Property Managers - How do you pay your owners?

Question

I am a (licensed) property manager with a small Property Management company in CO and we manage approximately 100 units (primarily SFH). For some reason, our bank (1stBank) will not allow ACHs out to our owners (I think it has to do with my Employing Broker's credit?)... I was wondering what system you use to pay your owners other than ACH?

Currently, we either mail checks, deposit them into their accounts at their bank or pay via paypal... I'd love to hear other options!

Thanks!

Currently, we either mail checks, deposit them into their accounts at their bank or pay via paypal... I'd love to hear other options!

Thanks!

Account Closed · Answer

Speaking as an owner of a rental, I receive direct deposit of the funds along with a statement every month in my email - and love it :) Don't really want to deal with the (albeit minor) hassle of a paper check showing up in the mail.

Account Closed · Answer

We pay our owners via ACH which is far more efficient than mailing checks.

You may want to talk to some other banks as some are more ACH friendly than others.

Were getting ready to switch to a bank that does not even charge fees for ACH.

Mike Carino · Answer

Please property managers at least give us the option to send it directly into my bank account and send me the statement electronically!! I'm begging you!

James Wise · Answer

We do paper checks or ACH.

We bank with PNC.

Dawn Brenengen · Answer

I own a PM company , and we do direct deposit through Wells Fargo

Brandi Carballo · Answer

I own rentals and my property management companies mail me checks. I would prefer direct deposit, but I'm not complaining about receiving checks in the mail.

Gita Faust · Answer

Why not use Intuit Payment Network to send those checks?

Dawn Anastasi · Answer

Why would the bank not have an electronic delivery method?  Every bank I've worked with, even for my business accounts, has that.

Dick Rosen · Answer

I am currently mailing checks or depositing the check into their account. I do plan on going to ACH with Appfolio but I'm still new to the software and perfecting the tenant payments by ACH first.