With the help of property management tools, landlords can streamline the entire rent collecting process. Using these features will simplify rent payment tracking, automate rent collection, and make the entire process more secure. With an all-in-one property management solution like TenantCloud, you can easily receive rent payments from your tenants on the first of each month. Collecting rent with an online rent payment platform is simple and eliminates the need for follow-up.
Setting Up Online Payment Methods
Receiving rent payments online is a convenient and time-saving solution for landlords and property managers. You can receive payments quickly and securely and avoid the hassle of collecting and depositing checks by enabling online payments.
Here are the steps to setting up your online payment process:
- Choose a payment provider.
Many payment processing companies offer solutions for landlords and property managers. Some popular payment processors include PayPal, Stripe, and Square. Research different providers and compare their fees, features, and security measures.
Related: Secure Online Payments: Top Main Things You Should Know
- Set up an account.
Once you have selected a payment processor, you must set up an account. This process usually involves providing your business information, setting up your payment preferences, and verifying your identity.
- Connect your bank account.
You will need to link your bank account to your payment processor account so that you can receive payments.
- Share payment information with tenants.
Once your account is set up, you can share your payment information with your tenants. With our property management software, TenantCloud, you may collect rent from your tenants online through our payment processing system. We ensure all payments are processed correctly and are safe.
Related: Online Rent Payments: Top 5 Reasons to Choose It
The Best Online Payment Methods
Online payment methods, such as Stripe payments and other processors like PayPal, Venmo, and Cash App offer landlords the convenience of receiving rent payments via direct deposit. By connecting your bank account through an app, renters can easily transfer funds without the hassle of physical checks or cash.
Using property management software will streamline the rent payment process and provide additional benefits beyond accessible rent collection.
Stripe
Stripe is an online payment platform that provides a simple and secure way for individuals and businesses to accept and make payments online. With its easy-to-use interface and robust security features, Stripe is considered one of the best online payment methods for collecting rent.
In addition to its ease of use and security, Stripe offers several benefits for landlords and property managers. One of the main benefits is its integration with various software solutions, including TenantCloud.
Another benefit of using Stripe is its ability to handle recurring payments, making it easy to collect rent automatically each month. With Stripe, you can set up recurring payments and never worry about manually processing rent payments again.
Stripe is an excellent option for landlords and property managers looking for an online rent payment system. With its user-friendly interface, security features, and integration with other software solutions, Stripe offers a comprehensive solution for managing rent payments online.
To learn more about using Stripe for online rent payments, refer to our FAQ articles.
PayPal
PayPal is a well-known online payment system that can increase the credibility of an e-commerce website. It is a popular choice among users because they don't have to enter their card information repeatedly. It also is broadly accessible, allowing landlords to offer a convenient way for tenants to pay their rent easily and on time.
PayPal offers a combined payment gateway and vendor account, eliminating the need for you to set up separate accounts. It provides three options for accepting online payments: Standard, Pro, and Express checkout. With PayPal Standard, customers are redirected to PayPal's website to complete their payment, while Pro and Express Checkout allow payments to be processed directly on the website.
Square
Square is an online payment platform that enables businesses and individuals to receive various payment types, including online payments. With its focus on security, Square has become a popular choice for small businesses and e-commerce.
It offers various payment processing services, including a virtual terminal for manual transactions, an invoicing system, and an e-commerce platform for online transactions.
The platform is designed to be user-friendly and features an intuitive interface that makes it easy for businesses to manage their transactions and payments.
Best Way to Collect Rent: Cash vs Online Payments
