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How to Set Up Direct Debit to Pay Rent

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Landlords and tenants can set up a direct debit payment structure through an authorised direct debit payment processing service. Rentals in Australia have been climbing at an increasing rate – new data shows a 3.4 percent increase in rental prices in the final quarter of 2021. With the market heating up, property managers also have more challenges with collecting rental payments on time which can, in turn, affect landlords.

Agents and property managers want good tenants for their landlords, but often tenants are left feeling like they are the least important part of the equation. Both tenants and landlords want to be treated courteously and respectfully. So, how can property managers take care to maintain a good relationship and whilst also making it a more fruitful one? More often than not, it requires you to understand the tenants’ needs and set about keeping them happy, so they’re encouraged to extend their lease for longer. One of the ways to do this is by simplifying the payment process for them.

Should landlords be collecting rent via Direct Debit?

With prospective renters now needing to tighten their belts when it comes to increasing prices, renters want more flexibility from their landlord when it comes to renting. In today’s market, the more flexible property managers and landlords are with payments, you might find that you have a wider choice of tenants.

Direct debit can help renters manage their cash flow, allowing them to make affordable payments once they are in the rental property. Landlords and property managers who can offer a payment plan that suits their renters can give them competitive advantage over others. This will benefit renters that might find it difficult to pool together a large sum of money in time for the initial payment or bond.

You can now offer potential tenants with the options of paying their rent using direct debit, rather than using cheques or bank transfers. With direct debit, tenants can easily ‘set and forget’ their rental payments. This means you won’t need to make awkward calls to chase up tenants, which keeps landlords happy by extension. Be mindful that by law, it is your obligation as a landlord and property manager to let your tenants know in advance if you are looking to switch their payment methods during their lease.

Property managers can also be notified instantly should the rent payment fail. Rather than checking a bank account on any given day, automatic transfers can save precious admin time that can cut into your day. As a property manager, you can contact your renters straight away if there’s a chance that their payment might be late. All in all, this can lead to clearer communication between renters, landlords, and property managers to improve the relationship.

Rental Payments via Direct Debit

Direct debit authorises you to collect rent from your tenants’ bank accounts at an agreed interval. By streamlining this entire process, you can better manage the relationship between your renters and landlords.

Give your landlords peace of mind when it comes to their property and ensure their getting paid on time, time and time again. Your tenants can feel at ease knowing they won’t need to remember to make a bank transfer and you can focus on your business beyond chasing up payments. Landlords can also feel confident that they can meet their mortgage repayments, while ensuring they have a steady flow of income from their property. It’s a win-win for all.

Benefits and Features

  • Give your landlords and tenants a safer way to pay: Our secure systems mean that you can give your clients the reassurance that their data is protected.
  • Create a personalised portal to manage and see payments: View reconciliation and see reports real time.
  • Make sure your payments are on time: Work with your tenants to schedule payments that best suit them, while keeping your landlords happy.
  • Pay rent anywhere, 24/7: With direct debit you can avoid waiting periods to receive transaction, so your cash flow is improved.
  • Your payment history is captured for your references: Record your customer interactions and send out automated receipts.

An easier way to do direct debit with Biz Core

Biz Core is an Australian owned and run direct debit payment provider. We are dedicated to providing Australian and New Zealand merchants with an easier way to manage their money. When you sign up to Biz Core, we’ll work with you to find a tailored solution that suits your business, your landlords, and your tenants.We’re here to offer you easy set-up and ongoing support from our Australian team. Our team is on-hand at any time to make sure admin is a breeze when it comes to collecting rent. Our simple system allows you to invite your tenants using a simple form, and so they can receive a link with a form that allows them to sign up quickly. We use state-of-the-art digital systems, so you won’t need to worry about entering the correct account numbers for your clients. With Biz Core, rental payments are cleared quickly, so you won’t need to worry about following it up with the landlord. Not only can you save a large amount of time, but your tenants can also receive a text message or email alerting them the funds will be withdrawn. Once they have signed up, collecting rent payments via direct debit is easier than ever.As a special inclusion for our clients, Biz Core also offers 10% commission on customer chargers for every successful transaction. This means you can put this money right back into growing your client base. Contact us today for an easier way to collect rent using direct debit and improve the relationship between your landlords and renters today!

How We Can Help You

Sporting Clubs

Businesses Of All Kinds

Our direct debit payment solution can assist sporting clubs such as swimming schools, AFL clubs, gymnastics clubs and more.

Automation System

Automation

Direct debits are taken automatically on the scheduled dates, giving you time to focus on the more important parts of your business.

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Daily Reports

Just because we’re taking care of your payments for you, doesn’t mean you’ll be kept in the dark.

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