5 Advantages of Paying Your Rent Online
Paying your rent every month is something you have to do… Or is it? If you use an online rent payment service you do not have to write a check or obtain a money order, put the payment in an envelope with postage, and then take it to your nearest mailbox. That is the old-fashioned way of paying your rent. The ability to pay online offers a new way to pay your rent and it comes with a number of benefits. Keep reading to learn about 5 advantages of paying your rent online.
1. Pay Your Rent on Time – Every Time
When you set up automatic rent payments, you will be able to pay your rent on time every single month. You don’t have to worry about missing a payment and you’ll never have to pay any additional fees for making a late payment. You can completely forget about paying your rent and your online rent paying service will take care of it for you, giving you one less thing to worry about every month.
2. Easily Split Rent with Roommates
If you live with roommates, making sure that everyone chips in for their share of the rent on time every month can be a big hassle. If you and your roommates sign up for an online rent payment service, the money will be collected automatically every month and you won’t have to worry about it. If you use a service that allows you to split rent with roommates, the service will notify you if someone hasn’t paid, telling you who still has to pay and what their share of the rent is.
3. You Can Choose How You Pay
Many online rent payments services will offer you a number of different payment methods. You may be able to pay your rent with a savings account, a checking account, a credit card, a debit card, or even PayPal. If you connect your rent payment service to a credit card, you will be able to make your payments on time every month even if you are a little short on cash.
4. Establish a Good Payment History and Improve Your Credit
When you pay your rent on time every month it can actually help you improve your credit score. By establishing a good payment history, without any missed or late payments, you’ll make yourself more desirable to lenders or credit card companies, making it easier to get a loan or a credit card. Not only will it be easier to obtain a loan or a line of credit, but you will also be able to get a much better interest rate.
5. Save Time and Money
Paying your rent online and setting up automatic payments will eliminate the possibility of incurring late fees, but an online rent payment service can help you save money in other ways as well. You won’t have to buy stamps, envelopes, write checks, or obtain cashier’s checks or money orders. An additional benefit to that is that you will be using a lot less paper which happens to be good for the environment. When it comes to saving money, the cost of stamps and envelopes alone could be $.60 or more every time you pay your rent. It may not sound like much, but it does add up.
You also have to consider the time it takes to sit down and write a check or to go to the bank and get a cashier’s check in order to pay your rent. It also takes time and costs money to go to the post office or find a mailbox to send your payment in. All of these things add up, costing you time and money, and all of these things can be eliminated with online rent payments.
By now I’m sure you can see that paying your rent online and setting up automatic payments may be a good idea. One thing that concerns some people is whether online payment services are safe. The online payment services available today use the latest encryption and online security technology to keep your information safe. These services must also adhere to the Electronic Fund Transfer Act of 1978 which will also offer you some protection. This law states that you must be notified of any changes to your rent amount prior to your debits and you will be able to block an upcoming debit or un-enroll from your automatic payment service at any time. There are many benefits to paying your rent online and their is really no downside, so setting up automatic payments is something you may want to look into.