Moving towards fully digital transactions is not only convenient for everyone but becoming a must in today’s world. Digital rent collection apps are making this happen; especially growing in popularity over recent years.
However, not all digital apps and website platforms for commercial landlords are created equal. There are different functions and features found to be most helpful in the commercial real estate industry.
Major Benefits to Using Rent Collection Tools
Let’s take a bird’s eye view of the benefits of digital rent collection tools that extend beyond the obvious.
Here are some key benefits:
- Collect rent from anywhere – Wherever you are in the world, any time of the day or week, you can receive notifications that rent or other financial transitions have been collected and deposited. There’s no need to wait until business hours or be in the same location for these transactions to take place. Landlords and tenants also receive real-time access to rent updates and payment status.
- Higher transparency – Commercial tenants and landlords have full access and transparency on all signed and filed documents, instructions, notices, alerts, history of communications, etc. Digital platforms make it easy to keep track of everything and have information easily accessible in one shared online location.
- Record management – Having systems that merge payment history with accounting records makes it easier to organize data and keep everything up-to-date throughout the duration of tenancy and term-by-term reporting.
Here are some of the most helpful features to look for when comparing online rent collection tools.
Multiple Payment Options Available – How diverse is the collection tool you’re considering? Does it have multiple payment options available? Having a range of payment options helps tenants find the best way to pay rent while reducing their chances of non-payment due to a lack of options.
Some of these options include:
- Bank account or debit card use
- Credit card options
- Mobile app pay
- Stored information
- Payment Kiosks that accept cash
Strong security features – Dealing with sensitive personal information and financial account details requires strong security features. Commercial tenants need the peace-of-mind their information is well protected. You also have a duty to secure all transactional information to prevent identity theft, system hacking, ransomware, etc. Look for reputable security features that offer end-to-end encryption and secure all information.
No additional charge for convenience – Tenants are more likely to be discouraged from using online rent collection tools when there are fees associated with using the system itself. It is better to look for tools that don’t charge convenience fees. Your goal is to have your rent paid regularly with consistency. You want a rent collection system that supports your goal, making it easier for your tenants to pay how they choose without any deterrents.
On this note – Neither do commercial landlords want to be hit with fees for using the rent collection system. It’s just as important that you look for features that do not tack on extra fees for yourself just for the convenience of using the tool itself.
Plaza Companies is the Premier Choice of Commercial Real Estate
Plaza Companies is a full-service real estate firm specializing in leasing, management, construction, and development of some of the most innovative commercial real estate projects in Arizona.
Plaza Companies is successfully competitive in the commercial real estate space while remaining compliant with all accessibility needs as a top priority along with all other legal obligations. Our firm specializes in staying connected and conscientious of all emerging trends and laws.
Contact us today to learn more about leasing the right space or anything else we offer!