Manually paying and collecting rent each month can be stressful, with due dates to remember, payments to chase, and deposits to track.
But it doesn’t have to be that way. Automated payment processing takes that burden off your plate, replacing stress with convenience for both landlords and tenants.
No more late or missed payments
Late rent creates stress, disrupts cash flow, and in worst-case scenarios, puts tenants at risk of eviction.
With automated payment processing, those worries disappear. Tenants can set up pre-authorized payments that go through automatically each month, so there’s no risk of forgetting. Landlords, in turn, don’t have to chase anyone for overdue rent.
Plus, automated systems send notifications and receipts so both parties know exactly when a payment was successfully processed.
Faster access to funds
Traditional payment methods, like cheques, can cause processing delays.
Automated online payments close the loop from payment tender to acceptance, meaning landlords get their rental income sooner and can manage their cash flow more effectively. Some systems, when integrated directly with Canadian banks, can settle payments in as little as 1 to 3 days – a vast improvement on manual payment forms.
Bank-integrated automated payment systems also offer a level of visibility and transparency that even standard bank deposits can’t match. Their direct connections between business and client accounts enable straight-through payments and real-time visibility of where the money is at any time.
Bank-grade security
Then there’s the robust security possible with a self-contained automated payment system.
Manual payment processing is fraught with risks—lost cheques, fraud, or data entry errors. Digital payment systems use secure, encrypted transactions to protect both landlords and tenants, cutting down on human error and keeping payments and sensitive data safe from security threats.
Strict user permissions and two-factor authorization round off this formidable security posture by automating enforcement of a landlord’s payment security policies, and all of it is backed up with a permanently recorded log of all transaction and payment communication.
None of this would be possible without sophisticated, push-button technology.
Simplified record keeping
Tracking rent payments manually is time-consuming and, let’s be honest, can get chaotic. Automated payment systems make reporting easy at the push of a button.
Armed with landlord and tenant self-help views of business information as it pertains to them, landlords can easily track rental income for bookkeeping and tax purposes, while tenants always have proof of payment on hand, reducing the risk of disputes.
Make rent one less thing to worry about
If you’re still dealing with the old-school way of paying or collecting rent, it might be time to switch to automated payment processing – it saves time, reduces stress, and makes sure rent gets paid. And when rent practically takes care of itself, life gets a whole lot easier!
