For anyone involved with a rental property, collecting rent can be time-consuming. Whether it’s tenants needing a more convenient method of payment or landlords wanting to easily keep track of their income, using software for online rental payments is a great way to make the process easier for everyone.
Through an online rent collection service, tenants can pay their rent and even set up automatic payments to help them stay up to date. Tenants can also receive notifications and rent reminders for when a payment deadline is approaching.
Using an online software greatly reduces the likelihood of a tenant being late for a rent payment or forgetting to pay at all. This also makes it easier for landlords to collect rent without knocking on doors or reminding their tenants, even after a rent increase.
Landlords also don’t have to worry about keeping track of rent payments or receipts because rent payment software will take care of all these responsibilities for them. Using a modern, high-quality online platform has tons of benefits for both landlords and tenants.
There are many different high-quality, reliable services for online rent payments to choose from. Keep reading to see our top recommendations on the best online rent payment services for landlords and what makes each of them a great choice.
Rent Collection Service Benefits
There are endless benefits that come with using an online rent payment service. Online rent collection services can free up time in your schedule to pursue other revenue streams as a property manager. Before we get into our top choices, let’s talk about why it is so important to use online platforms for rent collection.
Rent Paid Online On an Automatic Schedule
Mailing or writing post-dated checks every month is an outdated payment method that many tenants may find time-consuming or inconvenient. This is especially true for younger tenants.
Additionally, these payment methods can be a hassle for landlords. Depositing checks, providing receipts, and waiting for funds to clear in the account can all be frustrating aspects of the operational side of rent collection.
When using an online rent payment service, all these steps are taken care of and streamlined. Tenants even have the option to schedule their payments to be taken from their account automatically, without even needing to think about it.
With these software, landlords no longer have to go through the lengthy process of depositing checks. Landlords can access the funds from rent payments quickly and easily, as they are able to directly deposit them into their bank accounts.
Reduce Late Rent Payments
When using an online service for rent payment, alerts and notifications can be scheduled to remind tenants of upcoming rent payments. This will decrease the likelihood of tenants forgetting to pay their rent, especially if they have set up automatic payments to be withdrawn from their bank account.
Online Rental Payments Are Easy to Record
For landlords, manually recording rent payments from tenants is not necessary when online rent payment systems are involved. This can be a time-consuming and unpleasant task for any rental property owner.
Landlords can easily and automatically keep meticulous and detailed records of all payments from their tenants when they use an online service. Once a tenant pays their rent, the transaction is immediately documented in the software’s system, and it will remain easily accessible should the landlord ever need it.
All transferred funds are automatically kept track of, as online rent payment systems provide real-time documentation of everything. This is especially useful for owners of multi-family properties or landlords with a large number of rental homes to manage.
Collect Online Rent Payents Securely
When monthly rent payments are made online, the security of the funds being transferred increases. This is extremely beneficial to both tenants and landlords, as it decreases the possibility of funds being stolen or going missing.
Ultimately, paying rent through secure and protected software is one of the safest ways to transfer funds.
Tenants will no longer have to worry about things like checks being stolen, misplaced, or lost in the mail. Landlords can rest knowing their banking information is protected. With all payments being instantly digitally recorded, payments will never be compromised or unsafe.
Best Online Rent Payment Apps
Now that we’ve covered the many tangible benefits that come with using a software to pay and collect rent online, let’s go over our top 5 picks for the best online rent payment services in the industry.
Avail
As one of the most user-friendly options when it comes to online rent payment software, Avail is our top choice for landlords with a small to medium number of rental properties.
Payment Options:
When using Avail, the tenant payment portal allows renters to make their rent payments online from their bank account or via credit card. All they need to do to set up the payments is add each tenant’s name, contact information, rent amount, and due date. Avail will take it from there!
Accessible from any type of device with an Internet connection, Avail is easy and convenient to use for both landlords and tenants.
Features:
- Tenants can schedule recurring and automatic rent payments. These payments are withdrawn directly from their credit or debit card account without even needing to think about it!
- Avail makes it possible for tenant rent payments to be directly deposited into the landlord’s bank account two business days after the funds are received.
- Through Avail, landlords can not only collect rent online but also streamline other aspects of renting their properties. This includes services like keeping track of maintenance requests and tenant screening.
Pricing:
There are two packages offered by Avail. Users can select a free Unlimited Plan and a premium Unlimited Plus plan.
