Are you still using checks to pay for rent, utilities and other purchases? If so, you may be falling behind the times when it comes to managing your monthly expenses in the most efficient way possible! It’s estimated that 61% of millennials and 42% of older generations are now using online payment services to pay their monthly bills instead of sending checks through the mail.
At Prospect Leasing & Management, we offer our tenants the option of making rent payments through our secure online portal to PayLease, a leading online payment processor. Here’s how you can benefit from paying online:
Avoid Late Charges
It happens to most of us once in a while: it’s the first of the month and we forgot to put the rent payment in the mail! What often follows is a stressful mad dash to find stamps and envelopes, a hectic trip to the post office where you have to wait in line, and often results in late-payment charges added to your account. The national average late-payment fee for renters is 5% or $50, which is a steep reminder of the importance of having your bills paid on time! With online payment, your rent is processed electronically and you can say goodbye to late charges.
Schedule Recurring Payments
One way to forget about the stress of making sure rent is paid on time is to set up recurring monthly payments. With the press of a few buttons, you can arrange to have your rent payment automatically deducted from your account before the due date. You can “set it and forget it,” and forget about the stress that comes with making sure your payment is in the mail each month. This is a great away to avoid having to pay late charges and making sure your bills are always paid on time will also grow your credit score!
Reduce Chance of Fraud
The FBI estimates that check fraud costs consumers and businesses approximately $18 billion per year and over one million fraudulent checks are written EACH DAY! Unfortunately, paying your bills the old-fashioned way (sending checks through the mail) makes you vulnerable to having your bank information stolen and used without your knowledge. Paying online offers greater security and lessens the chance that your personal information might fall into the wrong hands. You can also track your payment history online to see exactly what and when you’re spending each month.
Have you made to switch to online payments yet? It might be about time!