What Rent Payment Website do you use?

Question

I never knew that Tenants can pay their rent online to make the landlord's life easier. But which websites are good? Do they kill you with fees in using their services? And what if you have an older tenant who isn't computer savvy?  Any advice and tips are greatly appreciated :)

Grant Berthold · Answer

I recently started adding a $5 "check cashing fee" to compensate for my time/gas driving to the bank and tenants have reacted fine and started paying electronically. In fact they like that they can do auto withdrawal and not have to remember to pay rent on time. Currently my tenants are college students/young professionals. I could see it being more difficulty with less tech savvy tenants, and may need to increase the fee in the future. I also use cozy.co and really like it minus the roughly 7-8 days before the money is in my account.  Hopefully that gets quicker like they are saying it will.

Bryan O. · Answer

I also use Cozy.co and it is okay. It is automated for the tenant so they love it. My other tenant pays through invoicing in QuickBooks. I like that better, but it is not automated so she has to do it each month. Both great, and I don't have to worry about going to the bank.

Shane H. · Answer

@Kevin Izquierdo

All have reacted fine.  I've yet to have someone pay me via money order/check - all have been online since I implemented this.  Figured I needed to give someone a perceived economic benefit to make my life easier, on the flipside, if they absolutely insist on paying with a check I just as well be compensated for the hassle.

The types of rentals I deal in most people are going to have better credit/banking history etc - so this may not work with certain socioeconomic groups.

JD Martin · Answer

erentpayment and cozy. Cozy (as best as I can tell) only does bank to bank, which is why it's free. I just started using it for one tenant and got an e-mail today that next payment was verified and scheduled, so I think I will like it. Erentpayment charges $3, which I have the tenant pay, because I have a free local option besides Cozy (I give them account deposit slips for a specific rent account at my local bank with many branches).

Jennifer L. · Answer

Hello @Kevin Izquierdo  I use Cozy.co for rent collection. It works and it is free for both landlord and tenant for rent collection. The drawback is that it is slow. There is a recent thread discussing this. However, they have recently announced that payment times would improve to four business days.

I don't know how you could encourage a non-tech savvy individual to go with this. Your tenant would have to use email and check their bank account for two small deposits before setting up the automatic rent payments.

Let's put it this way: my dad is a commercial landlord and is in his 80s. When I suggested he set up a way for his tenants to pay automatically online he gave me a blank stare. He doesn't have an email address, he pays all bills with a check, and he has never searched anything on the Internet.  So it just isn't going to happen.

Scott Weaner · Answer

I use eRentpayments. $3/unit/month which I pay. Aside from expected teething problems for my tenants, so far, so good.

Shane H. · Answer

I use buildium, however it's a full property management software - not sure if you'd be looking for all the features, however I highly recommend it.  Used it for 5 years, only accept online payments (well I'll accept check/money order, however it costs the tenant $50 or $25 more if they want to pay that way)

George P. · Answer

do a search under erent payment or venmo.  or intuit or buildium,  or williampaid.com which closed recently

Jess Freeman · Answer

I'm thinking of setting up direct deposit but not all banks let you do this.

Kevin Izquierdo · Answer

thank you all so much for the responses! I will definitely be looking at these websites.

@Shane H. im curious, how do your tenants react to the extra charge of not going electronic?

What Rent Payment Website do you use?

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