Online payments are a common feature on all online stores. If you want to rent DVDs or go on a vacation, you can do it on the Internet. You may wonder how online payments work but you will find that this process is very easy to use. All you have to do is choose the payment option that works best for you and provide the credit card number. There will be no need to write a check because the transaction is done online.
In most cases, a tenant portal will handle all of your payments. This is a third party company that allows you to rent DVDs and make your purchases without using a credit card. There are also other ways you can rent movies and other products through this service. They will charge you a one time fee for their services and then you are only responsible for paying the monthly rent.
Third-party companies can process electronic cash payments, check cards, and even e-checks. The one time fee you pay for the service is just a one-time cost. After you rent a movie, you can then decide if you want to renew your subscription or not. You can cancel your rental anytime that you want. Many consumers prefer electronic cash payments because there is no paper involved with it.
A property manager in a chain of apartments has many responsibilities. Collecting rent from tenants is one of them. Many property managers use an online payment system to collect the monthly rents from tenants. If a customer cannot pay the rent, the property manager will send a notice out to the customer by mail.
Most tenants will never let a property manager know they are delinquent on rent payments. So, if a property manager receives a notice from the tenant portal that the customer is two weeks behind on paying their rent, the property manager may want to consider using an online rent payment service to collect the money from the customer. Some websites offer online rent payment services to a landlord who has multiple properties. So, if the property manager had ten properties, all ten properties would use the same portal to accept rent payments.
Many people think collecting rent online through a portal is a fast way to collect money from a tenant. Trust me, it is not. It takes the person doing the collecting to determine if the person really does owe the money. After the owner verifies the information with the bank, an agreement is made regarding the fees and how much time to pay the rent will take. Most online payments systems include a grace period of about seven to ten days for late fees to be processed. So, if the tenant only missed one payment, they would still be able to pay the rent on time and avoid the late fees.
Another benefit to online payments is that following the system becomes automatic. The system not only verifies with the bank account but also verifies with the state Unemployment Office, county courthouse, and county tax collectors. These are additional means of ensuring the security and payment integrity of the online system.
So, if you are wondering, “Are online payments safe?”, then the answer is a resounding “Yes”. Online payments are more secure than mailing a check, so when you are collecting rent make sure to check with the bank and the unemployment office. They are the two main parties involved in verifying the payment. Then verify with the state Unemployment Office and county tax collectors for any outstanding back payments or other debts that must be paid off.