6 Surprising Benefits of Paying Your Rent Online
Are you reluctant to pay your rent online? If it isn’t broke then no need to fix it, right? Well, there are a few benefits of paying your rent online that you might not have considered. Most properties now offer online payment options for renters that give you a chance to take better control of your finances, remove some stress from your day, and even improve your credit score. Check out the benefits below.
Build Your Credit with Credit Reporting
There are lots of advantages to improving your credit score. A good score can help you get a lower interest rate for financing a car or other large purchases, and even help you buy a home one day. If you’re paying your rent on time every month that’s likely your largest recurring payment, which can make a positive impact on your credit score. But you don’t have to download an app and bother with sharing your bank account information with yet another vendor like this Lifehack article suggests. We have a better way. Many properties now offer the opportunity to directly report your rent payments when you pay your rent online. There’s nothing else you have to do. This system makes it simple, secure and effective to build your credit. Read our “Why Credit Reporting is a Win-Win for You and Your Residents” blog to see how PayLease credit reporting works to help you plan and prepare for your dream home.
Reduce Your Stress with Automated Recurring Payments
To make sure you’re always paying rent on time, building that credit score, and avoiding late charges, online payment solutions offer convenient reminders via email and text. Even better, many systems offer autopay options so you can set it and forget it. With autopay you’ll be paying on time, all of the time and any late fees will be a thing of the past.
Accommodate Your Active Lifestyle with Mobile Payment Options
If you’re out and about and receive that text reminder, what’s a person to do? Easy peasy. It’ll only take a couple of minutes to click to pay online via a mobile-friendly website or payment app. Most solutions let you pay anytime, anywhere, accommodating renters whether you’re at your desk or on the go.
Enjoy More Flexibility with Your Payments
Perhaps you’re running low on funds one month, or trying to score a free ticket somewhere but need more credit card points to get the miles. Another benefit of paying online is the flexibility it offers. You can use a credit card to build points, set up withdrawals from your bank. Or with certain providers who offer flexible rent payments, you can create a custom payment schedule, instead of paying your entire balance all at once.
Reduce the Chance of Check Fraud and Theft
Checks have most of your personal and bank information printed on them and according to LifeLock are “relatively easy to reproduce.” Using online bill pay reduces your paper trail and the risk of your actual check or the information on your check being stolen.
Increase Visibility to Your Payment History
Perhaps the most overlooked but one of the best benefits of paying online is the transparency and easy access to your payment history. You can log in at any time to see your current itemized bill and your record of payments in real time. Your payment information is at your fingertips day or night.
Using online bill pay options for your rent saves you time, stress and headache and can provide added benefits like credit reporting too. If you haven’t jumped on the bandwagon already, it might be time.