Online Rent Payments: Why They’re King
A study found that around 80 percent of renters in the U.S. were paying their rent non-electronically (using cash, checks or money orders). But we don't pay for anything else that way, do we?
At grocery stores, restaurants, gas stations and even when shopping online, electronic payments are the norm. What if we could pay our rent the same way, but even better, submit online rent payments? Well, RentPay makes that possible.
What is RentPay?
RentPay is a platform from Rentals.com that lets both tenants and landlords pay and collect rent online. Renters can even submit online rent payments if their landlord requires them to write a physical check. They simply schedule their payment in their dashboard, and then we write and mail a check to their landlord on their behalf.
Why use it?
We bet you don't need to be convinced that electronic or online rent payments are more convenient than physical payments. After all, who actually enjoys whipping out a checkbook, finding a stamp and heading to the mailbox just to get rent to your landlord? Let's not even begin on the hassle and safety issues surrounding cash payments.
But, the benefits of using an online rent payment platform like RentPay far outweigh the simplistic benefit of time-saving alone.
1. Earn rewards from your online rent payments
If you're anything like more than 183 million Americans, you probably have at least one credit card. Credit cards are great because many of them reward you for using them.
Popular credit cards can give you free flights, gift cards, nights at hotels, vacations, cold-hard cash and so much more. The options for rewards are dizzyingly endless.
You're paying rent already, right? Why not pay the rent with your credit card and get rewarded for doing so?
2. Never be late with rent again
Does your landlord charge a late fee if you pay rent past the due date? Many do, and those fees can seriously impact your finances if you're not careful.
RentPay offers a few ways to avoid these.
For one, if you're strapped for cash, RentPay allows you to make your online rent payment on credit. For example, if your rent is due on the first of the month and you don't get paid until the fifth, you can charge your rent to a credit card and pay the bill as soon as payday rolls around.
Another way RentPay helps you pay your rent on time is through its automatic payment option, or Autopay. It’s easy to set up and, once it's all ready to go, your rent payment is automatically charged to your preferred payment method on the day of your choosing each month.
Don’t have access to a computer but need to pay rent ASAP? No problem; you can pay with your phone. RentPay allows you to pay your online rent payment anytime from anywhere — a mobile device, desktop or tablet.
3. Choose how you want to pay
With RentPay, you have options when it comes to your payment method. You can use an eCheck, credit or debit card — the choice is yours. eChecks are $2.95 per transaction and credit and debit cards are a flat 3% charge.
And, as mentioned above, renters can pay their rent online, even if their landlords require a physical check. They simply schedule their rent payment in a few clicks within their RentPay dashboard, and then Rentals.com writes and mails a physical check to their landlord. It's that easy!
4. Maintain payment records for future reference
Another benefit of using RentPay is that the platform maintains a record of your online rent payments, debts and any fees over time. It offers a personalized dashboard showing exactly how much and when you've paid in the past and can help you verify those payments were received.
This can be especially helpful in any situation where you're asked to provide proof of residency or proof of income.
RentPay brings rental payments into the 21st century
You'd likely be hard-pressed to find a cash-only or check-only business in 2019 – outside of the residential rental market. For some reason, rent payments are still frequently paid with both. If you're ready to move into the modern era, give RentPay a try.