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Wednesday, 10 October 2012 Blog Archive
▼ 2012 (1)
Automatic Rent Collection: Easy, Fast, ▼ October (1)
Money Saving Automatic Rent Collection: Easy, Fast,
As a property manager, whether you are the owner or a management company, collecting
rent, AND keeping track of who has paid or who is late is a common, monthly thankless
chore. Owners-managers who work a regular job know that the rent collection process can About Me
be a bothersome, time consuming task. All tenants don’t pay their rent on time or on the Sunil Yadav
same day. Often it is necessary to go to the post office and / or to the property several
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times per month to collect rent from irresponsible or dodgy tenants.
The process is compounded by the fact that it takes several trips to the bank to make
timely deposits. To further exacerbate the rent collection process, when rent payments are
returned as nonsufficient funds (NSF), it is not discovered until several days later. Thus it
costs more money: $15 - $25 per returned item. Now it becomes necessary to not only
collect the rent, but also add a late fee and returned check fee. Knowing full well that if the
tenant doesn’t have the regular rent, how are they going to pay the rent PLUS extra fees?
Owners-managers frequently forgive the extra fees, just to collect the regular rent!
As an owner-manager myself, I have found that ACH processing is the most cost-effective
and efficient method of consistently collecting rent WITHOUT the loss of time, gas, money
and energy required with standard rent collection. At the time of signing the lease (or
renewal, or at any other time), the tenant must sign an ACH payments auto draft
authorization form. An agreed-upon date of auto draft is set, and on that day, each and
every month, the system automatically debits their bank account and deposits the monies
into my account without any effort from me. Through ACH processing, I can automatically
collect rent while on vacation, working or doing anything I choose to do without worrying
about my ACH transactions.
The system keeps track of all payments, viewable in real time, 24/7/365. If ACH payments
are returned as NSF, I am informed via email within 2 – 3 days, not a week later. The
system will automatically add a pre-determined returned item and / or late fee, and try to
debit their account again, up to 3 times. At the end of each month, I download all ACH
transactions into my accounting software. It couldn’t get any easier! Best of all, it only
costs 35 cents per ACH transaction. NO POSTAGE, NO GAS, NO TIME!
I have been using ZoomACH payments processing for several years now, collecting rent in
CA, NJ, NY and anywhere within the USA. With ZoomACH payments processing, I would
NEVER return to the old, cumbersome method of rent collection again. With more time on
my hands as a result of Automatic rent collection , I use my leisure time to do things I
enjoy, instead of wasting it on collecting rent.
For full details, call ZoomACH for Payment processing services at 888-962-4665 or go
to www.zoomACH.com .
Posted by Sunil Yadav at 04:09
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