Last editedMar 20222 min read
Tracking and collecting rent is often still done manually, using either Excel or accounting software. However, there is a far better way to manage rent collection – using a tool that’s specifically designed for property managers and landlords to collect recurring payments.
By opting for an online rent payment system, you can cut down on time and errors, and simplify how you track rental payments. By using an online payment solution you can guarantee your tenants pay you the right amount, automatically, on the same date every month. No more chasing down payments or guesswork.
In this post we’ll look at some of the best online rent payment systems available, and discuss what to look for in an online rental payment solution.
How to identify the best online rent payment systems?
When you’re looking at the best online rent payment systems, check they have:
A robust suite of accounting features including multiple payment options and bank reconciliations.
An owner portal where you can create reports and print checks.
The ability to collect payment in various ways, for example by credit card, debit card and ACH (e-check).
A built-in CRM and tenant portal, so you can automatically collect rent each month, complete registrations online and more.
List of best online payment systems
Here’s a roundup of some of the best online payment systems:
Buildium is a one-stop property management solution with a comprehensive array of useful rent and payment features. You can customise the software to add your own logo and can screen prospective tenants. You can also collect rent, as tenants can set up a free account in the site which allows them to make payments online. They can set up recurring schedules to make sure they never miss a payment date, and the rent will be deposited into your account automatically. Payment processing fees vary based on the plan you have. Buildium has lots of integrations and good reporting features.
Avail has a user-friendly interface and navigation is easy. The software offers many useful features, including rent collection, tenant screening and maintenance order management. There’s a free plan so you can trial the system with no charge on an unlimited number of units, but to access the best features, you’ll need to opt for their premium plan.
Hemlane helps property managers automate day to day administration, advertising and rent collection. There are various packages to choose from depending on your requirements. Furthermore, Hemlane offers a free rent estimator tool which helps you estimate how much you could earn from a property. You can collect rent electronically via all major banks and have rent deposited into multiple bank accounts. You can request recurring rent, remind renters of payments due and accept payment in multiple ways. If the rent is late, you can automatically send requests for late fees.
With PayRent, there’s no subscription plan and a simply pricing structure. The software allows property owners and managers collect rent online in a safe and secure way. Once you’re enrolled you can be set up and receiving recurring payments in just minutes. Plus, there are low transaction fees which you can absorb or pass onto tenants.
Benefits of best online rent payment systems
Today’s tenants prefer to pay online so this form of rent collection benefits both you and your tenants.
Using an online rent payment system keeps you competitive and cost-effective – especially if you manage a lot of properties.
Cuts down on late payments.
Protects both you and your tenants since everyone can see what’s been paid and when.
Saves you precious time and eases bottlenecks.
If you’re still collecting rent manually, it might be time to upgrade to an online rent payment system. There are plenty to choose from, so there’s sure to be one that suits your size and budget.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.