Quality tenants are busy with work and their daily activities, with little time to order paper checks, fill them out, address an envelope, purchase postage, and deliver the rent every month. Today's economy also presents challenges, requiring additional methods — which are much better, less costly, and more efficient than paper checks — for tenants to meet their financial obligations on time. Landlords can speed payments, increase convenience, and keep an edge over the competition by offering two additional methods for rental payments: credit cards
and electronic checks (ACH)
The credit card method of rental payment
is convenient for many tenants, who may need the extra cushion of the line of credit, who may appreciate the convenience of paying bills by credit card and then making one payment to their credit card company each month, or who have a parent or significant other make a payment for them via a credit card.
The competitive landlord also should consider offering ACH electronic checks (e-checks)
, which enable tenants to pay their rent by authorizing an electronic check be paid directly from the tenant's checking account to the landlord's separate vendor bank account. This method adds convenience and timeliness for both the tenant and the landlord. ACH funds usually are made available faster than the traditional multi-step method of the paper check.
Regardless of the reason landlords choose them, these additional payment methods make it easier for the tenant to pay their rent on time, which is always good for everyone involved.
Tenants are starting to look for property management companies that offer credit card and electronic check payment service and are computer savvy. Cassidy & Associates offers e-check and credit card rent payments for all properties that we manage. Tenants may pay rent via e-check
or they may pay rent via credit card
(MasterCard, Visa, Discover Card and American Express) at no additional charge to the owner.