Rental Payments: The Different Options and Determining What's Best for You

Rental Payments: The Different Options and Determining What's Best for You

As the owner of a vacation rental in Ormond Beach, there are many tasks you have to perform in order to keep your property looking great and functioning properly for your renters. Collecting rent is one of the most important duties of property owners, and there are many different ways to do so.

How to Collect Rent Payments on Your Vacation Rental in Ormond Beach

Are you interested in renting out your beachside property to vacationers but not sure how to go about collecting rent in Ormond Beach, FL? Below are a few of the best rent collection methods that benefit both landlords and tenants in different ways.

Personal Check

Personal checks issued by a bank are a great way to collect rent. They’re convenient for landlords to cash and convenient for renters to write, as most people already have a checkbook.

However, there is some risk involved when accepting personal checks — as there’s no guarantee that the funds will be available in your renter’s account when you cash the check.

Cashier’s Check

Cashier’s checks can only be acquired at your renter’s bank, and they’ll need to have the funds present and pay a fee to receive a cashier’s check. This method is more trustworthy for property owners, though it’s less convenient for tenants.

Online Payment Platform

A wide variety of online payment platforms available today allow renters to conveniently send payments to their landlords through an app.

While some landlords use peer-to-peer online payment methods to collect rent, many rent-specific platforms are considered to be safer. These platforms generally transfer the funds from the renter’s account to the landlord’s in approximately one business day.

Money Order

Money orders are similar to cashier’s checks in that your renter has to have the funds available to secure them. However, this method is typically more convenient than a cashier’s check as it can be obtained at any bank or even the post office.

Which Payment Method Is Best?

Personal checks and online payments are convenient, but not always perfectly secure. Conversely, cashier’s checks and money orders may guarantee that you’ll receive the funds you’re owed, but these methods could dissuade potential renters due to inconvenience.

To determine which rent payment method is best for you as the vacation rental property owner, you’ll need to weigh the different factors and choose one that is most practical (and secure) for your unique situation.

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