When it comes to rent collection, the last thing you want is tedious paperwork, late payments, and a chaotic management process. As a property manager, it’s important to choose a reliable system that works best for you and your tenants. You’re already juggling maintenance requests, tenant disputes, finding the right occupants, and more. Having a secure rent collection system can make your job easier. Between different payment methods such as physical checks, ACH or Direct Deposit transfer, and online payments, you have plenty of options to choose from for your rental management services.
Physical Checks
In this modern age, it may surprise many to know physical check payments remain a popular option. Due to their simplicity and lack of technology requirements, many people still find it an easier option than newer ones that have surfaced in the last decade. But they have drawbacks of their own.
Pros:
- Lack of technology requirements
- Can easily be mailed
Cons:
- Slow processing time
- Difficult to track payments
ACH or Direct Deposit transfer
ACH (Automated Clearing House) or direct deposit transfers are a great option for those wanting a faster rent collection service. With over 120 million payments per business day, it’s a popular option in this new digital age. It helps that there is a flurry of popular payment services like PayPal, Venmo, or Zelle.
Pros:
- Instant payment transfer
- Lower fees than physical checks
- Easy to track
Cons:
- Transaction fees may apply for some services
- Some services may require a lengthier transfer time
Online Payments
For landlords who want a convenient and secure rent collection method, online payments are an ideal choice. By setting up a tenant portal on your website, you can easily make payments with a few clicks of the button.
Pros:
- Convenient for landlords and tenants
- Small transaction fees
- Automatic late fees can be added
Cons:
- Can take 1-2 days to process payments
- You have to set up your website
Ultimately, it’s up to the landlord and rental management services to decide which rent collection method best suits their needs. And if a particular system isn’t working out, you can always switch up your methods. With the variety of rent collection options available, there is something for everyone! Don’t let rent collection be a hassle—choose an effective method that’s beneficial for both you and your tenants.
Lighten the Load with the Help of Amanica Rental Management Services
If you’re a property manager looking for help with rent collection, Amanica can provide you with the support and resources needed to make it easier. Our team of experienced professionals can guide you through the process and serve as a reliable resource in managing your rental payments. Our rental management services help to keep your rental running smoothly but also providing the following:
- Automated rent collection and tracking
- Customizable tenant portal
- Late payment notifications
- Secure payment processing
- Rental analysis
Don’t let the hassle of rent collection distract you from what matters most. Let Amanica help take care of it for you. Contact us today to learn more about our rental management services!
