PayNearMe, Family Dollar, and Ace Cash Express

13 Replies

I recently received an email from PayNearMe they will no longer accept payments from the Family Dollar as of August 10th.   That leaves me with Ace Cash Express since there are no 7-11's in Louisville, KY.  My tenant went into Ace today and was told they are closing down in July (I called to confirm).   Ugh, this system had been working so well until now.  

Does anyone else know of a service like PayNearMe?  I've been researching information on tenants making deposits at the local bank, but I'm not sure I'm too keen on that idea.  Banks seem to frown upon that.  I don't like money orders and the postal system (lost in the mail).  I use Cozy.co for my tenants with bank accounts. 

Suggestions?

@Kevin Nalley that is a bummer. I got the email about Family Dollar but didn't realize ACE express is backing out too. No 7 11's in my area so I feel your pain.

I just contacted Ace Cash Express corporate office, they said ACE is closing down all their stores in several states, Kentucky, Washington, Idaho, Nebraska, and a few others.   PayNearMe support must not be aware of this, when I informed them the store closest to my rentals was closing, they gave another store in my city.

@Kevin Nalley

Hey Kevin,

I feel you pain. That happened to me late last year when another provider exited. 

Currently, I use www.erentpayment.com for my tenants. 

You can touch base with me if you have additional questions.

Setup can be done sameday.

Good luck.

Medium stml logoLinval T., STML Housing Solutions, LLC | [email protected] | 678‑922‑2477 | http://www.stmlhousing.com | NY Agent # 40TA0997583

@Linval T.

I'm happy with Cozy.co for my tenants with checking accounts.  The area I rent in has many people without bank accounts, I need a place for them to pay rent with cash.  I looked at erentpayment, and at a quick glance, it does not appear they provide that service.

Originally posted by @Kevin Nalley :

@Linval T.

I'm happy with Cozy.co for my tenants with checking accounts.  The area I rent in has many people without bank accounts, I need a place for them to pay rent with cash.  I looked at erentpayment, and at a quick glance, it does not appear they provide that service.

 Hi Kevin,

This is Rick with eRentPayment as a great option we offer for tenants without a bank account is to set up a NetSpend prepaid card as they can enter that like a bank account in our system.  

https://www.netspend.com/prepaid-debit-card/applyN...

Not all prepaid cards allow ACH/eCheck debits so this is the one we recommend with our service.  Once the tenant has the card NetSpend will provide the routing number and account number to use the card like a bank account in our system.

Rick

eRentPayment

@Kevin Nalley

I've always had my tenants deposit directly into my bank account with no issues for over 10 years now.  My bank actually likes it, since I also have the mortgages with them, so it's easy when applying for a new mortgage or a refinance, to document the rental income.

Good luck!

- Tom

@Rick S

Hey Rick, thanks for the added details. Frankly, I wasn't aware of that option for the use of cash.

It's not an issue with my tenants at this time, but, I will make a note of it and let them know in case they want to utilize this feature as well.

By the way, they love this service!

Medium stml logoLinval T., STML Housing Solutions, LLC | [email protected] | 678‑922‑2477 | http://www.stmlhousing.com | NY Agent # 40TA0997583

@Tom S.

I've consulted with some local investors and my real estate attorney.  In our area, we have judges that will force you to restart an eviction process if a tenant places a mere $5 into your bank account after you have started to remove them.   Unfortunately, I may have to go back to money orders and mail.

@Rick S. 

Requiring tenants to get a prepaid card that charges fees, then sign up to a rent payment service to pay rent is too much for a cash paying tenant.  Some have become confused over a less complicated procedure... I would hate walking a tenant through that process every time I lease a place.  I'm sure your service is great for a tenant responsible enough to maintain a bank account.

@Kevin Nalley

I've consulted with some local investors and my real estate attorney. In our area, we have judges that will force you to restart an eviction process if a tenant places a mere $5 into your bank account after you have started to remove them. Unfortunately, I may have to go back to money orders and mail.

If you start an eviction simply have the account blocked to not allow deposits and that will solve the problem.

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@Bob B.

That may work if I only had one bank account per property, otherwise it would block all tenants from making a deposit.  I've seen where a few people have mentioned they have multiple accounts, but to me, going into the bank and opening 20+ accounts, then keeping up with all those accounts, sounds like more of a headache than it's worth.   I was hoping to find a direct replacement for PayNearMe, but sounds like they are a "one of a kind" service right now.  

@Kevin Nalley

Opening and maintaining multiple accounts is easy. I just call my rep at Wellsfargo and he takes care of it. I bill pay everything and print out an annual statement for taxes that shows all rents and expenses associated with the property. I also set up mortgage payments, taxes, insurance and HOA to be automatic so I never miss a payment.

Don't get me started on Wells Fargo.  We had an account set up with WF where the tenants could deposit directly into the account.  We had a problem when the tenant got confused and the teller got confused and put the money in the wrong account.  This sent up a red flag so we went to Wells Fargo and used a deposit only card to 1) check the balances in all our accounts and then 2) make a withdrawal from the bank account.  We managed this with a card that according to Wells Fargo was set up for deposit only.  Needless to say we closed the account - which they then took a deposit into the closed account.  When informed of the problem they said "oh, let me look into that."  They got back to us 3 months later to ask us how they had solved the problem (they hadn't).  WF is terrible.