Rental Payments: When you rent out a property, not knowing whether you’re going to receive rental payment on time can be a huge source of stress. Even if your tenants are capable of paying the rent, they may not remember to pay on time every month. To take the stress out of real estate business management, you need to set up a system that can automatically take recurring direct debit payments from your clients’ accounts.
Most property rental companies require tenants to pay rent on a monthly basis, although you can choose a different rental period if you prefer. Direct debit is the perfect payment method for this kind of recurring payment, as your payment solution can automatically request payment from the tenant’s bank account when the rent payment date rolls around. As a result, you don’t have to deal with the stress and inconvenience of chasing the tenant for the rental money, and your tenants don’t face late payment fees.
Setting Up Direct Debit Payments for Your Property Rental Business
To start taking recurring rental payment via direct debit, you need to select a payment solution that supports direct debit as a payment method. IntegraPay is one solution that real estate companies and rental agencies can rely on. Once a tenant’s payment details have been entered into the IntegraPay system, recurring rental payments will be automatically taken until a pre-agreed date or until you tell the system to stop taking direct debit payments from the tenant. The ease of setting up a new recurring direct debit means it is easy to deal with tenants moving out of the property and being replaced with new ones.
As well as the obvious advantages for your business, automatic recurring payments also have important benefits for tenants. They can help tenants avoid ending up in arrears as a result of forgetting to pay the rent, which could mean they avoid late fees and stay on good terms with their landlord. By explaining these benefits to your tenants, you can convince them to use direct debit payments to pay their rent.