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Can I pay monthly instead of my current payment frequency?
Tern only facilitates rent payments and rewards tenants for timely rent payments. Payment frequencies, amounts and other commercial aspects of the tenancy must be agreed between tenant and landlord prior to using Tern.
Can i use my debit card or american express instead of credit card?
Tern allows UAE issued Mastercard and Visa credit cards as an alternative to cheque payments. Debit cards are currently not offered but expected to be added to the payment methods list soon.
How is tern different than my current property management solution / app?
Tern integrates with existing property management solutions as it is primarly focused on reward tenants for rent payments and making merchant offers available for redemption to tenants. Landlords benefit from tern in that their assets utilization is enhanced through the loyalty factor. Features, tools and utilities for property management can be made available to landlords who do not have a property management solution.
How does the landlord guarantee future payments similar to the current payment method of post dated cheques?
DLD acknowledges Tern as a payment method for rent contracts in Dubai. In addition, to provide more comfort to the landlord, Tern encourages tenants to provide an undated 3-month cheque to their landlord before using the platform. This cheque will only be cashed in the case of default.
As a landlord, how is my utilization and yield improved?
Tern will allow landlords to offer rewards / points for tenants who renew existing leases quicker. Moreover, Tern will increase fact based communication between tenants and landlords to ensure all parties are well informed.
What if my tenant doesn't have enough limit on their credit card?
Tern will remind the tenant multiple times ahead of upcoming rent due date to allow for limit increase.
What happens if the tenant defaults?
Tern immediately notifies the landlord in case of default and attempts the payment several times within 48 hrs to allow for the tenant to resolve the issue. After 48 hrs, the tenant and landlord may opt to resolve amicably offline, or incase of no progress the landlord can deposit their security cheque and report to DLD/ Court.
