Review/Assessment of Electronic Rent Payment Services

33 Replies

I have been using Sparkrent for a few months and have liked it on the landlord side, but I have had 3 tenants that all have stumbled at one point using it on the tenant side.  I decided to look for another service.

I did an assessment of several that are out there.  This is not really a review, but a summary of their costs and feature.  It is mostly from their websites, but in a couple cases I did call them.  Some cater to large multi-family while others work well for small investors like myself.   I sorted the list on cost.  In the case where there is a question mark, the data was not found on their website.  I figured if it was not on their website, it is not something they want to advertise and so must be high.

Online Rent Collection Service

Name Monthly Cost Min Payment per month Days To Post Payment Live Support Accept ACH Accept Cash Accept Credit Card Auto Payments How Long in Business Has One Time Payment

WilliamsPaid $0.00 $0.00 3 Y Y Y Y Y 2007 Y

eRentPayment $3.00 $0.00 3 Y Y N Y Y 2004 Y

Sparkrent $2.00 $2.00 3 N Y N N Y 2013 N

Rentmatic $3.95 $3.95 4 N Y N N Y 2004 Y

Rentpayment $10.00 $10.00 3 N Y Y N Y ? Y

Rentmonitor $3.00 $12.00 3 N Y N N Y ? N

Payyourrent $2.00 $20.00 1 Y Y Y N Y ? Y

Rentmerchant $2.00 $30.00 ? ? ? N N ? ? ?

Rentpaidonline ? ? ? ? ? N N ? 2006 ?

Paylease ? ? ? Y ? N N ? ? ?

(MODERATOR:  SORRY, BUT TABLES AREN'T SUPPORTED)

@Kelly McE great idea to post your research! Perhaps some BP'ers will leave comments on their experiences with these providers. 

I suggest you take a screen shot of your table and save it as a JPEG file. Then, you can upload that to this post. Look forward to reviewing it. 

Yea I would definitely like to see this information

I was bored so figured I'd help out. Great information Kelly!!!!

I currently use erentpayment. Have had no problems. This is very helpful.

I use paynearme for a tenant that does not have a computer or a bank account. It's hard to believe but those people exist. I hate the interface but it's the only way I know of for someone to pay me cash without having me to drive out to them.

I have been using Sparkrent for several months, but unfortunately they are closing up business.  Too bad, because they were easy to use.

Like @Bill Coleman, we use paynearme too and love it!  

This post has been removed.

After looking at the large list of rent payment services, I settled on 3 that were good for investors with a few SFH. They were erentpayment, rentmatic, and rentmonitor. All appeared good. I then chose erentpayment.com because it applies the late fee automatically if the tenant is late and they will report payments to the credit bureau to help tenants build their credit. They activated my account in minutes. The fees are a flat $3 per month. Rentmatic dirt cheap at only $0.25 ACH transaction. Rentmonitor is also $3 per month, but has a minimum monthly fee of $12.

I have been happy with erentpayment. I have been using them for years.

how does the late payment work on erentpayment? I get that it added it automatically. But can they pay just the rent payment and not the late fee? Their website says it is a separate transaction. I'm wanting the late fee to be added automatically and reject any payments from the tenant that do not include the late fees. Does erentpayment do that?

Since I just started using erentpayment, I don't know the answer to your question.  I used Sparkrent before and it was added to the payment, so it had to be paid.  I do know that with erentpayment, you can select whether to only allow the entire payment or partial payments.  I will need a few months using them, before I assess how they compare with Sparkrent.

Originally posted by @Gary Houck :

how does the late payment work on erentpayment? I get that it added it automatically. But can they pay just the rent payment and not the late fee? Their website says it is a separate transaction. I'm wanting the late fee to be added automatically and reject any payments from the tenant that do not include the late fees. Does erentpayment do that?

Hi Gary,

This is Rick with eRentPayment and in regards to your question the late fee is added automatically as there is not an option for the tenant to bypass the late fee if they submit a Rent Payment.  We create a separate transaction for accounting purposes and if you ever want to waive the late fee you can void the Late Fee transaction without affecting the Rent Payment transaction.  There is no extra fee for the separate Late Fee transaction also.  Please let us know if you have any other questions. 

@Rick S. thanks for the quick response. That was the answer I was looking for. I like what i hear. I will be signing up a property for next month. Thanks for the good service.

I think williampaid has just shut down.

Has anyone used cozy ?

I tend to think that you should allow tenants to pay via a relatively industry-agnostic method. For example, I only accept electronic payment, but any method as long as there are no fees involved. ACH via bank, Capitol One P2P, Chase QuickPay, etc.

If the tenant doesn't bring their own option, I advise them to use Venmo. Also looking into Facebook payments. Whatever is easiest for them.

Based on Chris K and Kelly McE I tried www.payyourrent.com. I must have misread their posting. I definitely missed the fine print when signing up. It is darn expensive if you have few units. Its a suite for property management, probably for 20+ units. Customer service is good. But definitely not worth $2/month for 1 property.

$20 per month, flat rate

$3 per unit per month for rent collection on top of $20 per month flat rate.

Nudge on your head to read fine print, priceless.

Hopefully this saves someone $240 for neglecting to read fine print.

Originally posted by @Rick S. :
Originally posted by @Gary Houck:

how does the late payment work on erentpayment? I get that it added it automatically. But can they pay just the rent payment and not the late fee? Their website says it is a separate transaction. I'm wanting the late fee to be added automatically and reject any payments from the tenant that do not include the late fees. Does erentpayment do that?

Hi Gary,

This is Rick with eRentPayment and in regards to your question the late fee is added automatically as there is not an option for the tenant to bypass the late fee if they submit a Rent Payment.  We create a separate transaction for accounting purposes and if you ever want to waive the late fee you can void the Late Fee transaction without affecting the Rent Payment transaction.  There is no extra fee for the separate Late Fee transaction also.  Please let us know if you have any other questions. 

 How does erentpayment handle partial payments?  Can we set it up such that we have to accept/approve payments?  

We are trying to avoid automatic acceptance of payments (either full or partial) from tenants we are trying to evict because some courts will stop the eviction process if any payment is accepted.

Originally posted by @Mike R. :

 How does erentpayment handle partial payments?  Can we set it up such that we have to accept/approve payments?  

We are trying to avoid automatic acceptance of payments (either full or partial) from tenants we are trying to evict because some courts will stop the eviction process if any payment is accepted.

 Hi Mike,

In regards to partial payments there is a setting in each property where you can set whether or not you want to allow partial payments.  With our system you don't accept and reject each payment, however you do have settings to block certain payments from being submitted.

In the event of an eviction we also have a Payment Status setting in each property where you can set the field to Blocked and that will block the property from accepting any payments.  

Please let us know if you have any other questions.  Thank you!

Rick

I've been using erentpayment.com for a few months and so far it has been great. I find their online system to be intuitive and it offers enough functionality that I can do what I need. I find tenants like being able to schedule payments ahead of time as well as pay with CC as needed. There are also some nice rudimentary reporting options.

Rick. 

Thank you. To be clear, the block property status setting stops payments for ALL tenants at a property?

Originally posted by @Mike R. :

Rick. 

Thank you. To be clear, the block property status setting stops payments for ALL tenants at a property?

 Yes, that status will block all payments for that particular property record.  In our system a property record is a single-family property or a single unit in a multi-unit property so if you had a multi-unit building just that one unit would have payments blocked as the other units would still be able to submit payments.  Not sure if that is what you were asking about, a multi-unit situation.  Thank you.

How much is eRentPayment?  Is it $3/month flat unlimited units or $3/tenant?  

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