Managing rental properties involves many moving parts, but collecting rent shouldn't be the hardest task on your list. Traditional methods like paper checks or cash can be slow, difficult to track, and inconvenient for both you and your tenants. Moving your rent collection online streamlines the process, ensuring you get paid on time while keeping detailed financial records.
Apartments.com offers a suite of rental management tools designed to simplify the landlord experience. Explore online rent collection and the benefits of managing your payments through our secure platform.
Why Switch to Online Rent Collection?
Before diving into the "how," it's important to understand the "why." Moving away from physical payments offers several distinct advantages for landlords.
Convenience and efficiency
Online payments eliminate the need to drive to the bank or wait for checks to arrive in the mail. Funds are deposited directly into your bank account, saving you time and effort every month. For tenants, paying online is often preferred, as they can pay from their phone or computer without needing checks or stamps.
Automated reminders
One of the most common reasons for late rent is simple forgetfulness. The Apartments.com platform sends automated email reminders to tenants before rent is due. This gentle nudge significantly increases the likelihood of on-time payments without you having to send awkward texts or make phone calls.
Security and record keeping
Physical checks can be lost or stolen. Online transactions are encrypted and secure. Furthermore, digital payments create an automatic record. You can easily access payment histories for tax season or if a dispute arises, rather than digging through a file cabinet of receipts.
Flexibility for tenants
Tenants can choose to pay via checking account (ACH) for free, or use a credit or debit card for a small fee. Offering multiple payment options reduces friction and makes it easier for tenants to pay you.
Watch How to Collect Rent with Rental Manager below (or on YouTube) to get a preview of the feature:
Step-by-Step Guide to Collecting Rent on Apartments.com
Setting up payments is a straightforward process. Follow these simple steps to start collecting rent online.
1. Create an account
If you haven't already, you will need a landlord account on Apartments.com. There is no fee to create an account. If you already list your properties on the site, you can use the same login credentials. Once logged in, navigate to the Rental Tools section.
2. Add your property and tenant
Before you can collect rent, the system needs to know which rental the payment will come from. If you have multiple units under one roof, such as a duplex, it is very important to select the correct unit number.
- Click "Add a Property" within the dashboard.
- Enter the property address and unit number, if applicable (e.g., unit 101, unit 4B).
- Note: If you already have created the listing, you will simply select the address from your existing property list.
3. Set up payments
Once the property is added, select "Set up Payments" for that specific unit. You will then be prompted to enter the details of the lease:
- Rent amount: The total monthly payment due.
- Lease dates: The start and end date of the current lease.
- Due date: The day of the month rent is due.
- Prorated rent: If the tenant moved in mid-month, you could add a one-time prorated rent amount.
- Security deposit: You can also collect security deposits and other move-in fees.
4. Verify your identity and bank account
To receive funds, you must verify your identity. This is a standard security measure to prevent fraud and comply with banking regulations.
- You will be asked to provide personal information, such as your date of birth and social security number.
- Enter the routing and account number for the bank account where you want the rent deposited.
- The system may send small test deposits to verify the account connection.
5. Invite your tenant to make online payments
The final step is connecting your rent payment setup to your tenant. Just as you now have a landlord account that can receive online payments, your tenant will also need an account on the site to make online payments.
- Click the ‘payments’ button on the dropdown menu and enter: the lease term, the tenant's name and email address, the monthly rent amount, and rent due date.
- The system will send the tenant an email invitation with steps to set up a free Apartments.com account.
- After the tenant has created a login and selected their method of payment, the connection between your account and the tenant’s account is active. The tenant is now set up to make payments through Apartments.com.
Collect Rent Faster and Easier
Collecting rent doesn't have to be an elaborate, dreaded chore every month. By utilizing Apartments.com free online rental tools, you can elevate the collection process for rent, security deposits, late fees, and more. Avoid the headache of chasing checks and start automating your cash flow. Create an account and set up online rent collection today!
Frequently Asked Questions
Is it safe to receive payments online?
Apartments.com uses bank-level encryption to protect your financial data and personal information. Transactions are processed through secure networks, and our site includes fraud prevention measures to help ensure payments are reliable and secure.
Are there transaction fees for accepting online payments?
If tenants choose to pay rent using a debit or credit card, a small processing fee is charged to the tenant for each card transaction. Landlords do not pay any fees to receive payments through Apartments.com.
Are tenants charged to pay rent through Apartments.com?
Tenants have the flexibility to pay rent using ACH (electronic bank transfer) or by debit or credit card. There are no transaction fees for ACH payments. If tenants choose to pay with a credit or debit card, a small processing fee of 2.75% will apply at checkout.
