Best Online Rent Payment Platforms for Landlords 

On-time rent payments keep a rental business going. However, it can slow down other operations if you have to chase down a tenant to collect their rent or wait a few business days for it to come in the mail. That’s why most landlords choose online rent payment platforms. Not only is online rent collection convenient for landlords, but it’s also easier for tenants to pay their rent on time. Today, we’ll go over some of the benefits of online rent payment platforms, some of the top choices for landlords, and how to choose the right one for your business.  

Contents of This Article: 

• Why Use an Online Rent Collection Method? 
• Top 5 Rent Payment Platforms for Landlords 
• How to Choose the Right Platform For You 
• Ensure Safe and On-Time Payments With BMG 

Why Use an Online Rent Collection Method? 

Any opportunity you have to streamline and improve business operations, take it. Using an online platform to collect rent payments is one way landlords and rental property management in Boston can save time and resources. Instead of pestering a tenant for their rent payment, chasing a check down in the mail, or going to the bank to deposit money, online rent collection platforms make it easy to collect rent. Here are some more benefits of online rent payment platforms.  

• Added Security- Collecting online payments through a trusted platform means no longer tracking down tenants or worrying about payments getting lost in the mail. Instead, online collection provides a faster, safer, and more secure process.  

• Saves Time- Efficiency is key to any successful business. Collecting payments online helps rental owners save time and money on manual processing and recording. Instead of physically collecting money from different tenants at different times, you can collect it all online without having to do a thing.  

• Fewer Late Payments- Paying rent online is easier for everyone–tenants, landlords, property managers, etc. So, giving your tenants this option can help reduce late payments and trips to the bank for both parties. 

• Accurate Records- Traditional paper records are susceptible to human error. That said, not catching errors right away can lead to larger issues later. With online rent payment platforms, they do the work for you. Landlords and tenants can see past payments, pending payments, or payments due.  

Top 5 Rent Payment Platforms for Landlords 

If you’re looking for comprehensive property management software that helps collect rent payments, you don’t have to look far. There are plenty of rent payment platforms that make all rental processes easy for landlords and tenants. Here are some of the top rent payment platforms to choose from.  

1. AppFolio
2. Buildium
3. PayRent
4. TenantCloud
5. Apartments.com (Cozy)

AppFolio 

One of the top property management platforms for landlords is AppFolio. This comprehensive property management application does more than just rent collection. While it’s great for collecting online rent payments and sending automatic late fees, it’s also an excellent choice for landlords needing help with maintenance requests, accounting, and tenant screening. Their plans start at $1.49 per unit per month, but they also have advanced options to choose from.  

Buildium 

Another comprehensive rent payment platform that landlords love is Buildium. Like AppFolio, this platform helps collect online payments, perform tenant screening, and track lease agreements, maintenance requests, and accounting. Additionally, tenants can set up automatic payments, making it convenient for both parties. Overall, it’s extremely easy to use and pretty cost-effective, with plans starting at $55/month.  

PayRent 

If you’re looking for a convenient and budget-friendly option, check out PayRent. Their plans range from $0 to $49 per month, and their platform includes services like tracking and reports, rent reminders, and full or partial payment options. They also accept different payment methods, and funds are available to rental owners in one to seven business days, depending on which plan you choose.  

TenantCloud 

If you’re looking for a basic property management app with some add-on options, TenantCloud is worth checking out. This app is great for small and large property managers, as it includes the standard property management software features and allows you to add to your plan. Starting at $15.60/month, it includes features like leasing tools, listing management, tenant screenings, automatic payments, and online rent collection.  

Apartments.com (Cozy) 

Apartments.com, formerly known as Cozy, offers customizable options and a user-friendly platform. You can start with a free version that accepts online rent payments with a checking account, or tenants can pay using a credit card with an additional fee. From there, you can see how much you’ve collected in rent, security deposits, and other fees, all in one place. They also send rent reminders to tenants to ensure they know when to make a payment.  

How To Choose the Right Platform for You 

While it’s helpful that there are so many great options to choose from, it can be overwhelming to make a decision. Here are a few key features to look for when choosing the right rent payment platform for your rental business.  

• Various payment options, such as credit or debit 
• Automatic rent reminders for tenants 
• Notice of missed payments or late fees 
• Option to make a one-time payment or set up autopay 
• Ability to process full and partial payments 
• Financial reports for rental owners 
• Mobile-friendly website or dedicated payment app 

Ensure Safe and On-Time Payments With BMG 

Collecting rent payments is one of the most critical parts of owning a rental business. However, it’s much more than just collecting payments–it’s tracking them, reporting them, applying late fees, etc. As such, finding rent payment platforms that work for you can help you save time so you can focus on other aspects of your business.  

Are you a busy rental owner drowning in the daily tasks of running a rental business? Finding the right property management company to work with can also help you save time. Bay Property Management Group offers comprehensive rental management services, so you don’t have to worry about day-to-day tasks. Instead, you can focus on expanding your business! Contact BMG today to learn about our Boston services.