PayRent’s Latest Platform Update Helps Landlords Collect Rent During the Pandemic

New version helps with rent repayment and rent collection enforcement

PayRent LLC, the rent collection and property management platform for real estate entrepreneurs, released their web and mobile rent collection platform, PayRent.com. With over 30 new and improved features, PayRent 3.0 focuses on unique features that help landlords get paid on-time with less effort.

This is the first significant release of new features since the company was launched in 2017. PayRent is the preferred rental payment provider of the Apartment Association of Greater Los Angeles. The incredible “key” features of this new version include:

• Bank Balance Verification – Before a rent payment is submitted, PayRent verifies available funds in the renter’s bank account, virtually eliminating chargebacks and returned check fees.
• Flexible Auto-Pay – Renters can schedule one-time or recurring monthly or weekly payments to make paying rent easy and more automated.
• Activity Feed – Landlords can see renter’s payment activities, including when scheduled payments are made or canceled, improving visibility and communication.
• Renter Reminders – Automated notifications to renters before rent is due helps to make sure renters know when and how much they owe before rent comes due.
• Rent Collection Policy Enforcement – This unique feature allows landlords to set a relaxed or strict rent collection policy, which requires renters to maintain a primary and backup payment method as well as a recurring scheduled payment, giving landlords peace of mind that rent will be paid on-time.
• Automated Late Fees – Automatically assess a fee when rent is past due, which helps landlords consistently apply rent collection policies without any additional effort.
• Mobile Web Application – The completely redesigned user interface was optimized for mobile devices so that renters and landlords can manage payments from any connected device anywhere.

This latest release also introduces new service plan options for landlords, including “Pay-As-You-Go”, a free version with limited features and 7-day funding where landlords can pay, split, or pass through ACH transaction fees to renters. “Do-It-Yourself”, a paid plan, provides more advanced features, free ACH bank transfers, and 3-day express funding for a cost of $49 per month. There are no long-term commitments with either service plan.

PayRent provides property owners and managers a convenient way to collect rent online along with time-saving tools and features to make managing rental properties less tedious. Join for FREE and get started in less than 5 minutes. Apartment Association of Greater Los Angeles members will receive a $25.00 gift card when collecting their first rent payment through PayRent. To learn more, go to: https://www.payrent.com/partners/apartment-association-of-great-los-angeles/?apid=8.