what type of online rent collection do you use?

Question

fyi not sure what catagory to post this:

Im trying to pick an online rent collection company to go with. I went through a list I found on biggerpockets

http://www.biggerpockets.com/rei/pay-rent-online-p...

and the closest match for what im wanting appears to be erentpayment.com anyone have any experience using them?

im looking for the following:

- allows auto payment set up

- costs $5 or less per month

- can set up where partial payments are not allowed

- auto adds the late fee at specified date, AND renter cannot pay less then full rent with late fee after that date ( not sure if erentpayment.com has this, doesn't look like any companies offer it though)

- can accept credit cards for a small convenience fee to the renter. (erentpayment makes you set up a whole merchant account and just doesn't seem practical unless you have allot of doors)

- sends auto reminders to renters when rent is late, maybe even auto phone calls? that would be great

out of the 13 companies i found on a biggerpockets blog list, erentpayment is the closest to the above and charges $3/transaction but doesn't seem convenient as the others with taking credit cards and not sure about the late fee item are my biggest reservations on going with them.

any recommendations that hit all the items better? ideally something that is related to biggerpockets smartmove, sounds like that is a pretty decent tenant screening from the reviews

Account Closed · Answer

yeah ive heard good things about sparkrent but their site says they are not taking new landlords.

Account Closed · Answer

@Ryan Grothe sounds like you work for them or are affiliated. can you give extra info plz?

i didnt see info on the following on the site:

- allows auto payment setup

- costs $5 or less per month, whats the fee for the tenant?

- can set up where partial payments are not allowed

-  auto adds the late fee at specified date, AND renter cannot pay less  then full rent with late fee after that date ( not sure if  erentpayment.com has this, doesn't look like any companies offer it  though)

- can accept credit cards for a small convenience fee to  the renter. whats the exact cost?

- sends auto reminders to renters when rent is late, maybe even auto phone calls? that would be great. does rentpaid do this? very important feature.

Stephen Hundley · Answer

I use spark rent and really enjoy it. Does everything I need.

Ryan Grothe · Answer

Hope this helps, and if you have any other questions please let me know.  Thank you!

Aly W. · Answer

I use erentpayment.com (hi Rick!), and it's a great service. As you can see, you'll get technical help easily and quickly.

Rick S. · Answer

Hi Isaac,

I work for eRentPayment and I thought I would answer your technical questions regarding our service:

- Partial Payments:  You can block partial payments as we have a setting to only block "Rent Payment" partial payments and still allow other payments, such as Utility payments, or you can block all partial payments.

- Late Fees: You can set late fees in the system and the renter can be required to pay the full rent amount plus the applicable late fees.  If you set up a property, you would set Setting #14 in the property screen to block all partial payments and Setting #18 to Yes for both options.

- Credit Cards: We do offer this option but you are correct that it typically isn't feasible unless you are processing a few card payments per month.  Regardless of any merchant account fees you are typically going to have high transaction fees with card processing, such as around 3% for credit cards, 1.5% for debit cards, so that can add up quickly compared to ACH processing costs.

- Reminders: We have a monthly reminder you can set that is always sent on a particular day of the month and we have a late reminder option that is only sent on a particular day of the month if a payment hasn't been submitted yet. These are sent by email as we don't call the renter though.

Hope this helps and if you have any other technical questions please let us know.  Thank you!