Online rent collection is the best and easy payment method for tenants and their landlords. Tenants can make the payment online without reaching the landlords within seconds. There are several apps for online rent collection and some of them even provide automatic payment. The only thing required is to set the tenant name, the amount to be paid, and additional fees if necessary. An automatic payment system allows the tenants to pay the rent every month automatically. Rental Property Calculator is used to calculate IRR, capitalization rate, cash flow, and other rental investment properties.
Collect Rent Online
It is the fastest method for rent payment and it requires only a smartphone & internet. It makes the work of a landlord easier by saving his time and energy collect rent online .
Benefits of online rent collection
Benefits to landlords or rent collectors
- The Scheduled Payment reminders
Scheduling payment reminders can remind the tenants about the rent payment
With the message ‘Send the payment’.
- Rent collection status
The landlords can see the status of the rents that have been paid, and that is to be paid at any time from anywhere.
- Time and Money saving
It requires a lot of money for the landlords to travel to collect their money every time, and it also takes a lot of time to travel. Collecting rent online allows them to save time and money.
- Secured online payment
Online payments are more secure as the money can be directly deposited into your bank account. There is no need to travel with the collected money.
Benefits for tenants
- Payment reminders
Payment reminders make it easy for the tenant to remember the payment date.
- Automatic online rent payment
This feature allows the tenant to schedule the payment and makes it easier to do. There is no need to remember the payment days. Tenants can check the payment details later.
- Safety and security
Online payments are secure as there is no need to keep the cash with us. Only a smartphone is needed, for this payment.
Disadvantages of Online Rent Collection
- Based on the type of rent you are paying, there can be additional charges made by the payment app. The price varies for different amounts.
- If the tenants make partial payment there is no way to block it, and it can cause trouble.
Top Online Rent Collection apps
Avail is one of the best online payment apps to collect rent payments. Payments can be made with a credit card, debit card, or bank account. Additional charges are added for late-payments and it takes about three business days to receive the payment. Scheduled payments can be made by setting the details ie whether the payment is made yearly, monthly, weekly, or daily.
Rent payments can be made easily through this payment app. Payments can be made with credit cards, e-checks, and checks.
It allows tenants to make rental payments and other bills. It has a feature that allows you to divide your payment among other people if it is necessary.
This payment system provides easy rental payment services and property management solutions. It is not just a payment tool but also provides property management tools. Payments can be reviewed, confirmed, and even refunded using this payment system.
There are many other online rent payment apps like Zumper, SparkRental, Tellus, TrueRent, Venmo, Rentec Direct, etc.
Author:- Vikas Choudhary
Rental Property Calculator
It involves calculations based on cash return, net present value, operating expenses, internal rate of return, and many others. There are many apps and online websites to calculate rental properties, they include
It is an online website for rental property calculation. You only need to enter the details to get the required results.
- Property Evaluator
It is an investor software for Apple users.
Online Rent Collection has become common these days and its demand will increase a lot in the future. Rental property calculator is mostly needed by investors and is used to find the cash flow return on investment by many companies and organizations.