In Aurora property management, you may wonder the best way to take rent payments. It is our experience that online payment systems are the best for these sorts of transactions. There are many different vendors that you can use that will facilitate such payments with good security and low fees. The only fees that are typically pretty high are for credit card transactions for rent. This is to disincentivize paying rent on credit instead of good funds. These fees often are in the 3% range. The other positive to having a third party online payment system is the protection of bank account data from your tenants to you. Some do feel as if they would rather not share that with the company accepting the money, which is completely fine. Using a system like Paylease allows the tenant to enter into an agreement with them, and pay the money to your management company, without divulging any bank information. The only things to watch out for on using systems like this are transaction times. Often times it can take a few days to clear a payment. This must be taken into account when scheduling rent payments. Your expectation must be communicated up front as to how much lead time you will need from a payment. If it takes 2-3 days for a payment to clear, you may want to have rent be due on the first and late on the third. This allows for people to be able to start the transaction well in advance of the due date, and the payment will not be considered late as it will clear just in time. Be sure to check the transaction and processing times for any app you choose. They are all different. And as always, if you are looking for Aurora property management, please give us a call.
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