What to Look for in a Rent Collection Platform

Stick Figure climbing with House

What to Look for in a Rent Collection Platform

SHARE:

So you’ve been thinking about collecting rent online for some time, but you’re not sure how to get started. Perhaps you’ve considered accepting Venmo or Zelle payments or committing to a landlord specific platform like PayRent. Here are five things you should consider when selecting an online rent payment platform.

Security

Look for a platform that guarantees the privacy of your financial information from start to finish. While many tenants can personally send an ACH payment from their bank, they’ll need to know your account information to do so. Shield your personal banking information by using a third-party app or payment platform that keeps you and your tenants safe from fraud and identity theft.

It’s also important to consider the security of the funds once payment has been made. Peer-to-peer payment platforms don’t allow payments to be reversed, so if your tenant sends money to the wrong person on accident, they won’t be able to get it back. A landlord specific program guarantees that funds are paid to the correct person.

Clicking Security Button

So you’ve been thinking about collecting rent online for some time, but you’re not sure how to get started. Perhaps you’ve considered accepting Venmo or Zelle payments or committing to a landlord specific platform like PayRent. Here are five things you should consider when selecting an online rent payment platform.

Clicking Security Button

Security

Look for a platform that guarantees the privacy of your financial information from start to finish. While many tenants can personally send an ACH payment from their bank, they’ll need to know your account information to do so. Shield your personal banking information by using a third-party app or payment platform that keeps you and your tenants safe from fraud and identity theft.

It’s also important to consider the security of the funds once payment has been made. Peer-to-peer payment platforms don’t allow payments to be reversed, so if your tenant sends money to the wrong person on accident, they won’t be able to get it back. A landlord specific program guarantees that funds are paid to the correct person.

Payment Prevention

A rent collection-specific platform will allow you to protect yourself against payments from tenants you’re trying to evict by blocking all payments or only accepting the full payment amount. If you chose to use a peer-to-peer payment system or allow your tenant to deposit money directly to your account, you won’t be able to refuse or reverse payments which could weaken your case in eviction court or even force you to start the lengthy eviction process over again.

Late Fee Enforcement

Another thing to look for is a platform that helps you to enforce your late fee policies. A robust rent collection system will give you the option to add late fees for payments made after a specific time and only allow full payments.

Short Payment Processing Times

There are many rent collection platforms available from which to choose. Some charge monthly membership fees and contracts, while others only charge for the payments processed by the platform. Be sure to investigate what the typical payment processing times are. These can range from 2 business days to 10, with some platforms charging a premium for faster payouts.

Payment Prevention

A rent collection-specific platform will allow you to protect yourself against payments from tenants you’re trying to evict by blocking all payments or only accepting the full payment amount. If you chose to use a peer-to-peer payment system or allow your tenant to deposit money directly to your account, you won’t be able to refuse or reverse payments which could weaken your case in eviction court or even force you to start the lengthy eviction process over again.

Late Fee Enforcement

Another thing to look for is a platform that helps you to enforce your late fee policies. A robust rent collection system will give you the option to add late fees for payments made after a specific time and only allow full payments.

Short Payment Processing Times

There are many rent collection platforms available from which to choose. Some charge monthly membership fees and contracts, while others only charge for the payments processed by the platform. Be sure to investigate what the typical payment processing times are. These can range from 2 business days to 10, with some platforms charging a premium for faster payouts.

Robust Customer Support

Peer-to-Peer platforms may be less expensive initially, but you’ll find that you’ll receive little to no customer support when your payments are delayed or accidentally sent to the wrong person. Look for a platform that assigns a manger to their accounts for quick and responsive help when you or your tenants need it.

 

There are multiple service providers for landlords looking to collect rent online, so make sure you find one that meets your business needs and keeps both your and your tenant’s financial information safe.

Robust Customer Support

Peer-to-Peer platforms may be less expensive initially, but you’ll find that you’ll receive little to no customer support when your payments are delayed or accidentally sent to the wrong person. Look for a platform that assigns a manger to their accounts for quick and responsive help when you or your tenants need it.

There are multiple service providers for landlords looking to collect rent online, so make sure you find one that meets your business needs and keeps both your and your tenant’s financial information safe.

Subscribe!

Subscribe!

Subscribe for more news and tips!

* indicates required

Share with your friends!

Share on Facebook
Share on Twitter
Share on Linkdin
Share via Email

More Articles from ApplyConnect

Tenant Screening

ApplyConnect FAQ: I’m a Renter. Can My Lease Be Broken Because of _____?

Navigating the world of lease agreements as a tenant can sometimes seem a bit daunting, especially when both parties aren’t clear about their rights and responsibilities. Ever been in a less-than-ideal rental housing situation in which you had to ask yourself, “Can a lease be voluntarily broken, and if so, can it be because of _______?”

Read More »
Tenant Screening

Landlords: The FTC and CFPB Request Public Comment from You!

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have united to inspect how background screening can impact American renters, with a particular emphasis on examining the use of criminal and housing court records and tenant screening practices. As part of a whole-of-government effort detailed in the White House’s January 2023 Blueprint, the FTC and CFPB are seeking public comment until March 30, 2023. We urge you to voice your unique industry perspective.

Read More »

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share this Article!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More Articles from ApplyConnect

Blog Topics

Click the dropdown

Tenant Screening

ApplyConnect FAQ: I’m a Renter. Can My Lease Be Broken Because of _____?

Navigating the world of lease agreements as a tenant can sometimes seem a bit daunting, especially when both parties aren’t clear about their rights and responsibilities. Ever been in a less-than-ideal rental housing situation in which you had to ask yourself, “Can a lease be voluntarily broken, and if so, can it be because of _______?”

Read More »
Tenant Screening

Landlords: The FTC and CFPB Request Public Comment from You!

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have united to inspect how background screening can impact American renters, with a particular emphasis on examining the use of criminal and housing court records and tenant screening practices. As part of a whole-of-government effort detailed in the White House’s January 2023 Blueprint, the FTC and CFPB are seeking public comment until March 30, 2023. We urge you to voice your unique industry perspective.

Read More »

Get Started with ApplyConnect!

The nation’s most trusted tenant screening for real estate agents, landlords, and property managers. No cost background checks available 24/7.

©2018 ApplyConnect. All rights reserved

ApplyConnect marks used herein are trademarks or registered trademarks of applyconnect.com. Other product and company names mentioned herein are the property of their respective owners.

Get Started with ApplyConnect!

The nation’s most trusted tenant screening for real estate agents, landlords, and property managers. No cost background checks available 24/7.

©2018 ApplyConnect. All rights reserved

ApplyConnect marks used herein are trademarks or registered trademarks of applyconnect.com. Other product and company names mentioned herein are the property of their respective owners.