How to simplify rent collection and reconciliation

Without the right tools at your disposal, rent collection can be a complicated process for property managers. Are you tired of wasting value time on unnecessary administrative tasks such as chasing tenants for payments or manually reconciling with bank accounts? Are you struggling with updating payment schedules when there are changes to your tenancies or you need to cancel tenancies entirely? Are payment processing fees affecting your profitability? Are you finding it difficult to consistently and accurately report on tenant rents? 

Concurrent can change things for you. 

Concurrent tightly integrates payment processing functionality so you can collect deposits and rents in platform. Tenants can pay via direct debit, SEPA, Open Banking, or most major debit cards. International students can also pay in their local currency and you'll still receive the full amount of rent.

Concurrent helps you benefit from real-time payment statuses, automated notifications, and fast reconciliation with your bank accounts.

Lower payment processing fees 

As Concurrent has an integrated payment solution, you will be charged a far lower payment processing fee. You will be charged a fee of 0.15% + 35p per transaction if you're on a Concurrent Business or Enterprise package and 0.30% + 15p if you're on a Concurrent Pro package. 

By contrast, providers without an embedded online payment solution will typically charge their clients payment processing fees ranging between 0.75% and 3% per transaction. This will directly affect your rental yield. With Concurrent, you could save up to 2.8% on your payment processing fees. If you have a high volume of beds in your portfolio, this could mean significant savings. 

Eliminate manual administration with automated reconciliation

Concurrent automates the collection and reconciliation of rents, meaning that it does not require any manual effort from the property manager or the tenant. Direct debit payments will automatically pull funds from the tenant's account, meaning they do not need to manually engage. 

As Concurrent has its own integrated contract signing system, payment due dates are already in the platform. As the instalments laid out in the contract are already connected to the rent collection system, rent collections are responsive to any tenancy changes, such as deeds of assignment or cancellations. If the amount owed, or the person who owes it changes, the platform will automatically reconcile who owes what. By charging payment processing fees separately, your rent and deposit accounts receive gross funds, ensuring you are not left short.

Simplify rent cancellation

Unfortunately, sometimes either you or your tenants will need to cancel tenancies before the expected tenancy dates. When you cancel a tenancy in the Concurrent platform, you can see the accrued rent up until the effective cancellation date, edit future rent periods, and confirm the refund of any prepaid rent. A rent credit is then added to the collection to ensure that no outstanding balance is owed.

You can now also adjust the amount tenants need to pay by manually adding rent credits to rent periods in your rents dashboard. When cancelling a tenancy, you can apply credits to write-off all or part of the outstanding rent, or record a refund if the tenant has overpaid. 

Reporting 

If you collect rent payments via Concurrent, you will have access to its powerful Report Builder, where you can create and leverage live reports to simplify reconciliation of payouts, run unit-level P&L analysis, understand unpaid/overdue instalments and view debtor notes, or see which tenants have yet to set up their rent collection. 

Additionally, if you need to cancel a tenancy, you can create a Rent Refund Report in the Report Builder. This will show the status of any 'refund' bank transactions that are either pending or paid. These reports will automatically reflect any rent changes after the tenancy has been cancelled. You can see which transactions are awaiting action and which have already been refunded at a glance.  

Simplify rent collection with Concurrent

Streamline every element of rent collection and management, from processing payments to reporting on profits. From collection to cancellation, Concurrent is here to support you. 

Want to discover how Concurrent can help to automate your processes? Book a demo today.