RentMoola

2 Replies

Has anybody used RentMoola to collect rent?  It looks great, with free checking account transfers and giving rewards points and discounts to tenants who use it.  It also allows credit card payments for a small fee and appears to be somehow related to PayNearMe. When I signed up I had to click that I agreed with PayNearMe's terms of use, but they don't mention paying at 7-11 or any type of cash payment service elsewhere on the website (that I could find).  

It's a pretty new company so I wanted to hear other's experiences before I recommend it to my tenants.  I also have some weekly paying tenants, will it work for them? 

I have not used them but I am thinking of trying them first with one tenant and then with more if things turn out. They operate in both Canada and the US. I posted in an earlier thread on this, there are pros and cons to electronic payment. If I bank a postdated check the tenant knows it is going through their account and feels some sense of urgency in putting the funds there for it to clear. Electronic payment might give them more of a sense of control, perhaps being able to delay payment or omit to send funds. Ideally they would choose a recurring automated payment but it is not necessary that they do so in these systems. I am holding steady for now and have yet to try taking on the overhead to set an account up, but I am leaning towards trying Rentmoola later this year.

This post has been removed.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.