If you are going to settle your upcoming rental fees in cash, cheque or direct email transfer, think twice.
If you are a landlord who’s struggling with collecting cash payments from your tenants and you feel overwhelmed with the paperwork, get ready to turn your business online with Dwello. When it comes to managing your finances and collecting rents, Dwello is offering you an escape from the daily accounting and admin hurdles, with the benefit of speedy transactions thanks to the Interac Integration.
Using Dwello as a third-party platform to organize your rental agreement is beneficial for both the tenant and the landlord. Unlike cash which is vulnerable to theft and email transfers which require monthly manual intervention. Dwello offers you a secure platform with rewards and perks and an opportunity for tenants to build a solid credit score. Dwello reports rental payments to the credit bureau so tenants can benefit from reporting their biggest payment of the month.
It is an e-transfer network that offers a quick, convenient, and safe method for users to pay for goods and services in person and online. Using Interac requires customers to have as little as an account at a Canadian financial institution, an email address, or an active Canadian mobile number– which you most probably have.
By using funds directly from your bank account, Interac allows you to settle faster payments. Your payments are deposited the same day or at most the following day into the other party’s account and they receive a notification within 15 to 30 minutes about the transaction. Once the recipient accepts the transfer, the money is processed into their account immediately. The transferred amount may impact the transfer’s processing duration. Sending and receiving limits per transaction go up to $25,000 depending on your financial institution. As a recipient, you could enable Interac Auto-deposit with your bank, that way if anyone sends you an Interac payment, it will automatically get deposited to your bank account with no further action.
For this reason, Interac’s platform saves your payment information for recurring payments like rent, membership fees, insurance premiums, etc. For instance, Dwello sends the tenant an automated Interac email reminder and request every month, a day before rent is due. Once the payment is fulfilled and completed by the tenant, landlords who had turned the auto-deposit option on will effortlessly receive their payment on the same day. With auto-deposit on, you do not need to log in or fill out a security question form, making it another convenient advantage if you receive transfers regularly like rent, living expenses, or any other client payment.
Interac’s Online Banking e-Payment is safer than online credit card payments. Interac does not share your financial information with the other party and notifies you by mail or via a text message whenever a transfer occurs and guides users with money deposits. The platform operates through a secure network and requires users to answer security questions to guarantee that the transfer is going to the right person.
It is the most convenient, cost-effective, quick, and safe service to send and receive multiple electronic payments on the spot anywhere in Canada. You can combine multiple payments into one bulk payment and forget the need to issue costly cheques.
Dwello’s Interac Integration is facilitating the relationship of both parties in the rental agreement. It is undoubtedly a cost-effective, timesaving, and rewarding system for tenants and landlords. If you haven’t signed up for FREE yet, learn how you can do it here.