Each plan has its own set of benefits and disadvantages depending on the size of the user’s rental property business.
Unlimited Plan (free):
- Unlimited properties.
- Syndicated listings.
- Tenant screening services for landlords including credit and criminal background checks.
- Leases.
- Rent collection.
- Keeps track of maintenance projects.
Unlimited Plus Plan ($5/unit):
- Unlimited properties.
- Next-day payment processor for landlords.
- No ACH fees.
- Custom leases and tenant applications for landlords.
- Website services for rental properties.
If you wish to learn more about Avail and the services that they offer, visit Avail’s website.
Buildium
By offering convenient, customizable, and extremely user-friendly software, the award-winning Buildium has become a top competitor in the online rent payment service industry. This is the best online rent payment tool for large property management companies or landlords who are quickly growing their businesses.
While easy to use, Buildium also offers a system called Buildium Academy that teaches its users how to optimize the software and get the most out of it.
Payment Options:
One quality that gives Buildium a competitive edge is its ability to offer many different payment methods to tenants, including cash payments.
Buildium partners with PayNearMe to allow tenants to make their rent payments in person with cash. This is in addition to their convenient online payment features and is a great service for tenants who may not have a credit or debit card.
Features:
- Buildium provides tenants with the option to receive notifications and rent reminders for upcoming bills that are due and offers scheduled automatic payments.
- Tenants have the ability to schedule a custom payment plan for rent to make sure that it is always paid on time. This can be monthly, biweekly, or even daily. This feature is excellent for tenants who may need extra budgeting support when it comes to their rent payments.
- Any funds from online payments will be directly deposited into the landlord’s account about two days after the payment is received.
- When a rental property owner needs to access funds from rent payments sooner, an additional fee can be paid in order to gain immediate access to the tenant’s payment.
Pricing:
Unlike other software on this list, Buildium does not offer a free version of its online services.
There are three plans to choose from when using Buildium, all with varied costs and types of transactions. The plans include the Essential, the Growth, and the Premium.
The Essentials Plan:
- Starts at $50 per month
- Incoming EFT transaction: $1.00 fee
- Outgoing EFT transaction: $0.50 fee
- Credit Cards: 2.95% fee per credit card transaction
The Growth Plan:
- Starts at $160 per month
- Incoming EFT: No transaction fees
- Outgoing EFT: $0.50 fee per transaction
- Credit Cards: 2.95% fee per credit card transaction
The Premium Plan:
- Starts at $460 per month
- Incoming EFT: No transaction fees
- Outgoing EFT: $0.50 fee per transaction
- Credit Cards: 2.95% fee per transaction
The Buildium software does not offer standalone online rental payment services, as all of Buildium’s property management tools are integrated into its comprehensive and full-circle setup.
However, Buildium is one of the highest-quality property management software available, so it’s definitely worth the investment. If you’re interested in using Buildium and want to know more, go to the official website.
ClearNow
Created in 2000, ClearNow’s specialty is online rent payments. This means that users can access state-of-the-art technology for online rent payments without paying for extra services they may not need. ClearNow is an excellent choice for small to medium-sized property management companies.
Payment Options:
ClearNow’s incredibly convenient software allows tenants to make their payments without logging into a management platform, and they can even make their payments without being connected to the Internet.
All they need to do is complete the Enrollment Form provided to them by ClearNow and mail in their information.
After this is done, their rent payments will be automatically withdrawn from their account, reducing the likelihood of late rent payments. The funds are then deposited directly into the landlord’s bank account.
Features:
- ClearNow allows tenants to schedule their own rent payments, including monthly, biweekly, and semi-monthly plans.
- Property managers and landlords can set up their own payment dates to automatically withdraw funds.
- Partial payments are not accepted from tenants, so they must have the full rent amount available in their bank account at the time of the automatic payments or the transaction will not go through.
Pricing:
ClearNow has a flexible setup and is very easy to access and begin using. The software does not have any sign-up fees or long-term contracts.
Fees for different types of transactions:
- Monthly rent payment per tenant: $14.95 per month
- Biweekly payment per tenant: $4 fee per transaction
ClearNow has a unique payment structure compared to other software on our list, so before choosing a monthly vs. per transaction plan, be sure to do a complete cost-benefit analysis to see which one is right for you and your business.
For more information about ClearNow’s online rent payment systems, go to their website.
Rentec Direct
Rentec Direct offers a wide range of useful property management services and automated tools.
The software’s primary tool is online rent collection and can be used by all different sizes and types of property management companies.
