Acceptable Payment Types - Most popular?

Question

What forms of rent payment do you accept? What is the most common method used by your tenants? (cash, personal check, e-check, autopay, credit card, cashiers check, etc.)

Account Closed · Answer

I have ACH setup for most tenants through Buildium, which works well since it clearly shows the outstanding balance (rent + any late fees). However, I have other tenants that deposit rent directly at the bank with a checkings account # that's strictly used to receive rent. I used to have them mail it to me but it I had too many episodes of it getting "lost" in the mail.

Taliah S. · Answer

Checks/money orders, a few tenants pay via bill pay (which generates a paper check to me).  If they bounce a check, they have to pay all future rent payments with a money order or certified funds.

Kyle Meyers · Answer

I accept ACH transfers only. I pay the fee since I require this form of payment. I am planning to start offering credit card payments as well, but the tenant would have to pay the transaction charge for that.

Rich Weese · Answer

My tenants in sfrs deposit their rent directly into one of 14 branches of my bank. It works well.

James Harper · Answer

I also have them deposit it directly into my checking account.  They get the account # and they are required to put on the deposit receipt the address (so I know who's payment it is.)   I like it especially since I no longer have to run the checks to the bank (Which I am terrible about.)   Also sets me up in case I am not in town around the 1st.

I also have had the standard problem with checks lost in the mail as well.  It fixes that problem as well.

Nathan Emmert · Answer

My tenants send checks or money orders.  I will set up online pay but they'll have to pay the $3 fee if they want it.  If anyone were to bounce a check all future payments would be required to be certified funds.

Ryan B. · Answer

For low income rentals, cash only.  For my other rentals, I prefer cash but will take a check.  If they bounce just one check, cash only from there on out.

Don Konipol · Answer

I have my tenants deposit directly into my account if possible.  This works well with the under 30 generation.  I've tried paperless checks (ACH) and that works as long as payee cooperates.  Seems middle age tenants are used to playing the float and therefore prefer paper checks.  Seems archaic in this day and age but if that's what the market demands then that's what I do.