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Are You Securely Collecting Rent Payments?

Lexington Tenant Paying Their Rent OnlineAre you already using a secure online system to collect your rent payments? If not, you may be placing your cash flows and your tenant’s bank information at risk. Collecting rent payments is one of the biggest challenges Lexington rental property owners face. Relying on traditional methods of payment, like personal checks, make this issue even more complicated. This is because the process of collecting a check has so many potential delays and, increasingly, security concerns.

Whether the rent check is late due to mail delays or waiting for your bank to clear it, or you’ve been the victim of mail theft and had a rent check vanish from your mailbox, it’s hard to justify sticking to a system in which so much can go wrong. If you are not yet securely collecting rent payments, you probably should start soon. The following are some of the top reasons why.

Tenant Convenience

Most tenants prefer transacting their rent payments online. It is more convenient for tenants to pay their rent alongside the other bills they already pay online. Most people also prefer to automate their monthly payments to lessen the chance of paying late. It also offers tenants a way to use a range of payment methods to pay their rent, rather than relying only on a physical check dropped in the mail each month.

Improved Cash Flows

Having your rental payments done online typically results in timely payments, with deposits arriving days faster than it takes to clear a personal check. There are also payment platforms that let you check the payment status even before the funds reach your account. Shorter wait times mean less time spent on your collections process.

Better Security

Most of today’s best online rental payment programs offer enhanced security features that are designed to protect your tenant’s sensitive information. With so many cases of identity theft and fraud these days, your tenant will feel better if they can securely send their payments each month. Your tenant will surely appreciate your efforts concerning their safety. And a happy tenant stays in their rental home longer.

Peace of Mind

You might be wondering which of the available online rental payment platforms to pick. Most options charge a fee for their services & might even include a long-term contract. Some rental payment platforms are fairly new so it can be hard to know if they live up to their claims of convenience, quality, and security. Beware of online rental payment scams, so do your homework before signing up.

If you are concerned about who to trust with your monthly rent collection, consider the benefits of hiring Real Property Management Commonwealth to handle it for you. We have secure proprietary software that offers your tenants the convenience of making online rental payments, giving property owners like you total peace of mind. Along with quality, security is one of our top priorities, and something few other Lexington property management companies can offer. In short, we have the tools you need to make monthly rent collection one of the easiest parts of owning profitable investment properties.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.