Should Landlords Accept Rent by Credit Card?

4. It’s Quicker for Everybody than Checks

Digging out a checkbook and writing a bodily examine, sealing and addressing an envelope, then discovering a mailbox to drop it into?

It’s classic 20th Century. Outdated. Labor-intensive.

Then everybody waits whereas it travels bodily within the mail. And assuming it doesn’t get misplaced in route. To not point out, offering the tenant the age-old excuse: “Um, yeah, the examine’s within the mail!”

The owner has to examine their mailbox, then deposit it into their checking account. And pray it clears.

This level is already beginning to get belabored, however you get the concept: paying hire by bank card is quicker for everybody.


5. Direct Deposit into the Landlord’s Account

All proper, so that is associated to Benefit 4 above.

Nonetheless, it’s value mentioning: as a landlord, you don’t have to really do something. You get an e mail notification that the hire was deposited in your account.

Completed. Completed. Kaput.


6. Hire Reported to Credit score Bureaus

The perfect on-line hire fee platforms (cough: SparkRental) report hire funds to a minimum of one credit score bureau.

It creates each a carrot and a stick, to incentivize on-time hire funds. If the renter pays on time, it builds and improves their credit. In the event that they pay late, it hurts their credit score, making it more durable for them to get authorised for future houses or mortgages.

And particularly within the wake of an 18-month eviction moratorium, reporting unpaid rents to the credit score bureaus gives one of many few actual penalties for wayward tenants.

Reward your good tenants, whereas concurrently including accountability on your unhealthy ones.


7. Automated Recurring Hire Funds

On SparkRental’s hire fee platform, and on a few of our opponents’, tenants can arrange automated recurring hire funds. They will set these up for both ACH or bank card funds, as they like.

Your renters don’t even have to consider it, the hire simply goes out every month, in full and on time. You receives a commission, they keep away from late charges. Straightforward peasy.

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