Ridgewood, NY · Member since 2015 · 32 posts · 5 votes
Hi all,
I wanted to use cozy for rent collection but one of my tenants uses a debit card to pay. What is the cheapest/best way that I can collect the rent? I need to collect the rent in a few days so a quick response would be appreciated!
Quicken has a program where they will maintain books on all of your properties and can also process credit cards for you. It keeps all properties accounting separate and works very well for a smaller land lord.
There are plenty of online processors, we do not accept credit cards on our rentals. However my buddies management company does and charges the fee to the tenant. Paypal as well as many other services have ways to email bills in which they can click through to pay the rent via credit/debit card.
I wanted to use cozy for rent collection but one of my tenants uses a debit card to pay. What is the cheapest/best way that I can collect the rent? I need to collect the rent in a few days so a quick response would be appreciated!
Thanks!!
Taylor,
Do they have an actual bank account tied to the debit card or is it one of the prepaid debit cards? If it has an actual bank account then still use a payment service but have them enter the actual bank account number to save you a lot in processing fees. If it is a prepaid debit card check have them check with the card issuer if the card allows ACH debits. If so, the renter can get the routing number and account number for the card and enter it like a bank account.
I work for a payment service and we recommend the NetSpend prepaid as you can enter it like a bank account. Let me know if you have any questions.
We use eRentPayment.com. It was pretty easy to set up and costs $3 for ACH. You can also have the tenant pay the fee if you want. No cost if you don't use it he service. If they have a debit card, they have a bank account, so they should be able to pay this way. You can set up recurring payments, also.
Joe
Try eRentpayment.com. I'm a new landlord with only two units and it works well for me. I split the $3 transaction fees with the tenant so i pay $1.50 and they pay $1.50 each time they pay rent. But I don't have to drive there, they don't have to mail rent, and the system will email them and remind them to pay rent, email you when they pay, and shows up in your bank account a few days later. It even tacks on a late fee you decide on automatically if they are late.
Hi @Account Closed I just found a website called Radpad. From what I read, your tenant can pay with a debit card. Transactions with debit card are free up to $5000 per month. They initiate the transaction 4 days before rent is due and RadPad mails the landlord a check. This would be just for the convenience of the tenant. Credit card transactions are also accepted, but they cost the tenant 2.5% of the rental amount.
It appears that this service is designed really just for the convenience of the renter, but it appears it could be a good site for check accepting landlords who have tenants that are chronically late paying rent.