Landlord Software 

Collecting Rent on Holidays and Weekends

by Kris

Posted on Sunday March 18, 2018 at 08:24AM in How it works

Collecting Rent on Holidays and Weekends

Collect Rent on Weekend or Holiday

When is rent due?

As a landlord, you can decide what is acceptable and what is not.  Your tenant may express an opinion, but you control your lease terms.  Below are terms to think about.

Due Date: Landlords set the date that rent is due within the lease, with most landlords setting the due date as the 1st of each month.  While most landlords collect rent once per month, some landlords collect rent twice a month or on a different schedule.  The lease should clearly define what dates rent is due each month.  Landlord software, such a Schedule My Rent, makes it easy to automate rent collection with one or multiple due dates.

Method of Payment: The lease should indicate what methods of payment are acceptable and where to pay.  Some payment methods include: Debit from bank account, direct deposit, bill pay with bank, Zelle, PayPal, Venmo, cash, and credit card. Different payment methods have very different protections for the landlord and a landlord should understand the pros and cons of each method before agreeing to accept a payment method.

Weekends and Holidays: If the due date falls on a weekend or holiday, most leases indicate that rent is due on the next business day.  Please review state laws if you want to be more restrictive since some may not allow collection penalties if the due date falls on a weekend or holiday. With Schedule My Rent, a tenant can authorize a rent payment for any day, including a weekend or a holiday.  Rent will automatically be withdrawn on the next business day for bank debits.  A tenant can also pay rent with cash at one of 30,000 retail locations.  Since retailers are open on most weekends and holidays, tenants can pay rent almost anytime.

When Rent is Late: Rent is late if it is paid after the date it is due.  Most landlords charge a late fee when rent is late, but give a "grace period" before charging a late fee.  Schedule My Rent supports one-time late fees, daily late fees, or a combination of both. Landlords can also select the number of extra days (grace period) before a late fee is automatically added.  Please check your state laws for any restrictions.

Landlord software, like Schedule My Rent, makes it easy to collect rent online.  Simply enter your lease terms and tenants are reminded to pay rent on the date it is due.  Since Schedule My Rent is online, tenants can schedule bank rent payments anytime and anywhere.

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