Overall, Cozy is the best choice online rent payment service for landlords. Not only is it very user-friendly, but it’s also free of charge. In addition to the rent payment feature, Cozy also offers a wide variety of other helpful resources to streamline your rental business.
Avail is a good option for landlords looking for a basic property management software. It offers you all the fundamental features you need to effectively manage a small portfolio of rental units. It’s also very easy to use and markedly cheaper than other services on the web.
This platform offers tenants the options of paying with eChecks, credit cards, and even cash. Tenants can log on to make individual payments or schedule recurring automatic payments. Payments can also be made over the phone. Landlords can expect to receive the money the same day too. In addition, PayYourRent builds a rent payment credit history and reports the information to both TransUnion and Experian.
Overall, TenantCloud is the best option for landlords who would like to use PayPal or Stripe. All of the helpful property management features are available for free, so if you have a relatively small portfolio, you can enjoy all of the benefits at no cost. Although both Cozy and TenantCloud are free, TenantCloud offers more property management features (though they are a bit complicated).
Even though Buildium is more expensive than other online services, it offers a variety of features that other sites lack. One of the aspects we like best about Buildium is its payment flexibility. It is one of the only sites that accept cash payments and it allows tenants to pay from any device. Buildium is also streamlined and easy to use, so you can be sure that all of your rental units are managed properly.
SparkRental is designed to aid landlords with a more challenging tenant base. It helps to guarantee that rent payments will be paid in full and will notify you of any changes in the tenant’s financial situation. This means you will have ample time to make adjustments in order to continue collecting rent effectively. The best part of all, ACH transfers are free.
Rentler, like Cozy, is free and offers an assortment of property management resources. It also offers some of the fastest and most affordable ACH transfers, which some landlords will greatly appreciate.
When looking at the variety of online rent payment services available, there are certain factors that you should consider:
Pretty much everybody has some sort of electronic device — whether it’s a computer, tablet, or mobile phone. Mostly everything is done online since it’s hassle-free, easy, and paperless. Having your tenants pay rent online will streamline the payment process and make it easier on both you and your tenant. This way, all of the payment information is in one place and you don’t have to deal with receiving mail, cashing checks, or processing direct deposits.
Here’s a breakdown of the benefits offered by online rent payment services:
Just like with anything, there are some downsides to having your tenants pay rent online. Remember, sometimes online rental payments aren’t the best option. It all depends on you and your tenant. For instance, if you have an elderly tenant who prefers to pay in cash or by check, you should consider accommodating them. Although, in today’s day and age, online payment will most likely be your tenant’s preference.