Script:
Hi, welcome to another tips for landlords and property managers video sponsored by Fast Evict Law Group.com. In today's episode, we’ll go over the top benefits of accepting online rent payments. Remember, the contents of the video shouldn’t be considered legal advice.

Providing your tenant with a way to pay their rent other than money order, check or cash used to be a pain. With modern web apps constantly changing the way businesses do business, it is now easier than ever for a landlord or property manager to offer their tenants a way to pay their rent online.
What are the benefits of allowing a tenant to pay rent online?
Reduce Errors
Most online rental payment systems include basic accounting services where you can keep track of your tenants and their payments. A basic balance sheet, if you will. This will help reduce errors in your manual application of rent payments and easily keep track of who has paid rent and who hasn’t.
Save Time
The old school way of collecting rent goes a little something like this:
You collect checks (either by going to your po box, visiting your tenant or your tenant going to your office.)
You prepare your tenant a rent payment receipt.
You prepare your deposit slips.
You drive to your bank to deposit the checks.
Wait to make sure the checks clear.
Update your balance sheets.
Allowing your tenant to pay rent online takes care of all these steps in a matter of seconds! Your tenant can conveniently pay via debit, credit or transfer which will instantly be verified.
Communication
The communication between you and your tenant can vastly improve. The online rent payment system will take care of sending your tenant their payment receipt and also notifying you that a tenant has paid their rent.

Most portals also provide other services, such as maintenance request submissions. But the best thing these portals provide is a way to check the history of payments so no funny business is at play.
Flexibility for tenants
Offering your tenants plenty of options to pay their rent is one of the best business decisions you can take. Of course, there will be tenants who still prefer handing you a physical check and walking out with a physical receipt.

There are many others, however, who prefer the nonpersonal approach and prefer taking care of their bills on their cell phone.
Timely payments
The majority of the portals available on the market today will help send your tenant payment reminders to pay their rent or allow tenants to set up automatic recurring payments. You will most likely also be able to automatically set up late rent fees.

All of these things combined will no doubt drastically help your tenants pay rent on time.
Alternative ways to collect rent
Some alternatives to paper checks to allow your tenant to pay rent include:
Online rent payment portals where a tenant can use their debit or credit card, electronic transfers, eChecks and digital money orders.
Money transfer apps such as PayPal, Venmo, Zelle, Square, etc.

Do you use an online rent payment portal? Which one? Tell us about it in the comments. Please subscribe, like and share if you have found this video useful. Thanks for watching, we’ll see you on the next one.