Similar to Buildium, Rentec Direct offers tenants the option to make their rent payments in cash, which is ideal for tenants who may not have access to a credit or debit card.
Payment Options:
Rentec Direct offers tenants a variety of payment methods. The system also allows tenants to make debit card payments, an electronic transfer with their online banking, or a credit card.
Rentec Direct also partners with PayNearMe, allowing tenants to pay their rent in person with cash. This is particularly good for landlords who have tenants with limited Internet access.
Features:
- Rentec Direct has a very flexible setup for tenants, allowing them to choose their own structure and payment method. This reduces the likelihood of late or missed rent payments and gives tenants a more convenient experience when paying their rent.
- Tenants have the option for their payments to be automatically withdrawn from their accounts on a date of their choosing. For example, a tenant can choose to have their rent withdrawn from their account on the day that they get paid.
- Landlords and property managers can have the funds from rental payments deposited directly into their accounts within one business day. There is also an option to receive the funds on the same day as the withdrawal with a transaction processing fee of $0.50.
Pricing:
There are two different monthly subscriptions to choose from when using Rentec Direct. The software even offers an online tool to help landlords and property managers determine which subscription is best for them based on the number of properties they manage.
Rentec Pro:
- Starts at $35 per month
- Prices increase based on the number of units managed
- Two-week free trial
- Free tenant screening service
- Best suited for landlords and investors
Rentec PM:
- Starts at $40 per month
- Prices increase based on the number of units managed
- Two-week free trial
- Free tenant screening service
- Best suited for property management companies
If you’re interested in using Rentec Direct or just want more information, visit their website.
Rent Redi
Rent Redi’s software is an excellent choice for any small to medium-sized property management business.
With their convenient setup, tenants can make their rent payments on Rent Redi’s mobile app, ensuring that this process stays as simple as possible.
Working with over 90,000 retail locations, Rent Redi also offers tenants the ability to make payments in person with cash.
Payment Options:
When using Rent Redi, tenants can access a customizable and flexible payment plan. Rent Redi offers many different payment methods including cash payments, debit and credit card payments, bank account withdrawal, or ACH payments.
The software also gives tenants the option to schedule their recurring online rent payments to make sure that their rent is always paid on time, every month.
Features:
- When landlords and property managers use Rent Redi, they can receive their rent payments within four to five business days of the payment being made. Unfortunately, this software does not have an expedited option to gain access to the funds quicker.
- Through Rent Redi, landlords can set up late fees that automatically go into effect whenever a tenant is late to pay their rent.
Pricing:
Rent Redi has a very standard pricing structure for property managers and landlords. A monthly plan with Rent Redi costs $9 monthly, plus any fees.
The transaction fees included when you use Rent Redi are:
- ACH: $1 per transaction
- Credit and debit card transactions: 2.9% plus a $0.30 service fee
If you want to know more about Rent Redi, go to their official website.
Rent Payment Apps: Notable Mentions
In addition to all the excellent software to choose from in the list above, here are some more notable services for online rent payments:
TenantCloud: This software is one of the most cost-effective options on the market. It uses Stripe or Dwolla Payments for tenants.
Cozy: This platform is a free and user-friendly system for property managers. Keep in mind that this software charges additional fees for quicker access to rent payments.
PayYourRent: Another free service, PayYourRent offers same-day access to funds from rent payments.
eRentPayment: This platform has a variety of different options available to tenants. Using this software lets tenants have the choice between recurring payments and one-time payments. This helps simplify the rent collection process.
TurboTenant: This service is excellent because tenants can pay rent online quickly. Landlords may receive the funds from the rent payments within two days.
Best Online Rent Payment Services: Bottom Line
An online rent payment service is an incredibly convenient and time-saving tool that can help everyone involved with a rental property, including property managers, landlords, and tenants. Streamlining and simplifying this process through online services is an excellent way to benefit all parties.
As a recap, here are our top five choices for online rent payment systems:
- Avail
- Buildium
- ClearNow
- Rentec Direct
- Rent Redi
All of the options that we have listed above are excellent and, in our opinion, worth the investment. We went into detail on five of the available software, however, there are other options available including programs such as PayYourRent, Cozy, eRentPayment, TenantCloud, and TurboTenant.
When choosing an online rent payment service, it’s important to compare and contrast all the things that each service offers and use your own judgment to decide which of the best online rent payment platforms is right for you and your business.
