Every property manager wants to make sure that all of their tenants are able to make their payments — after all, that’s how they make their money! Online payments are easiest for you, but not for all of your residents. Some people simply aren’t comfortable with technology and won’t want to pay online. So what can you do? Here are 3 great potential payment methods that don’t require any computer use by your residents.
1. Paper checks by mail
Checks may have experienced a major decline in use, but they’re still the preferred rent payment method for many residents. To some people, it’s the simplest, most straightforward mode of payment.
One potential problem with checks is handling them on your end as a property manager. It can be a real pain having to manage, keep track of, and deposit checks yourself. That’s why ManageGo offers to do the work for you with our Lockbox service. Let your residents send checks to us, and we’ll automatically upload the checks to our online platform and deposit the funds to your account electronically.
2. In-person collection
In-person rent collection can definitely offer some benefits. It’s a sure way to remind anyone who forgot to make their monthly payment, and when you collect a check or money order in person, you won’t need to worry about when or if it will be delivered by mail.
If you do perform any rent collection in person, know that you shouldn’t accept cash payments. It’s impossible to document them properly, and that can lead to trouble if there’s a dispute about a payment. If you have any residents who do prefer to pay in cash, ManageGo’s MoneyGram payment option is a great alternative. Your residents will get to pay cash, and you’ll get full documentation and the convenience of easy electronic deposits.
3. Paper checks in a dropbox
Another option is to provide a dropbox where your residents can drop off a check each month. This can be a convenient option because it combines some of the best aspects of checks by mail and in-person collection: a secure dropbox offers security and immediacy, like in-person collection, while also cutting out the need to visit every unit to collect payments, like checks by mail. Keep in mind, though, that with this method, you’ll still need to handle checks yourself, which, again, can be a lot of work.