options for payment with new tenants

5 Replies

I have around 85 units and by next month I will be doubling my units and will have 175.
I do not have a dedicated office for our real estate, I office out of my husbands and my construction offices/showroom.  Which in the beginning when we had just a couple rentals was fine when a tenant would come in and pay rent but now it's too much and our employees don't like dealing with it and my husband doesn't like some of the people coming in.  

For some reason no one ever likes to mail anything they want to drop it off so we have a mail box that goes into a secured box to our building so we are fine with that.  So i am trying to figure out options for our new 90 tenants....

1.  Mail the dang check - no more cash!

2.  Drop off the check in the secured box but don't even give them the option of going inside?

3.  Because some of these buildings are 11 - 15 units I thought about having a secured box on location but I worry about theft???

4.  Online option?  I use quickbooks and do not want to change my accounting but thoughts on payments online?  i don't wan to make it complicated for the tenant or me.  and again i don't want to change my accounting.. plus we have 3 companies and 3 different checking accounts?  Ideas / thoughts

Any help would be great.  thanks

I use Cash App and Zelle. I love the cash app because it tells me who sent the payment but unless you want to pay a small fee, you wont get the money until the next business day. maybe you could offer a very small discount if they pay via Cash App vs in person to keep them out of the store.

@Tami R.

Good problem to have! From a QuickBooks perspective you can go about it in a few ways:

1. You can email invoices and enable merchant pay (3% fee to you if paid online), discounts available if you process around $7,500 a month. Even accepts Apple Pay for the younger generation:) @Travis Urquhart

2. Intuit will send you a reader so you can take payments in the shop if needed and the convenience fee is 1.5%-2.2% depending on volume.

3. Lastly, you can choose only to accept bank transfers (or automatic transfers, but requires extra set up) and offer incentives so you're not getting charged a fee. 

Invoicing electronically throughout the whole bill, receive payment, deposit and reconcile cycle can ease the bookkeeping burden.

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