The Easiest Way To Collect and Pay Rent
Streamline Revenue With Simple, Fast and Secure Payments
Voted Easiest Property Management Software by Landlords Like You
Get Paid Faster
Tenants are 62% more likely to pay on-time when using digital payments versus checks and cash. PayRent makes paying rent fast and easy for your renters. Getting started takes just a few minutes and your renters will enjoy the convenience of paying their rent from any connected device with their bank account or credit card. Payments can even be scheduled in advance to ensure on-time delivery.
Save Time and Money
If you’re confused by the complexity and cost of most property management software you’re not alone. Our intuitive landlord dashboard makes it easy to see occupancy rates, tenant balances, and upcoming charges and payments. Downloadable reports are compatible with virtually all accounting systems.
Designed with independent landlords in mind, there are no hidden fees or a minimum number of units.
Protect Your Privacy
PayRent is a secure way to accept electronic rent payments while maintaining privacy and safety. Accept credit cards or bank transfers from any U.S-based bank or credit union without giving away any personal information to tenants.
Collecting rent on time is virtually guaranteed with RentDefenseâ„¢, an exclusive set of payment controls and protections that help you collect rent with less hassle and stress.
Attract Great Tenants
Getting paid on time tops the list of things that keep most landlords and property managers up at night. Not only do we make paying rent easier for tenants, but we reward them when they pay on time.
Beyond accepting bank and credit card payments, renters who pay on time earn perks like free rent reporting to all three major credit bureaus, splitting rent, and access to interest-free emergency funds when cash gets tight.
Best Ways To Pay Rent Online
Hint: PayRent is one of them 😉
There are several factors that should be considered when determining how you’d like to collect rent. Here are the five most common rent collection methods ranked from best to worst.
- Online Rent Collection
Of course, we are a bit biased here, but we think we’re on to something. PayRent offers convenience, safety, and security for landlords looking to collect rent online without the hassle of memberships or monthly fees. PayRent settings allow landlords to collect rent for free or to pay the ACH fees for their tenants. Tenants can pay their rent with a credit or debit card or with a bank transfer wherever they may be. Landlords can protect themselves by keeping personal information private and refusing partial payments. Sign up for free and thank us later.
- Zelle
Zelle is a bank-to-bank payment system is that is fast and free- though there are limitations. Not everyone banks at an institution that uses Zelle, and those who do may not have a transfer limit high enough to cover the cost of a rent payment, meaning that landlords are left to accept partial payments. You will also need to share personal information with your tenants to receive money, and if your tenant accidentally sends funds to the wrong person, there is no option for recovery.
- Peer-to-peer Apps
Apps like Venmo, PayPal, and CashApp are a fantastic way for friends and family to split the bill or go in on a gift, but it’s not a great business option. Landlords accepting rent payments from tenants are subject to additional business fees, and there is no option to pass those fees on to your tenants. Landlords are also left susceptible to partial payments.
- Checks
One of the most popular ways to pay rent, checks are a relic of the past. Your tenant will first need to obtain checks as most bank accounts no longer include them, and there is little other need in today’s world for them. They’ll then need to write the check details and deliver it to you, either by mail, dropbox, or a face-to-face exchange. Now the ball is in your court. You’ll be responsible for endorsing and depositing the check into your account. All of this is undoubtedly costly when it comes to your precious time.
- Cash
While cold, hard cash is often a preferred payment method, it does come with some downfalls. Cash is easily lost or stolen, hard to track, and very inconvenient. To accept cash, you’ll need to meet up with your tenants, collect the rent, and issue a receipt.
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FAQs – Paying Rent Online
What does ACH stand for?
ACH stands for Automated Clearing House (a network for electronic payments). ACH is a tool that helps with direct deposit and automatic bill payments.
What are the pros and cons of accepting credit cards for rent?
Credit cards give renters another option to make electronic payments. The downsides are the credit card fees, which can range from 2.5- 5.0%, and the risk that a renter could later dispute the charge and the landlord would have to prove the charge is legitimate. Credit card fees on PayRent are the responsibility of the tenant and are not paid by landlords.
Is my banking information safe when using an online rent collection service?
Most online rent collection platforms comply with banking security standards including the encryption and protection of each user’s financial information. Online rent collection services are as safe as banks when it comes to protecting banking data.
Can I collect rent online without giving my personal information to my tenant?
Services like PayRent and other online payment platforms keep all of your data private and secure. Renters can pay rent on the service without knowing a landlord’s personal information like name, address, or bank account details.
Can I collect rent using Zelle?
Zelle is a bank-to-bank payment service used to directly transfer funds between bank accounts. It can be used to collect rent, usually at no cost. However, many banks do not yet offer Zelle as a feature and often set daily limits on transfers that are less than the typical rent amount. Read more about u003ca href=u0022https://www.payrent.com/articles/paying-rent-with-zelle-vs-payrent/u0022u003ePayRent vs. Zelle.u003c/au003e
Can I use Venmo to collect rent?
Venmo is a peer-to-peer payment service used for sending payments between individuals. According to their guidelines, it is not recommended for accepting or paying rent.
Join thousands of independent landlords who made paying rent online simpler, safer and more rewarding.
Designed with DIY landlords in mind, PayRent’s property management software gives you the payment controls and features needed to streamline your business without complications.
Several service plans are available so you can choose the best fit for your business. Signing up takes just a few minutes and we’ll walk you through the process step by step. Click Join For free to get started.
