The good news is that everyone who has on-line access to his or her bank account can make paperless rent payments. There are two methods, both free to account holders when available. Either lets you order the payment on a one-time basis whenever you want, or allows you specify that it be made on a regular schedule. The scheduled option is especially convenient for rents since the same is due on the same day every month.
- Almost all banks with on-line access for customers offer a Bill Pay service. Essentially, you tell the bank to send a payment, to whom, and when.
- This is paperless to you, but not to your bank or us; the reason is that your bank actually cuts the check and mails it to us and we deposit it along with other paper checks we receive.
- You register KRF Management as a recipient once. To do this, you give our name and address and your 6-digit KRF account number; e-mail us at email@example.com and we'll send you your KRF account number.
- Even better, many banks that offer their customers on-line access a free service called Pop Money. This is entirely paperless. From your viewpoint it works just like Bill Pay except that, during set-up, you don't give your bank our mailing address; instead, you register two numbers that identify (a) our bank and (b) our deposit account; again, e-mail us at firstname.lastname@example.org and we'll provide you with this information.
- Rather than cut and mail a check, your bank sends the payment electronically (technically, the transmission is through the Automated Clearinghouse -- abbreviated ACH).
- The money is credited directly into our account. You and we each receive a notification of the completed transaction. No paper, and no manual intervention.
Once you've set up either Bill Pay or Pop Money, you can log into your on-line account every month and enter the payment order. Or, if you wish, you may specify once that the payment be sent monthly, on a day of your choosing, through the term of your lease.
Neither Bill Pay nor Pop Money is instantaneous. If you order a payment on the first of the month, we won't get it until the 5th or 6th. We won't charge a late fee for the delay in receipt of a payment order you submit this way before the 5th of the month even if we don't actually receive it until a few days later.
There are two added benefits.
- You can't "bounce" a Bill Pay or Pop Money payment because you've inadvertently messed up your ledger or a check you deposited hasn't cleared. Neither system lets you submit a payment if the funds aren't available in your account. That could mean a $35 savings in returned check fees right away.
- Your payment is debited from your account immediately, so you don't have to wait for your check to be deposited by us and to "clear" through the banking system before it's shown on your on-line record.