Real Estate Investor · Cary, NC · Member since 2014 · 27 posts · 3 votes
Hi, I currently have tenants mail rent checks to me and then I deposit them. This allows me to know who pays rent and who is late. I would like to remove myself from the rent deposit workflow. I am planning to allow tenants to mail rent checks directly to the bank with my account number. This works, but I have no way to see who the remitter is so I can't tell who has paid rent and who hasn't. How do people receive rent, in a low/no cost automated fashion. I would like to be able to have tenants mail the checks to the bank and check the bank online to see who has paid. I was disappointed to see Williampaid is no longer processing payments. Thanks for your input.
Investor · Fort Worth, TX · Member since 2011 · 39 posts · 12 votes
11y
I currently use Bank of America. They have a deposit only card that I give to each tenant. Then tenant can deposit it at any branch or ATM. Takes time to setup, but then I can check online or on my phone that I've received payment. Local/regional banks also may have this as an option. Ask the business banker what options they have. Best of luck!
Rental Property Investor · Cedar Park, TX · Member since 2014 · 414 posts · 272 votes
11y
I used to have some tenants who stopped by a credit union near their homes to pay rent. I gave them my account number. That doesn't seem convenient for some people, so it won't work for everybody. One hitch when I was doing this: Two houses rented for the same amount, and the tellers seldom put a memo on the deposits, so sometimes it was hard to tell who had paid. The solution is to make the rents at least $1 different.
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
11y
Multiple options. Mail to pobox, have a rent pickups from a rent pickup person ( with pickup fee), direct deposit into bank account with provided bank slips at any branch of m and t bank. Tenant muse take picture of deposit receipt and text to assistant as confirmation of payment.
Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
11y
I use a combination of Google Wallet, Intuit Payment Networks, Chase QuickPay and a couple other electronic payment vendors. I haven't seen a check from a tenant in 19 months and in most cases it's free for everybody or with Intuit there is a $0.50 fee that I eat for the convenience.
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
11y
@Robert Lenfestey, you want to make it as easy as possible for them to get your rent to you, not more difficult.
You don't say how many properties you have, but depositing the checks can be done on your phone with several of the large, nationwide banks.
I don't think the landlord/tenant relationship has to be adversarial. Ask them what would be the easiest way for them to get you the rent. Maybe everyone wants to mail it to you, maybe Paypal would be an easier option. I would not want to try to make it to the bank every month to deposit my rent check into your account. If I were a renter, I would be extremely put out by this request, and would probably not rent from you. If I am paying you rent, it doesn't really matter to me if it is inconvenient for you to take it to the bank. (That sounds snotty when I re-read it, I am not meaning to be snotty...)
I would ask them and see what they say. Get an account at a large bank, and deposit them by phone. I do this almost all my checks.