My name is isuf Aruci I'm about to close on my first deal and I'm very curious on how to accept rent payments from your tenants. Please share any ideas look forward to hearing from you.
congratulations @Isuf Aruci
I've used erentpayments.com , it helps report the tenant's on time payments to the credit agencies. There are other similar services as well out there.
I have also used chase quickpay and cash.
@Chris T. Thank you, using erentpayments.com is there a charge?
@Isuf Aruci , yes I believed there is a $3 charge each time. You can either have the tenant pay for it, split it, or you pay for it.
I use Cozy.co or erentpayment.com. Cozy is free, erentpayment charges $3. Most of my tenants use Cozy but I have had those that prefer erentpayment.
Aside from that, we also provide a business account that tenants can directly deposit funds into at a local bank for those without internet access or who lack a bank account from which to set up online payments. Almost no one ever uses this anymore except for the occasional first-time tenant that runs into some confusion setting up online payment.
I give my renters deposit slips and they put their rent in my bank account. Works great. I've been doing this for 2 years.
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