As a single-family rental property owner in Rural Hall, the matter of how to pick up your rent payments is one of the most important decisions you can make. But perceiving and deciding which way to proceed can be a nuisance. There are a lot of alternatives available to property owners, including cash, check money order, and online payments and each one of these payment options have both pros and cons. On the other hand, by being more aware of the different forms of rent payment, you can make the choice that is appropriate for you and your tenants.
Rent payment methods are normally determined by several competing priorities. As an example, as a property owner, you ask for your tenants to pay their rent consistently and on time, using a method that allows you to receive the funds quickly. On the flip side, tenants are commonly only interested in both convenience and keeping their information secure. Just by looking closely at the pros and cons of each type of payment method, it is then conceivable to think of how each one fulfills these various needs and priorities.
Many property owners want their tenants to pay rent in cash or with a personal check. Those that choose this option will frequently have to meet with each tenant to collect the payment, have the tenant deposit the funds in the owner’s account or ask the tenant to send it to them in the mail. But while cash payment is the fastest way to receive funds, it is also difficult to document.
Without a paper trail, a tenant could possibly just state that they paid in full when they didn’t, and there may be no way to verify the amount. Personal checks create documentation of amounts and dates paid but are also problematic in some ways. Checks deposited can bounce, resulting in bank fees and the dilemma of returning to the tenant for another method of payment. Tenants can, moreover, put a stop payment on a check, creating delays in your cash flow.
Money orders or cashier’s checks appear to be good options, and for various property owners, they are. Money order or cashier’s check facilitate the quick transfer of the rent payment into your account considering that they are processed very much like cash. Nevertheless, dissimilar to cash, they leave a paper trail that could assist in correcting any disputes. They commonly do not bounce, like personal checks, and may be sent promptly over via banks, post offices, and convenience stores. Transferring a money order or cashier’s check does call for your tenant to go to some of these places, however, which various people may find troublesome and inconvenient. Buying either of these options likewise warrants that the tenant pay for it in cash and most of time are required to pay a fee, which contributes to a trip to the bank on top of everything else.
In today’s digital culture, online and mobile payment methods are turning out to be the new normal for rental payments. Paying online gives tenants the ease and convenience they are in search of and can motivate them towards a more timely rent payment. But tenants are usually anxious concerning the security of their personal information and uncertain of filling out personal banking information on a website. Preferring a secure online payment method can help relieve a tenant’s worries but can at times cost more than you’d ask for in fees. Online payment options that don’t charge expensive fees and don’t require banking information, such as Venmo and Zelle, are turning into a progressively well-known choice for today’s landlords and property owners.
Another ideal choice is to bring in a Rural Hall property manager who will collect rent from your tenants for you. At Real Property Management of the Triad, we are extremely careful over collecting rent in a systematic, timely way. As a national franchise, we can present tenants with a range of convenient ways to pay rent, in addition to incentives for paying on time. Our collection process is tough but fair and focused on handling tenants with respect. For more information, feel free to contact us online or by phone at 336-355-6677 or 336-777-7444. We’ll be glad to answer any of your questions.
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.