You’re a busy person, but then, so are your tenants; which is why sometimes, paying the rent is not the first thing on their mind. They have this big project at work, the laundry basket is overflowing, the kids need help with their homework and someone has to go buy groceries. They’re busy – but then, so are you.
You are managing dozens, maybe hundreds of doors, and you don’t have time to knock on each one of them every month to remind your tenants that rent is due. At Building Stack, we know that, so we added many features to our software in order to help you collect your rent on time.
Read the tips below to discover how Building Stack simplifies rent payments for tenants and landlords alike.
1. Make it easy for tenants to send you money with online payments
Building Stack’s online payment solution is as easy to use as any other online purchase platform. It is directly integrated into the Building Stack tenant portal, so tenants can simply login and pay in the comfort of their living room, or even from their mobile phone, through our app.
When they pay their rent online, your tenants no longer need to buy stamps and cheques, or to withdraw large amounts of cash at the bank. Instead, they can use our much safer platform, protected with industry-standard SSL encryption. Our convenience fees are among the lowest in the country, and as an incentive, you can even choose to cover them for your tenants.
Our solution is not only easier for your tenants; you will also enjoy its benefits! First of all, payments made through the Building Stack portal are automatically added to your account’s leases and balance, so you don’t have to input them manually anymore.
Additionally, since we verify that the source has sufficient funds before the transaction goes through, you can say goodbye to NSF fees.
And last but not least, payments are typically processed in 1 or 2 business days, which means the money finds its way to your account faster than with most other payment methods.
2. Send payment reminders
Are your tenants reluctant to pay online or set automatic payments? Take matters into your own hands by sending them reminders before it’s too late!
Building Stack offers a convenient e-mail reminder to send your tenants, so they don’t forget that rent is due. You can choose how long before an expected payment the tenant will receive a reminder.
To avoid unwanted e-mails, the reminder will only be sent if the tenant has not yet made a payment at the selected time.
You can enable this setting independently for each of your buildings, through the account settings.
3. Enable balance tracking to know exactly which payments are missing
Building Stack’s balance tracking feature lets you keep a close watch on your payments. Once you enable it on a lease, you have access to a detailed breakdown of all charges and payments, sorted by date.
You also get a global overview of your entire account with the balance status for each of your leases. So if you start a new month in the red, there is no need to waste time adding up numbers. Just look for the leases marked as Owing on your Balance page.
With balance tracking, you immediately know which tenant owes you money, as well as which specific payment is missing. And once you receive a payment, the balance is automatically updated, so it’s another thing you can remove from your to-do list.
4. Automatically create late payment tickets
Are you finding it hard to handle late rent payments? We have one more solution for you: not only can you use Building Stack’s ticket feature to remind your tenants to pay their rent, but you can do it without lifting a finger.
All you need to do is enable the late payment reminders in your account settings, indicating how many days after a payment’s due date the reminder will be created.
Unlike the e-mail reminder setting mentioned earlier, the late payment reminder actually creates a ticket for each unit with an outstanding balance at the selected date. Tenants will be able to comment on the ticket, for example, to let you know why they have not paid yet.
The ticket will automatically be marked as resolved as soon as you receive your tenant’s payment, so you don’t have to worry about closing it manually.
5. Your tenants will soon be able to set recurring payments
If you have some tenants who are a bit on the forgetful side, here is a tip that will help them start each month on the right foot.
Coming soon on the Building Stack tenant portal, when online payments are enabled, your tenants will have the possibility to set up recurring payments using the method of their choice. Then, even if they forget about their rent next month, no worries! The system will remember, and the payment will still be processed automatically.
Keep an eye on our newsletter and product updates to know more about this upcoming feature!
There you have it: five more reasons to choose Building Stack for your online payments and property management needs. Whether you need to remind your tenants to send a payment before it is due or after the fact, our platform can help you keep your finances in order.
Collect your rent online with Building Stack and avoid the monthly hassle! Get a free customized demo to learn more.