Renting a house or leasing of land is business. At the end of it all there are monetary transactions that should be made from the tenant’s account onto the landlord or land owners account. The landlord’s main aim is to always make profits. They are in business of providing shelter and other forms of property. All the signing of documents are an indication that this is a legal business. All clients need to be aware that it is a business just like any other form of business. The only difference is that this type of business is a service business in which the tenant gets the services of being able to get shelter and protection.
Payments through Standing Orders
This is the most common mode of payment or rent. When money is submitted into an account, one can decide to make a standing order for rent. This is an instruction to the bank that when payments get into the account, the required amount is transferred to the landlord account. The tenant does not handle the cash. It is deducted to the landlord account as soon as it hits the owner’s account. This is done according to the date that the tenant has instructed their cient. This is the time that the two have agreed on according to the contract.
Payments through Cash
Some tenants may end up paying their rent in cash form. This is a method that is used when the amount being paid is less. Handling cash money is not safe but this method is workable for the small landlords together with their tenants. The tenant ensures that the money is paid in whichever form before the date that binds the two parties according to the contract.
Payments by Bank Transfer
This is the method of payment where money is deposited from one bank to another. The banks are different. The tenant advises their bank to make the transfer according to the desired amount into the landlord’s account. This is usually done before the date that the two have agreed on according to the signed contract.
Wiring Money into an Account
Another method in which a tenant can make payments to their landlord is by wiring money into their accounts. This a practical case when the tenant works outside their residence or needs to make payments while outside their company of residence. The money is wired into the account of the landlord.
The Use of PayPal
Another method that an individual can use to make payment of the rent is by the use of PayPal. This is a convenient method to be used like when one is not in the country yet they need to make the payment. PayPal comes in handy by transferring money to the landlord PayPal account which is usually an email address. The landlord then withdraws the amount into their bank account or they may just withdraw it instantly.