The average tenant might not even own a checkbook. If they send you a check for rent, it was probably sent through their online banking system. New renters generally hate paying rent this way. They actually would love to be able to use their debit card to pay their rent. They would also love to be able to pay their rent right from their mobile device.
An alternative that can satisfy the desires of the tenant and the financial interests of the landlord is Stripe.com. It’s free to set up a Stripe account and it can link right to a bank account. Another option is accepting PayPal. Both of these services offer a subscription service. This allows the tenant to automatically pay their rent on the same day each month without doing a thing.
There are fees involved with these services, but some landlords offer to accept payment in these ways with a convenience fee equal to the cost charged to use these services. Some landlords just raise the rent slightly to cover the cost. Others consider it an amenity.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.