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As a tenant, paying rent is one of your most significant responsibilities. Due to the ongoing pandemic, most Canadians find it quite challenging to meet the month’s end and pay the rent on time.
However, many ways are now introduced to bring ease to tenants for fulfilling the demands of landlords.
The majority of Canadian financial experts are now practicing ways to introduce the best ways to pay the rents every month.
Credit cards, cashier checks, certified checks, and many other methods are presently used by the people living in rental apartments.
No doubt living in a condo or an apartment gives you many amenities, but it comes with the tedious task of paying the rents each month.
But there’s no need to suffer at the end of each month as the payment technology has grown so much to introduce some of the most effective ways to fulfill rental requirements.
Paying Rent with Credit Card
As a Canadian, you’ll never hear of paying methods by credit card when it comes to paying the rent. Most of the landlords in Canada don’t accept the payment method by credit cards.
The majority of the handlers go with the option of cheques, deposits, and most commonly, the cash method.
But if you feel it convenient to pay the rent via credit, there’s no need to bother about anything as third-party apps are nowhere to resolve the issue.
Most third-party apps benefit the tenants by connecting their credit card to the appropriate payment method, thus transferring the funds into the Landlord’s account.
There’s no need to put yourself in a hurry while doing so as it takes about 2-7 business days to transfer the funds.
Moreover, another essential thing to notice is to prepare for the fees of these third-party apps. They generally charge a few dollars to save you from the inconvenience of late rent fees.
Best Payment Methods to Pay Rents in Canada
No doubt the landlord has the right to decide the payment method for the tenant. But for striking a perfect balance between the two parties, many other payment methods are now introduced for reducing the issue of paying the rents.
Let’s discuss the potential ways that benefit the tenants for paying the rents on time without further discussion.
1. Use Cash
No doubt, some landlords prefer to get the rents in the form of cash. Still, this payment method isn’t selected for the tenants as there’re many chances for discrepancies among the deliverance and receiving the total payment.
Yet, most tenants prefer to go with the cash payment method to keep track of their spending.
Plus, if you’re paying your rent by cash, don’t dare to forget to provide the receipt for acknowledging the rent’s deliverance. Otherwise, there’s no bank deposit with this method, which can cause some problems for you.
2. Adopt Money Order
Here comes another most beneficial payment method for the tenants. The money orders in Canada are available in the banks, which help the tenants get rid of paying their apartments’ bills on time.
3. Use the Bank Draft or Cashier Check
Some tenants who’re holding a cashier check in any bank prefer to pay the bills with this method. It’s one of the best ways to transfer the funds automatically with great care and security.
In this procedure, the bank is allowed to withdraw the funds automatically but only when given access to the holder’s account.
Some of the tenants still consider this payment method unrealistic. The denial’s primary reason is that a bank charges whenever it withdraws the account holder’s payment.
4. Approach Online Platforms
Presently the online system has taken control over the finance system. Check whether your Landlord has provided the online method approval in the lease or not.
If you’re approved to pay the bills online, explore the variety of online websites out there.
Most of these websites offer the benefit of transferring the funds within a day or two without any scams. However, the research demands specific effort because the ease of transferring funds depends on the website chosen.
Did you know you can also use online platforms to find tenant insurance?
Tenants in Alberta are always in the search of top-rated and pocket-friendly tenant insurance packages. If you’re one of them, Surex is going to be your friend.
They compare rates from several different insurers to help you find the best one based on your needs.
If you’re handling all your financial activities via online means, it’s quite sure to mention that you may have a complete idea about PayPal.
However, all you’ve to do is create an account on the PayPal website and connect your bank account to the PayPal account.
One of the essential points to keep in mind while adopting this method is that both the tenant and the Landlord should have an active PayPal account; otherwise, your money will go in vain.
6. Emails or Direct Deposits
As recent days have made everyone become a part of online banking, the fame of email or direct banking is increasing day by day.
The primary reason behind this payment method’s immense fame is the convenience it gives both to the tenant and the Landlord. Moreover, the records’ clearance is available here, which keeps track of the bills deposited.
No doubt this method is not preferred by those who don’t have an efficient internet connection, but tenants and the landlords are quite happy.
Become a Punctual Tenant by Paying Bills on Time
The tension of paying the rent can make you sick. But we’ve tried to hold you back by gathering the best possible ways to spend the rents on time. Do check them out above and select the best one that suits your needs.