If you’re a longtime landlord, you’ve probably noticed how rent collection has evolved in recent years. While physical checks and manual online entries were once the norm, they no longer offer the convenience and efficiency that you and your tenants are looking for. This is where digital wallet services like Apple Pay and Google Pay come into play.
Allowing users to pay rent with just the press of a button, Apple Pay and Google Pay have redefined convenience for tenants and landlords alike. However, despite their omnipresence, many questions still surround these digital wallet services and rent collection. Are they safe? Who accepts these forms of payment? And most importantly, can you collect rent with them?
We’ll answer all these questions and more in our comprehensive guide on rent collection through digital wallets. Here’s what we’ll cover:
- Rent collection through digital wallets: How it works
- Pros and cons of collecting rent through digital wallets
- How to pay with Apple Pay or Google Pay on Apartments.com
Can I Collect Rent Through Apple Pay or Google Pay?
The short answer is yes. You can collect rent through Apple Pay and Google Pay. However, this might depend on the tools or systems you have. Not all rent collection platforms support digital wallet services, so it’s important to verify yours before advertising this payment option to tenants.
Does Apartments.com Take Apple Pay or Google Pay?
If you manage your rental with Apartments.com, you can enjoy easy and efficient rent collection through Apple Pay or Google Pay. Our platform supports these digital wallet services, providing flexibility for you and your renters when rent is due.
We believe in simplifying the rent collection process for both parties. For you, that means receiving on-time, electronic rent payments instead of chasing down physical checks. For your tenants, it means enjoying a quick, hassle-free payment process. Digital wallets make these conveniences possible, transforming rent collection into a stress-free experience for everyone involved.
What Are the Pros and Cons of Collecting Rent Through Digital Wallets?
New technologies always bring some hesitation, and digital wallet services are no different. Though they’ve become widespread across the rental industry, Apple Pay and Google Pay still raise some concerns for both tenants and landlords.
Before you decide whether to use Apple Pay or Google Pay to collect rent, let’s take a look at some of the pros and cons of these digital wallet options:
Pros of collecting rent through Apple Pay and Google Pay
Collecting rent through Apple Pay or Google Pay can highly benefit your rental business. Here are some of the key advantages to consider:
More convenience
Convenience is the main appeal of digital rent collection. Rather than collecting physical checks and taking records by hand, you can sit back, relax, and watch the rent payments roll in. Apple Pay and Google Pay make it easier for tenants to set up quick, automatic payments, simplifying the process for both parties.
Improved security
Security is a huge concern surrounding rent collection and digital wallets. However, contrary to popular belief, digital wallets actually improve security for rent payments. Platforms like Google Pay and Apple Pay use sophisticated encryption systems to protect sensitive data, making the payment process even more secure than traditional methods. This gives you and your renters peace of mind when it comes to handling rent payments.
Faster payments
Did you know you can actually receive rent faster when you collect through digital wallets? Rather than waiting for a check to clear or for tenants to manually pay online, Apple Pay and Google Pay expedite the rent collection process by automatically transferring funds. This means faster fund availability and better financial planning for you and your rental business.
Cons of collecting rent through Apple Pay and Google Pay
While digital wallet rent collection has its upsides, it also comes with a few drawbacks that might deter you and your tenants, such as:
Dependence on technology
When you use technology to manage a property, you always run the risk of technical glitches or outages. For example, say there’s a large-scale power outage on the day rent is due. If Apple Pay or Google Pay is your tenant’s primary payment method, you may not receive rent until the technical issues are resolved. Luckily, these kinds of issues are few and far between with today’s advanced technology. However, you should still be cautious of this risk when choosing this payment method.
Limited access
While 98% of Americans own a cell phone of some kind, not all of them are smartphones. According to research from the Pew Research Center, for every ten cell phone owners, there’s one whose device is not a smartphone. These are the individuals you might inconvenience when digitalizing your rent collection system.
Keep in mind that not all tenants own an Android or Apple device that supports digital wallet payment methods. In this case, you may need to offer alternative rent payment options to ensure access for tenants of all technical proficiencies and capabilities.
Additional fees
Depending on their payment method of choice, tenants might be charged additional fees when paying with their digital wallet. While Apple Pay does not charge additional fees when paying in-store, online, or in apps, transactions through Google Pay require a 2.75% fee. If your tenant is an Android or Chrome user, you may consider offering alternative payment methods to help them avoid these additional fees.
How Can I Set Up Apple Pay or Google Pay for Rent Collection?
There’s little setup involved when you use Aparmtents.com for all your rent collection needs. Whether your tenant uses Apple Pay or Google Pay, our platform makes it easy to pay and collect rent through digital wallet services.
All your tenant needs is an Android or Apple device with an active bank account linked to their digital wallet. As for you, you’ll need to ensure you have your online rent payment system set up with the following steps:
- Go to the Apartments.com navigation menu and click on “Properties & Listings.” Then, click “Properties” and select “Set Up Payments” when you arrive at the Property Management Dashboard.
- Select the desired property for which you’d like to start collecting rent.
- Provide the following details:
- The lease term
- The tenant’s name and email address
- The monthly rent and due date
- Automatic late fee information
- Security deposit (optional)
- Connect your bank account to receive direct rent payments.
- Review all the rent collection details. Then, finish by clicking “Complete Setup” on the “Confirm Payment Settings” page. Your tenant will then receive an email from Apartments.com with directions on scheduling payments.
And there you go! That’s all it takes to set up your online payment system and start receiving payments through Apple Pay or Google Pay. Gone are the days of chasing down checks, and here comes a future of efficient and effortless rent collection with Apartments.com!
For more information on collecting rent online with Apartments.com, visit our Help Center for all things related to payments. Whether you’re checking the status of a payment or setting up automatic late fees, we’re here to answer all of your questions!
