One of the most important factors that render a tenancy successful is whether the monthly rent is paid in full and at the agreed time. When this occurs, both parties benefit immensely, building a trustworthy relationship. For example, both the landlord and the tenant have ease of mind by not getting into any disputes over payments, plus the tenant won’t have to worry about potentially being evicted from the premises if payments are not made.
Here are some benefits of online rent payments we feel are paramount:
Security – Payment gateways offer high-level encryption which provides security of the personal information of landlords and tenants, and security of funds when transferred.
Accessibility – Users can have access to their funds and information anytime and anywhere. The tenants can pay their rent on time with just a few clicks thus avoiding any late fee charges. Landlords can check the timing and amount of payments, helping them identify any issues.
Convenience – Rental payments can be transferred automatically at the beginning of each month without the need to meet face-to-face to receive cash/cheque or to manually go on a banking app and send the funds. Using a payment gateway supports a seamless and convenient experience for the user.
Low or no fees per transaction – If the landlord and tenant have a bank account within the same bank then usually there are no fees for transferring funds from one account to the other. If a payment gateway is used then usually a very low fee is charged per month. The benefit of the latter is better user experience during the process.
Tracking made easy – Having access to a list of all completed and pending payments in one place, helps landlords manage their tenancies and tackle any issues that may arise more efficiently. In addition, the list can be used as proof of payment status in case any disputes arise between the landlord and the tenant.
Convenience, security and easy tracking are three of the most important goals that TenEnt aims to achieve when it comes to rental payments. Through TenEnt’s integration with Stripe, tenants can easily and securely pay their rents to their landlords with just a few clicks. The best part is that they only have to do it once, as the rest is automatically set up for the duration of their entire tenancy period.
In addition, TenEnt sends notifications to tenants and landlords if any issues arise with the payments so that they can be dealt with swiftly and transparently. We are building and offering the tools needed to support landlords and tenants build trust and a strong, long-lasting professional relationship.
If you are interested to learn more about TenEnt, please visit our website on https://tenent.eu/, and let us make your tenancy experiences that little bit brighter.