Excerpt from Novatti article: Great ways for property managers to collect rent payments online.
Property management can be tough at the best of times! Juggling tenant management, collection of rent payments, maintenance and repairs, legal and compliance, property inspections and vendor management make this a career for serious multitaskers only.
In recent years, several players in the proptech industry have developed apps which aim to make it easier for property managers to collect rent.
From a property manager’s perspective, these platforms are the best option as they lack the pitfalls of legacy payment options.
RentPay is an award-winning rental payment platform that does a fantastic job of servicing both the tenant and property manager. Tenants are given several options that make rent payments much easier. They’ve gone all in on creating an innovative ecosystem that’s warm, friendly and helpful.
Tenants can put aside money early while it’s available or set up direct payments on their payday or at other convenient intervals they set. RentPay will then pay the property manager when the rent is due.
There are incentives that reward RentPay tenant users, such as utility bill smoothing, collecting credit card points and building a good credit score.
For last-minute payments, NPP/Osko is available. RentPay can also offer a one-week line of credit for unexpected emergencies.
Chinese migrants and international students can use popular Chinese electronic wallets Alipay, WeChat Pay and Union Pay using the platform too. These options provide familiarity, and none of the associated costs, delays or compliance limitations associated with alternative international payment options.
When comparing RentPay’s fees with other rent collection apps, tenants can really benefit from RentPay’s lower credit/debit card and BPAY fees. Their customers also get the chance to negate some of these costs through free, exclusive access to a shopping rewards program.
This rental payment platform sounds great for tenants but what about property managers? Apart from making it easier for tenants to pay on time, it doesn’t require set-up costs for property managers. Unlike typical direct debit arrangements, RentPay is a dual-sided marketplace that provides benefits to both tenants and the agency.
Property managers can easily create an account and take advantage of features such as receipting and payment reconciliation, and rely on system-generated automated alerts to keep their tenants on track.
It’s a win-win solution for everyone!
Novatti is a leading digital payments company responsible for processing more than $4.2 billion in transactions annually.
They work with proptech innovators, student accommodation providers and property managers to provide solutions that overcome their unique payment challenges.
Novatti understands the evolving needs of property managers and tenants, and work with clients to develop unique solutions that not only overcome these challenges, they become a unique selling point.
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