5 Reasons Why People Pay their Real Estate Fee Online

There was a time where people pay their fees thru brick and mortar (e.g. lining up in banks or remittance centers, cheques, envelopes). But these methods have been very inefficient. Many problems arise; paying monthly dues late, fraudulent accounts due to lost checks, and financial records keeping. But due to the advancement of technology, you can pay anything, anywhere and anytime you want, even your real estate fees.

Based on statistics, the mobile payment market increases yearly and estimated to surpass 1 trillion U.S. dollars in 2019.

Real estate is also embracing online payment because of the many advantages and problems it solves. Here are the top 4 reasons why people prefer paying real estate fees online.

1. Fast and easy to use

One of the things we hate most is to queue in a line especially when it takes forever. No one wants to stand up and wait for several minutes in banks to pay for their mortgages. Not only that, people have to travel to banks or stores first so they can pay up. If you’re unlucky enough, that bank is closed by the time you get there. Imagine the time consumed and the things that can be done instead.

Setting your personal information for online payment also takes time, but after that, you don’t have to worry about paying your monthly dues. All can be done automatically.

There are a lot of ways to pay online depending on the platform, you can pay using:

• eCheck
• Debit card
• Credit card
• Paypal
• SMS payment

Thru online payment, you don’t have to deal with the traffic going to the banks or remittance centers, you just have to access your mobile phone or laptop to pay.

2. Automated and transparent

Another issue on paying through traditional means is that there is no recurring payments option. Through online payment, automatic monthly payments can be set-up using debit or credit card. You’ll be sure that you won’t pay your monthly dues late. Another advantage of using a credit card is extending your monthly dues. The card issuer sends the funds and you pay up when your credit card bill is due. The credit score can also increase as you pay through credit card.

When you pay online, you can see all your transactions from end to end. You will know you who are you paying to, the exact amount you pay, time and date of the payment made and when will be the next payment. If there are any disputes about the payment, you can easily track it. Companies regularly send emails, reports, and statements of your transactions.

3. Security

Imagine you’re in the US and you want to send money to someone in the UK to pay for your house loan. How sure are you that this person will pay it? Even if it’s your very close friend or a relative, there’s a possibility that this person won’t be able to pay your loan. What if he accidentally spends your money on something or gets robbed after going to the bank? Worse, what if someone else got your money.

Online payment negates all of these issues and lets you sleep at night without worrying anything about your house loan payment. Rest assured that your payment is sent directly from your bank account to property developers.

Hacking or virus is also a threat. But as long as the payment portal is SSL or TSL certified, you can be certain that your payment is safe and secured. These certifications use encryption algorithms to mixed up the data being delivered so that hackers can’t read or modify the information being sent.

Fraud protections now are very strict especially using blockchain that can help prevent forgery and fraud. If there’s a problem, you can easily report suspicious activity to proper authorities. Besides, if you pay online and have a dispute, you can easily look up all of your records and payment transactions. Cashback and return guarantees are easily done through different dispute processes, either with the merchant you made the payment to, the platform used for the payment or through your credit/debit card issuer.

4. Eliminate Geographical Boundaries

One of the greatest use of the internet is to communicate worldwide instantaneously. Now, you can seamlessly communicate with your family in Beijing despite living in on the other side of the world.

It goes the same way with paying online. If you are in Mexico and want to pay your real estate fees in Dubai, you can do it seamlessly. You don’t have to worry if you’re going for a month long vacation in the Bahamas. You just have to bring your laptop or mobile phone and off you go. It’s one of the reasons why people from different countries are now eager to buy properties worldwide.

Also, paying in different countries requires you to also to pay with their currency. With online payment, payment companies accept a variety of currencies and automatically pay in the corresponding currency.

5. Organized

Paying via traditional ways also means storing all the receipts and bills from the very beginning of your payment. In case a dispute happens about missing dues, there’s a proof saying you already paid that month. But what if you forgot to store it and accidentally threw it in the garbage? What if you have a dozen different receipts? You’re like finding a needle in a haystack. It’s very time-consuming.

With online payment, locating and organizing the receipts is easily done. There are reports or billing transactions emailed regularly. Within minutes, you can immediately find what you are looking for even if it’s years ago. No need for storage boxes for receipts, the internet is your storage facility. You also don’t have to manually organize your receipts because there are reports emailed to you.

We are now in the digitization era and almost anything is paid online like electricity bills, tuition, credit cards, loans, and mortgages. More and more people are now paying their monthly dues online because of the different advantages compared using traditional means. One of these is providing people with the freedom to choose what they want to do with their time (instead of queuing in lines or organizing receipts).

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