Electronic Rent Collection
12 Replies
Vince Futia Investor from Schenectady, New York
posted about 3 years agoI have a 2 family unit in a college area which will be ready in June 2015 for students to move in. I have year leases co-signed by parents.
I want to collect the rents electronicily, I wish to send out nitifications of rent owed prior to the end of the month, I want o be able to tac on late fee after rent is not received on a specific day. I would like to be able to stop renters in their tracks if they try to p ay the normal rent after the rent is considered late and only accept the amount which includes the late fee.
What systems, programs are folks having success using which is easy to use.
Thanks for your help!
Chris G. Investor from San Diego, California
replied about 3 years agoErentpayment.com works for me with lots of features.
Joakim Esaiasson Wholesaler from Traverse city, Michigan
replied about 3 years agoI saw a blogpost about software a few month ago they had listened 10 different program. One was called buildium or something. From there demo video it looks pretty good
Aly W. Investor from Middletown, New Jersey
replied about 3 years agoeRentpayment.com all the way!
Mike M. from Longview, Texas
replied about 3 years agoA third for erentpayment.
Christopher Brainard Investor from Las Vegas, Nevada
replied about 3 years agoI use eRentpayment.com as well.
Their customer service is very good, I had a tenant signup but didn't complete payment. When my tenant noticed that nothing was drawn on his bank account, they walked him through step by step and informed me of the situation so I didn't wonder where the rent money was.
A+
Jonathan Towell Investor from Lubbock, Texas
replied about 3 years agoDwolla.com will let you do recurring payments and only charges $.25 per transaction. But they only do bank drafts not credit cards.
Jeff C. from Conroe, Texas
replied about 3 years agoWhy don't you set up a separate checking account at your bank and have the tenant deposit into that account. Their deposit slip is the receipt and our bank notifies us via text when the money is there.
We have two accounts for this but one will work until you get two properties with the same payment amount.
Bob E. from Queen Creek, Arizona
replied over 1 year agoDoes anyone know if eRentPayment.com has local partners where people can pay in person. Not all out tenants have a checking account.
Rick S. from Fort Collins, Colorado
replied over 1 year ago@Bob E. we don't offer that option at this time. We have researched it, however the companies we talked to had a minimum of 50 to 100 properties in order to sign up one of our customers for that option so we didn't pursue the integration at that time. Thanks.
Rick Baggenstoss Rehabber from Decatur, Georgia
replied over 1 year agoI've been using Cozy.co Rent payment is free to landlord and tenant. Also there are some other features I like such as online application, credit check, background checks. They seem to be well-funded and will likely continue to expand their offering.
Jason Hartley from Vancouver, Washington
replied over 1 year ago@Vince Futia , I not sure either Cozy, dwolla, or erent is going to meet all your objectives. It sounds like you need an ACH system that also handles the accounting, late notices, etc and one that works for a limited number of properties. Might check out Rentec Direct, it does all this for me and I've been quite happy with them.
@Jeff C. - what year are you in? It's not 1995 any longer! Embrace some new technology and don't inconvenience your tenants by making them drive to your bank to pay you rent.
Rick S. from Fort Collins, Colorado
replied over 1 year agoGood points by @Jason Hartley as you definitely want the automatic late fees, partial payment blocks, reminders, and other features that he mentioned as there are multiple options for that.
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