Tips for Collecting Early and On-Time Rent Payments

Late rent payments are a costly and pesky problem for many landlords. Aside from adding late fees, which may further delay payment, here are some positive strategies to help you collect rent on-time and keep you from pulling out your hair.

1-Report Payments to Credit Bureaus

Reporting rent payments will not only boost on-time payments, but it will also reward good tenants who are trying to improve their credit scores.  There are multiple services you can use to report payments to the credit bureaus, such as Rental Kharma or  Rent Reporters.

2- Make rent payments automatic

Eliminate the human error aspect of getting paid on time and have your renters signup for automatic payments. In a recent renter’s survey, PayRent found that 4 out of 10 renters actually prefer to automatically schedule their rent payments. They cited convenience as their primary motivator. To get more renters on-board, you could offer a discount for enrollment.

3- Accept credit card payments

Since rent due dates and paychecks don’t always line up the availability of money can delay rent payments. Give your tenant some wiggle room by allowing them to pay rent with a credit card. You’ll collect rent on-time and they won’t have to worry about expensive late fees or bouncing a check. 

4. Offer discounts for paying early.

While it is common practice, and wise, to punish late payments by slapping on a late fee, it isn’t your only option. Try some positive reinforcement and reward early payments with a discount. For instance, rent paid five days before the due date could receive a 5% discount. You can tailor this however you’d like as long as the reward is enough to motivate your renter. This strategy moves up the rent due date in your tenant’s mind. Instead of thinking that rent is due on the 1st, they’ll make every effort to get it to you by the 25th. 

5. Make it easier to pay rent 

The fewer steps your renter has to complete to make their payment, the better. It may take days for them to write a check or purchase a cashier’s check, address an envelope and drop it off.. Simplify the process by accepting online payments. Many rent payment platforms offer due date reminders for tenants and store their payment information to make future rent payments even easier.

6. Cap Rent Increases

Collect rent on time and encourage long-term tenants by agreeing to not raise the rent at the end of the lease if all payments are made early or on time.

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  • Accept bank transfers and credit cards
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**Blog Article Disclaimer*

This blog article is provided for informational purposes only and does not constitute legal advice. The content is intended to offer general information and should not be relied upon as a substitute for professional legal advice tailored to your specific circumstances.

While we strive to keep the information accurate and up-to-date, laws and regulations are subject to change, and the legal landscape may vary based on jurisdiction. Therefore, we make no representations or warranties regarding the completeness, accuracy, reliability, or suitability of the information contained in this article.

Reading, accessing, or using the information provided in this blog does not create an attorney-client relationship between the reader and the author, and any reliance on the information is at your own risk. If you require legal advice or assistance, it is crucial to consult with a qualified attorney who can consider the specifics of your situation and provide advice accordingly.

The author and the platform disclaim any liability for any loss or damage incurred by individuals or entities as a result of the information presented in this blog. We recommend consulting a legal professional before making decisions or taking action based on the information provided in this article.

This disclaimer is subject to change without notice, and it is the responsibility of the reader to review and understand the disclaimer before relying on the information contained in the blog article.

PayRent is on a mission to build a rent collection app that fosters a positive and productive relationship between renters and landlords. We focus less on transactions and more on the people behind them.

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Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
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