alternative than picking up a cash or check in person.
- Bank to bank ACH transaction– To do this, you need to get the tenant’s full ACH information, which they have to be trusting enough to give it to you. Then, if your bank allows, you can setup a direct bank to bank transaction. Most banks have a form you can use, and you can even set it to run monthly. This option is secure, but will take some time getting set up, and does not cover things like late fees, or any other one off charges that may occur over the course of your tenants stay.
In conclusion, collecting rent electronically is a smart move for landlords in 2023. It offers a number of benefits, including saving time and hassle, protecting your business, and providing a convenient option for your tenants. If you’re not already collecting rent electronically, now is the time to make the switch. Signup for free today at ZenLordPro.com.
