Last editedMar 20232 min read
An online rent collection service can be a fantastic tool to help landlords run their property management businesses more effectively. No more chasing after tenants for late or unpaid rent, no more time-consuming back-and-forth with tenants who haven’t updated their standing orders to reflect rent increases, no more messing around with unwieldy Excel spreadsheets or Word documents. Online rent collection services let landlords automate rent collection, making it incredibly easy to manage online payments. Find out everything you need to know about the best online rent payment systems with our simple guide.
Why use an online rent payment system?
There is a wide range of benefits associated with online rent collection services. From tracking rental income and automating late fees to blocking partial payments, online rent collection services are a great way to streamline the rent payment process for landlords. Plus, most online rent payment systems allow you to collect rent from a wide range of online payment methods, including credit card, debit card, ACH debit, and so on. Put simply, it’s a smarter way to handle your business. So, without further ado, here’s our guide to five of the best online rent payment systems available on the market.
1. Buildium
Buildium is an all-in-one property management software platform offering tons of key features. In addition to collecting rent online, Buildium can handle maintenance requests, rental listing syndication, tenant screening, 1099 e-filing, online leasing, and more. There’s a 14-day free trial, but to take advantage of most of the features, you’ll need to invest in one of this online rent payment system’s three paid plans. There’s Essential ($52/month), Growth ($166/month), and Premium ($479/month).
2. TenantCloud
Offering features helping you manage applicants and tenants (screening, applications, lease, roommates, maintenance, etc.), leads (tracking, e-sign, etc.), marketing (listing websites, automatic listing syndication, etc.), and finances (online payments, reports, accounting, rentability reports, etc.), TenantCloud is a fantastic online rent collection service, giving landlords everything they need to launch, operate, and expand their business. There’s a Free plan, a Starter plan ($12/month), a Growth Plan ($40/month), and a Business plan (custom pricing).
3. Avail
Next on the list, Avail offers a broad range of tools and “best-in-class educational content” to help you manage your rentals. Tenant screening, rental listings, rental applications, digital leases, credit/criminal/eviction reports, maintenance tracking, and property accounting are a breeze with this online rent collection service. Excluding many of the premium features, there’s a free plan that gives you unlimited units at no charge. If you want to take your rental management to the next level, however, there are a few higher-tier plans to choose between. Taking advantage of the Unlimited Plus Plan, for example, runs to $5 per unit, per month.
4. DoorLoop
DoorLoop is a great choice if you’re looking for an all-purpose online rent payment system that can handle the entire property management process. From accounting and leasing to property management, it’s got an extremely broad range of features – as well as a mobile app – to streamline your property management business. There are three plans to choose from: Starter ($59/month), Pro ($119/month), and Premium ($179/month).
5. GoCardless
When it comes to online payment processing for rental payments, it may be a good idea for landlords to consider using an ACH debit solution, rather than an online rent payment system. It’s easy to collect rent payments on time every month by using ACH Debit, a pull payment method that allows you to control when the amount will arrive. GoCardless offers a simple and easy access way to use ACH Debit; initiate payments directly from the online dashboard or connect it to your favorite software.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.
