What is a One-Time Payment?
In TenantCube, a one-time payment is a singular and non-recurring financial transaction designed for specific purposes within the leasing process. For example security deposits or one-time fees, this feature ensures that tenants fulfill certain financial commitments upfront.
What is an Automatic Rent Collection?
Automatic rent collection, another key feature of TenantCube, offers a streamlined and automated process for electronically processing rent payments at scheduled intervals. Tenants authorize automated deductions, simplifying the rent payment process for both landlords and tenants. This feature is best suited for ongoing, periodic payments during the lease term.
Difference between One-Time Payment and Automatic Rent Collection?
| Feature | One-Time Payment | Automatic Rent Collection |
|---|---|---|
| Nature of Transaction | Singular, non-recurring payment. | Recurring, automated deductions at scheduled intervals. |
| Associated Purpose | Typically, it is for security deposits or one-time fees. | Mainly for periodic rent payments during the lease. |
| Scenario Example | Lease initiation to secure upfront financial commitment. | Ongoing, consistent rent payments throughout the lease. |
| Advantages | Ensures upfront financial commitment from tenants. | Streamlines rent collection and reduce manual efforts. |
If you have any questions please reach out to support@tenantcube.com.
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