If you rent an apartment, chances are your landlord charges a late fee if you don’t get the rent payment in during the allotted grace period (usually the first three to five days of the month). Most landlords will charge a flat rate anywhere from $25 to $75+ if your rent payment is not paid within the grace period of five days – some even charge an extra dollar amount each day the rent is late. This could get very pricey!
Say you’re on vacation and you forget to pay your rent until you return on the 7th of the month. If the late fee is $50 and each additional day past the 4th is $10, that’s an $80 late fee! What if you’re ready to pay rent, but your roommate needs more time to pay their share? Why should you have to pay the late fee if it is not your fault?
Paying rent online solves the late fee problem, because the money is taken directly out of your bank account or charged to your credit card on the day that you choose. It solves the roommate problem too, because you don’t need to wait for your roommate to pay their share of the rent to pay yours. If you pay rent online and your roommate is late, your landlord will have records that show you paid on-time, and you can defer the late fee to your delinquent roommate. Landlords love collecting rent online because it’s convenient for them and they’ll know exactly when their tenants pay rent. It’s a win-win for everyone.
