Best Way to Automate Tenant's Payments ?

[Gaetano Fasciana]

Hi Everyone,

Just closed on first investment property recently.  What is the best way to automate my tenant's rent payments? I'm looking for using electronic payments, and read about the app Cozy. Suggestions? Thoughts? Much appreciated.

[Mitch Messer]

Hi @Gaetano Fasciana. We've used PayYourRent.com for years now and have been very pleased. Like Cozy, PYR.com uses ACH to deduct rent payments directly from a tenant's bank account.

While I've never used Cozy, I have used other automated rent payment services. One question you'll want to ask up front: What's the delay from the time the tenant pays into the service until the funds are available in my account? PYR.com pays next day, but some services pay a day or more later. They can offer these service to landlords for "free" because they're getting use of those funds for a day or more (at 0% interest) before paying you.

I'm not saying Cozy does this, but just be sure to check!