Posted on Monday December 11, 2017 at 09:48PM in Software Updates
Landlord Software - Automatically Ask for Late Fees
When a tenant is late paying rent, a late fee is automatically added to the amount due. A tenant can easily see the rent and late fee that are due...and can authorize a payment for both.
What happens when rent isn't late currently, but a tenant schedules a rent payment in the future when rent will be late?
New Feature: When a tenant schedules a payment in the future that is past the grace period, the tenant will automatically be asked to add a late fee to the authorization. This saves the tenant from having to authorize a second payment to cover the late fee.
Lets go through a quick example where rent is due on the 2nd of the month and there is a 3 day grace period. This means that the tenant must authorize a payment on the 5th of the month or before to be on time. A late fee will be automatically added on the 6th of the month if the full rent amount has not been paid.
Lets also say that today is the 3rd of the month and the tenant knows they will have money in their account on the 7th of the month. The tenant can schedule the rent amount with a date of the 7th. When the tenant enters this, they will be asked if they want to also include the late fee in their payment. If the tenant selects yes, the rent amount plus the late fee amount will be scheduled for the 7th of the month. The tenant does not have to schedule a different payment for the late fee.
Schedule My Rent Landlord Software makes it easy for tenants to select any amount, any date, and even a late fee if a payment is going to be late.