Electronic Rent Collection

16 Replies

I 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!

Erentpayment.com works for me with lots of features. 

I 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

eRentpayment.com all the way!

A third for erentpayment.

I 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+

Dwolla.com will let you do recurring payments and only charges $.25 per transaction. But they only do bank drafts not credit cards.

Why 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.

Does anyone know if eRentPayment.com has local partners where people can pay in person.  Not all out tenants have a checking account.

@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.

I'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.  

@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. 

Good 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.

To all accessing this thread, beware of erentpayment.com.  I was pretty close to use it when I learned about this other thread at BiggerPockets.  It looks like eRentpayment.com is being sued.

I don't know if eRentPayment.com is still in business or not, but if it is, you migh want to read this looong thread before thinking about using it.

https://www.biggerpockets.com/forums/52/topics/499...

I use simplifyem.com but there are several out there

We use Buildium. It does meet all the requirements you specified.

second to cozy though I moved everything to buildium after 20+ units.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.