If you’re a landlord, one of your highest (if not the highest!) priorities is collecting rent. As it’s the main point of contact that you will have with your tenants, the ability to manage rent conveniently is a major asset. That’s where online rent payment platforms come in.
Fortunately, modern software has allowed us to move past the necessity of collecting paper checks. Websites that completely take care of payments can dramatically simplify your life.
However, to get there, you do have to make an informed choice about which online rent payment platform you should use. We’ve got you covered — check out our breakdown below.
Top 6 Online Rent Payment Platforms
Online rent payment systems offer many different services and features. That said, it can be overwhelming to choose the best platform for your business. Here’s our list of the top 6 online rent payment platforms to help you make your decision.
As a web payment system that is free for landlords and easily navigable for tenants TurboTenant is a fan favorite. TurboTenant is an online platform with essential features that landlords need to efficiently and effectively collect rent. It features a lot of additional features that make it a top choice for landlords.
If you’re looking for a sleek and simple online payment platform — TurboTenant is the way to go. Additionally, this platform accepts many different payment methods, supports autopay, sends email notifications, and was built with the user experience in mind.
Pros of TurboTenant
- TurboTenant incorporates tenant screening reports into its onboarding process in a streamlined way.
- This platform does a good job of managing both large and small portfolios.
- Includes a powerful rental marketing tool—post your ads easily with a single click!
Cons of TurboTenant
- Bank payments take up to five days to go through.
- The listing pages can be difficult to update.
- The features offered are not as robust as several of its competitors.
Avail does a great job of balancing its fee structure with the perks it offers. This makes it a good solution for busy landlords who have a lot of properties or who need a more unique rent payment or utility payment. Avail supports a number of easy payment options including most major credit cards, bank withdrawal, and autopay. This platform also incorporates instant email notifications to make sure that you can easily keep tabs on your business.
Pros of Avail
- Avail has a basic free plan and an upgraded, more robust plan for low monthly costs.
- This platform has a seamless and consistent notification system.
- The customer support team is ultra-responsive. Troubleshooting is easy.
Cons of Avail
- It doesn’t allow renters the opportunity to tack rental insurance onto their rent in an easy way.
- Depending on your needs, the monthly-fee upgrades might not be worth your money.
- Sometimes the document sharing feature is buggy.
SparkRental has several handy tools, features, and services that seamlessly work together. This helps to reduce the number of defaults and evictions landlords experience. This makes it a highly attractive platform (no one likes evictions!). Auto-payments, whether through credit cards, debit cards, e-checks, bank withdrawals, or paycheck deductions are the standard. Its RentDeduct proprietary software can alert landlords when tenants lose their jobs. This is a feature that’s not present in any other online rent paying platform.
Pros of SparkRental
- SparkRental is free for landlords. There are fees throughout the service for expediting payments, but the basic platform is free.
- Instant email notifications implemented.
- A good option for landlords with tenants who have a poor credit history.
Cons of SparkRental
- It doesn’t offer a feature for crediting your tenants.
- You cannot add utility bills through the service.
- There are no one-time payment options.
Buildium is usually recommended to landlords who have large and/or complex portfolios. This platform offers a payment structure system based on the number of units managed. There are many different ways for tenants to pay rent including credit cards and debit cards.
Buildium has lots of document storage—and supports many devices for tenant payments. It offers many comprehensive plans that include tenant messaging and built-in rental insurance payments.
Pros of Buildium
- Buildium offers a built-in rental savings calculator!
- It supports 1099 tax filing.
- Landlords can easily track maintenance requests through their online system.
Cons of Buildium
- Buildium does not have a basic or free payment option.
- As it’s the most expensive with a small number of units, Buildium is not ideal for landlords with small portfolios.
- Its customer service is notoriously non-responsive.
Cozy is completely free for landlords to use. It has a wide array of vastly useful features. Cozy has no fees for landlords to request comprehensive background checks or credit reports. The platform makes your life easier by accepting just about any payment method. This includes credit cards, debit cards, Stripe, and withdrawals from bank accounts. Automatic payments can be easily set up with bank account withdrawal, and you can set up instant email notifications with just a few clicks.
Pros of Cozy
- Cozy is free for landlords to use!
- Payment flexibility, including one-time and automatic payments
- You do have the ability to add utility bills in this system.
Cons of Cozy
- It does take a few days to process payments from bank accounts.
- Tenant fees make some tenants frustrated with this platform.
- You currently cannot set up automatic payments with a credit card.
Yardi has two property management software platforms with payment processing capabilities. Yardi Breeze® is its refreshingly simple solution for commercial, residential, self-storage, affordable housing, condo and manufactured housing properties. Yardi Voyager® is a comprehensive system that works for all those property types and many others, including senior living and student housing.
Tenants can pay online, via text, using an app or by voice with Alexa. The software can be used to collect rent and other fees, schedule autopayments and issue credits as well as manage deferrals and payment plans. If you’re looking for a payment platform that can do it all, Yardi is the way to go.
Pros of Yardi
- You can add utility bills and other charges e.g., application fees and renters insurance.
- You can pass payment processing charges along to tenants.
- Both platforms integrate with tools for property marketing, online leasing, accounting and more.
Cons of Yardi
- You must license Breeze or Voyager for property management and accounting to use most of the add-on products, including payment processing.
- Neither platform is free for landlords.
- The robust accounting features of Voyager may be overwhelming for small portfolios.
It’s important to do your due diligence when it comes to choosing the best online rent payment platform for you and your business. Abover all, you’ll have to determine your needs and make an informed decision.
Will you require the need to credit your tenants if the need arises? Which is more important, ease of use or the number of payment methods accepted? What about the ability to add utility bills through the platform?
Rest assured that no matter which you pick, using an online rent payment platform to manage your rent collection will be much easier than relying on a paper collection system!