Automatic Rent Payments
by Electronic Check or Credit Card

On average a move out costs you, the landlord, a minimum of $1,000 to $3,000 depending on the amount of rent lost, maintenance costs, damages, legal fees, and advertising costs. This is detrimental to your business. You want to do everything you can to reduce rental turnover with it’s negative impact.

With automatic rent collection you can have your tenants sign a payment authorization form with their lease agreement. This authorizes you to collect all rents and fees associated with lease agreement from either their bank account or credit card account. This gives you greater control over the rent collection process. Now the only reason for non-payment is if the tenant has non-sufficient funds or goes over their credit card limit.

Your goal is to increase tenant retention because this reduces your turnover costs. So how do we package this in a win-win program for you and your tenants? The answer is to create a tenant rewards plan that you present to every potential renter! Here is an example: When you participate in the AutoPay rent program, pass all your property inspections, and we don’t receive complaints from neighbors or police, then we will automatically renew your lease agreement. Reward your tenants for helping you keep your costs down.

AutoPayRent.com is a leader in automatic rent collection services. We invite you to reduce your turnover costs today with an automatic rent collection program.

We live in a culture that says, “Buy what you want now and worry about paying for it later.” This does not lead to happiness or freedom. Instead, it adds to your stress and causes you nothing but worry in the long run. I have found that you have to start by living within your means, then you will have something leftover to invest with. How you invest your extra time and talent will lead to your financial freedom.

So let’s start with financial discipline. Have you ever sat down and drawn a line down the middle of a piece of paper, then put what you make on one side and what you spend per month on the other? That is how you begin to create a personal budget and get a handle on your finances. If you are spending too much or have nothing left to invest, what can you give up each month?

You have to be willing to sacrifice something now to get something  better for  yourself or your family in the future. You can spend the extra time researching or studying new skills you want to learn. Invest your time researching needs and put together a personal business plan you can start on the side that will meet those needs. It’s best if you work on something you are familiar with.

We’ve put together a resource page that includes a list of free spreadsheets and software that you can use to create a personal budget. Start here, cut your expenses, invest in study and research, and you can get started on the road to financial freedom.

Waiting on tenants to come around to pay their rent, or mail you a check. Not fun at all and I speak from experience. So what to do?

It would be nice (real nice) if they just paid you like clockwork without any work on your part. But that’s not always the case, right? Well if you implement an ACH Payment Processing program you can sit back and relax knowing the rents are paid.

What do I need to do? First you need a 3rd party payment processor. They will have a front end tool (usually a Virtual Terminal-web based platform) allowing for recurring and one-time payment set up. Most allow you to upload payment data if you already have a management software. Once you have your tenant complete an Authorization form (giving you permission to electronically debit their account) you set them up for the recurring rent debits. Monies are deposited into your bank account and transaction reporting is provided for reconciliation.

Costs? An ACH transaction shouldn’t cost much more than .40 (forty cents) which is less than the cost of a postage stamp. You can even take credit cards but credit cards charge a percentage (eg 2.19%) of the rent amount. You can pass all or a portion of this fee along to tenants as a convenience fee. However, we have found more renters participate in automatic rent payment when there are no additional fees. In other words, include the cost in your rent price.

So why not make your life easier and offer the convenience of ACH and credit card payments to your tenants? You’ll get a 60 day Guarantee and the best tools in the rent payment industry.