Paper cheques have long been the traditional way for landlords to collect rent from tenants. But this form of payment is becoming obsolete, not to mention cumbersome. As such, landlords are looking for different ways to collect rent. Platforms like Letus are providing a new and innovative service for this specific task.
Not only can landlords benefit from this platform, but so can property managers and portfolio managers who are seeking an easier, faster, and more cost-effective solution to process rent payments.
Plus, tenants can benefit from earning points on rewards credit cards when paying their rent every month.
Who Is Letus?
Letus (powered by RentMoola) is a secure payment platform in which rent payments can be made from tenant to landlord online using a variety of payment methods, including credit cards. The software casts aside the need for manual rent cheque collection with a faster and simpler payment method.
Letus has a wide payment network available and has teamed up with all major banks, credit cards, and international payment solutions, so tenants have a lot of flexibility and options when it comes to where their rent money is coming from. And landlords can benefit from rent deposited directly in their bank accounts, which means faster funding without having to manually collect rent cheques.
Furthermore, Letus can help to avoid any late or missed rent payments. Tenants won’t have to constantly remember to make their rent by the first of the month, and landlords won’t have to worry about having to deal with untimely rent payments. It’s a win-win for both sides.
Letus By Rentmoola Features
There are a number of services offered by Letus that make it a great choice for renters.
Wide Payment Network
Tenants can use Letus to pay their rent from any device and from anywhere in the world. You can use your credit card, debit card, or bank account to make payments. Rent can be paid online and directly deposited into landlords’ bank accounts, with no need for manual exchange of physical cheques.
Automated Rent Collection
You can reduce the odds of late or missed rent payments by using the platform to set up automatic payments.
Extra Perks
- MoolaPerks. When you sign up with Letus, you’ll gain access to offers and discounts on shopping, travel, home service providers, and more.
- Payment receipts. Keeping tabs on what has been paid is easy thanks to Letus’ detailed payment receipts and payment updates.
How Does Letus Work?
- Tenants interested in using Letus to make their rent payments using this platform will start by creating an account. There are three ways to create an account with Letus:
- Through an email invite from the landlord or property manager
- Through an account created by the property manager or landlord
- Online at RentMoola.com/tenants
- Once an account has been created, tenants will choose their property associated with the account. You’ll verify your identity. Then, tenants will have the option to choose the payment frequency they prefer, whether recurring or one-time.
- Once the account set-up is confirmed, the landlord or property manager will confirm all details provided. If approved, rent payments are ready to be made through Letus.
Check out Plastiq; another platform to pay your rent with your credit card.
Cost of Using Letus
Letus charges a service fee for each transaction you make. This fee ranges in price depending on the payment method used.
If you’d like to know the exact amount you’ll be charged, you’ll have to contact your property manager.
Benefits of Using Letus
There are several reasons why landlords and tenants may want to make the switch to using Letus in place of traditional rent cheque collection:
- Build credit. When you pay your rent with your credit card and make full and timely payments, you’ll be building a positive payment history which can help improve your credit scores.
- Earn credit card points. Rent payments made using a rewards credit card allows tenants to earn points with each rent payment made.
Drawbacks of Using Letus
While there are several benefits that come with using Letus, there are a handful of drawbacks that should be considered:
- Fees. In most cases, Letus services are not free. Different modes of payment come with specific charges to use this platform.
- Increases credit utilization ratio. If you use your credit card to make your rent payments, you’ll be using more of your available credit. If you use too much, your credit score may suffer.
Final Thoughts
Letus presents an innovative way for tenants to pay rent and for landlords to collect it. This platform can help streamline rent payment and collection while removing the odds of late or missed payments. That said, there is a cost for this service, which should be weighed against the benefits.
