Ways to Convince Your Tenants to Pay the Rent Online

  Processing rent checks manually is both time-consuming and costly. It usually takes about five minutes and $2-3 per check. If you are expecting 500 checks monthly, this could take almost 42 hours and $12-15,000 every year. If you want a more cost-efficient and timely manner to collect rent, you can implement an online rent collection system with the help of your web-based property management software, which allows you to cut costs in half. It also lets you avoid the dilemma of waiting for checks to appear in the mail or personally collecting the rent. All you have to do is encourage your residents to agree to this program. You will probably not have any issues with your technically advanced tenants who already use online banking. On the other hand, other tenants may not be in favor to this idea. In this regard, here are 10 ways to encourage your tenants to opt for online rent payment: Give an incentive for paying online. You can reduce the rent by $20-30 to encourage your more thrift