I would like to leverage your experience with the tenants payment system.
I guess at this point, it is getting old for me that I have to go pick up the rent from them at the property or POBox. I am growing, so it is difficult to sustain.
I am looking for service or system that allows tenants to deposit at local store directly to my bank and online direct deposit. I want both, because some senior tenants are not good with technology.
I am hoping to be introduced to low cost and affordable service provider.
Would you be willing to recommend a few services that you know or use?
I would really appreciate it!
I have not used them but PayNearMe is something that Bigger Pockets advertises and I think has a "Perk" for a discount (maybe not, not sure). I believe that with that a tenant can go to like a 7-11 (Or maybe it is a different store like that) and make a cash or certified deposit (I think) for the rent.
You can also just let them make a cash deposit into your account at your bank. Only really works if you have an account at a big bank (BoA, Santander, Citizens etc) with a lot of local branches for it to be convenient for them. I don't do that locally but do that for most of my out of state stuff. If you don't want to give them your main account number you can set up another linked account and just sweep the money into yours. If you do this you will likely have a fee to have it, or will need to have a minimum account balance. You'll have to decide if it is worth it.
For the marginally more with it people they can also just setup an ACH to the account.
Lots of rent payment services but I think it gets marginally more "techy" past this kind of stuff.
@Chan K Look into Dwolla and PayNearMe , give all the tenants 2 choice: pay at 7-11 for a $4 charge OR pay online for free,
I Have my tenants walk into Chase Bank which is everywhere! And deposit money directly into checking account. I have a separate checking account just for this purpose works fine and best of all it's instant!
Thank you all for the recommendation.
The PayNearMe is pretty pricey 3% from business or $3.99 from tenant per transaction.
I collect rent weekly, the expense can be very deep.
Dwolla seems more affordable, but it is an online payment only. Tenant can't just walk into the local store like 7-Eleven to pay it. It seems that you have to be "techy". It might be hard for people who don't use iphone, computer, ...... etc.
I like the deposit into the local bank (BoA ... etc) or through ACH. I am hoping the service is free or at a small fee.
I also came across this thread, and I would like to share them
Hi all, just want to chime in as someone who works for PayNearMe.
To clarify the pricing of PayNearMe, we have no set up or monthly costs for the landlord or property manager.
For each transaction, there is a $3.99 convenience fee, and it can either be paid by the tenant or the landlord/property manager.
Either option can work, but we've seen the greatest success with property managers who opt to pay the convenience fee. Usually, the cost savings they see from reduced time spent on rent collection, reconciliation, and accounting well outweighs the cost of PayNearMe. (One of our customers recently told us they saved $40,000 annually!)
I'm happy to answer any other questions you have about PayNearMe on this thread or you can email me at [email protected] if you want to chat over email.
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