Older generations love to joke that millennials can't do things like write a check. In reality, though, no one is writing checks anymore. Just under half of all Americans didn't write a single check in 2023.
Paying rent has almost always been done with checks, but that trend is going to change as well. Checks are a bigger hassle, easy to lose or tear up, and easy to be forged by criminals. Many landlords are turning to the next big thing: online rent collection.
What are the benefits of online rent collection in New Hampshire, and should you join in on the fun? Today we outline why it's worth it to get an online portal for rent payments.
Online Rent Collection Saves Time
Right out of the gate, online payments save time for both the landlord and the tenant. Tenants can access the online portal and pay rent with their payment provider of choice in a matter of seconds.
Otherwise, they'd have to carefully write out a check and mail or hand-deliver it to you. Then you'd have to take a careful look at it since check fraud is on the rise. It also saves time with accounting, depositing, and records management for paper payments.
It Saves Money
Checkbooks cost money, as do the filing cabinets to keep records of them. So does the gas to drive to the bank to cash in all of these checks. Then there's wasted time when you have to ask a tenant to fill it out again because it's illegible, and so on.
Online payments save money in quite unexpected ways, too. Implementing them is a great way to keep your tenant on for another year rather than leaving the property vacant.
Tenants love online rent collection instead of having to keep an old checkbook. This incentive in their favor lets you secure more favorable terms on the lease.
There Are No Late Payments
Another benefit of an online portal is automatic recurring payments. Tenants can schedule their rent to go out the same day every month, rain or shine, provided they don't overdraw. It's one less bill-related headache for them and ensures you get timely and efficient payments.
Records Management Is Easier
Keeping track of cash and check rental payments requires a fair bit of accounting know-how. You have to keep detailed records of these transactions both for your sake and for the tax man. Not so with an online portal.
Online portals not only make record-keeping easier, but they streamline the most tedious parts of it. For example, they can automatically create your tax forms for a specific year on the spot.
Get an Online Portal in New Hampshire
Online rent collection is a must in a day and age when virtually everything is online. Online payments save time and money for both you and the tenant. They ensure payments are never late, and keep your records in perfect order at all times.
PMI Granite State is New Hampshire's property management expert. We've been reshaping the property management industry for 20 years without losing that local touch. Get a no-hassle, no-strings-attached free rental analysis from us today.
