Many Property Management and Homeowners Association (HOA’s) are beginning to accept monthly rent payments online. What does this mean for renters?
1. Save on checks and mailing supplies all while protecting the environment
Have you ever thought about how much it costs to mail your rent check each month? Let’s break it down: Box of checks = $20, Pack of envelopes = $3, Ever-increasing cost of stamps = $5.88. That’s over $30 spent each year just on getting your rent check to your manager! Paying online will save you both time and money. Also, by cutting down on the use of paper, you’re helping the environment. It’s a win-win!
2. Build credit and earn rewards points
Do you have a credit card that offers rewards? Some cards offer reward points for special items or cash back on all purchases, which means you could be making money each time you pay your rent. Additionally, many companies will report your payments to the credit bureau, which is a wonderfully easy way to increase your FICO score. But make sure you don’t miss a payment-just as it can help build credit, it could potentially lower your score if a late payment is reported, which brings us to our next point:
3. Never worry about being late and avoid additional fees
Have you ever forgotten to put your rent check in the mail on time? It happens to just about everyone at some point, and it can cost you. Late fees are typically tacked on when your rent arrives after the due date. Some companies offer a grace period, but not all, and it’s important to keep payments current. When paying online, most companies will allow you to set automatic withdrawals. This means that you can choose to have the payment taken out on the same day each month, alleviating worries of late fees.
4. Easily view payment history at a glance
Say adios to that ledger-you’ll no longer need to keep your receipt book close by. With online payments, you can simply log into your account and view payment history at any time. When tax season rolls around and you need a statement, or you’re looking to make a big purchase that requires proof of rental history, the information is readily available.
5. Safety of processing online/electronically
In today’s world, it’s arguably more secure to pay rent online than it is to use the postal service. Each payment is processed through a secure server, ensuring that your sensitive information is protected.
If the thought of late night trips to the leasing office, scrambling to visit your Property Management company before they close, or paying frustrating late fees is unappealing to you, then online payment is the right choice. Contact your Property Manager or HOA today to find out if it’s available for you!