To collect rent consistently and on time, you need to offer your Long Beach tenants multiple ways to pay. Most people today are comfortable paying for goods and services online, and they prefer that method of payment for its ease and convenience. But, not everyone is on board. An effective and accessible rent collection process includes several options and instructions.
Online Long Beach Rental Payments
In 2020, a National Apartment Association (NAA) survey reported that 79 percent of tenants prefer to pay rent online. That’s a hard statistic to ignore. If you’re not making it possible for your renters to pay electronically, you’re not meeting a critical preference in the general tenant pool.
As a professional Long Beach property management company, we have sophisticated accounting software that allows us to easily set up online payments for our tenants. If you’re collecting rent on your own as an independent landlord, you likely won’t have access to the same technology, but you can still make online payments happen. Digital rent payment options for rent can include:
- ACH direct deposits
- Credit card payments
- Money transfer apps
- Rent collection apps
Online payments save you and your tenants time. Residents are happy to make their payments from the comfort of their home. You’ll also have everything organized, from automatic notifications when you receive the money to instant receipts to your tenants.
Prioritize online rent collection whenever you can. It’s easy, it’s safe, and it’s modern.
Accepting Checks and Money Orders
Maybe you have some tenants who just aren’t comfortable with online payments and they prefer to write a check. Or, maybe money orders work best for tenants who are cashing a paycheck and turning it right into a rental payment.
When tenants are mailing their payment to you, make sure to remind them that they’ll need to leave a few extra days for mail delivery. So if rent is due on the first of the month, to be safe, they’ll want to mail their check by the 25th of the previous month.
You can also accept these payment methods in person. Tenants can drop off a check or money order to your office or your home. Decide what makes you the most comfortable and talk to your tenants about how they plan to pay on time with this type of currency.
With a personal check, you’ll need to wait for it to clear before you can document that the tenant’s account is current. Put some policies into place that cover returned check fees.
When Long Beach Tenants Want to Pay in Cash
It’s rare, but not completely unheard of. Sometimes, tenants will want to pay in cash.
Cash payments can be risky for you and your tenant. Even with a receipt, cash rent payments are difficult to document and they’re easily disputed. If you still want to offer cash payments to tenants, use a third party. Several convenience stores, department stores, and cash payment locations will accept the cash payment from your tenant, issue a receipt, and then deposit funds electronically into your linked account.
If you have additional questions about how to collect rent or you’re struggling to get it paid on time, get some help from a Long Beach property management company. You need your rent to be paid on time, and your tenants need payment methods that work for them. Contact us at HCM Property Management for help.