With PAID & CO the occurrence of a late payment is decreased due to our friendly reminder system, there are also the inevitable consequences upon the tenant of missing a rent payment.
However, sometimes tenants are unable to pay their rent on the correct due date, simply because they temporarily do not have enough money.
Rent collection is one of the most vital aspects and tasks for any Property Manager. If a tenant doesn’t pay their rent on time this in turn means making calls and chasing the tenant for the rent money, which often results in Property Managers chasing tenants for rent money from the due date until the day it arrives into their account.
Make no mistake; this takes a lot of your time and effort…
PAID & CO does all of this for you!
Meaning that you can relax in the knowledge that PAID & CO’s automated, late-payment, reminder system is doing the hard work for you!
So how does it work? It’s a simple two-step process:
Step 1: Three days prior to the rent due date, PAID & CO’s system will send the standard reminders to your tenant.
Step 2: If there are low funds in the tenant’s account and the rent could not be collected, a notice is automatically sent to the tenant informing them that a payment retry will be initiated within three working days.
This not only informs the tenant that they have missed their rent payments (which they may be unaware of) but it also gives them enough time to deposit the funds to clear the outstanding rent payment.
Resulting in SAVING TIME…and leaving you to carry out more important, revenue-generating tasks, or you could simply use the spare time to go and get yourself a nice cup of fresh coffee!