what are some ways to collect rent I'm thinking of using Google wallet but I know there are others such as pop money pay pal ect. And if there are any fees that these services charge who is responsible for those fees the land lord or the tenant.
There are lots of ways to collect rent:
- Go around to the tenants and pick it up
- Make the tenants bring it to you
- Have the tenants send it via snail mail
- Have the tenants deposit it into a bank account
- Have the tenants set up online bill pay through their bank's website
- Online rent payment sites that charge fees to the tenant or the landlord
You can use the Online method. There are many online sites which offer this service to landlords. These sites include ERentPayment, RentMatic and RentMerchant. You can do a search of online rental collection services to find the site that best suits your needs.
Pay Pal is another option for collecting rental payments. While it is free, it is not as user friendly for the tenant.
or through Mail- You can choose to allow tenants to send their rental payments by mail. This saves you the time of having to collect the payments yourself.
These article from BP might help you:
i like google wallet they are free if the tenant links their bank account or uses a debit card if you use credit it charges a 2.9 percent fee. im thinking of provideing tenants with a reloadable debit card and ask them to pay rent with that.
Williampaid is also another one, if the tenant pays by ach deposit there is no charge to either the tenant or the landlord. The only charges occur if they pay by cash (can be done at certain locations) or via credit card.
PayNearMe is a way they can go to nearby 7-elevens (and other stores) and pay rent there for a $3.99 fee. You instantly get an email notification it was paid and the amount paid. I like it for tenants that are not internet savvy.
Thanks for asking this question! I was just wondering the same thing about how to collect funds.
There was just a good thread about this the other day too:
I use pop money thru BECU. Tenants can setup online or with their bank. No fees that I know of and provides a receipt for when they payed incase their is any issues.
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