Recurring online rent payment?

Question

So I came across a problem today...

I have been using Intuit Payment Network (product of Quickbooks) to collect rent for 3 of my properties.  I went to add a 4th and 5th property today and I found out they no longer allow more than 3 bank accounts.  I set up a bank account for each of my properties so I can easily track and set up direct payments for my mortgage (one less thing to worry about paying)  Intuit has been working great for me (and only $0.50 a transaction) so I was pretty bummed when I found out.  I really want to avoid having all payments go into one account and then paying each account out from there afterward.  I reached out to Quickbooks as well and they said if I have a separate bank account for each property I would need to have a separate quickbooks account for each property as well.  Don't feel like paying for quickbooks each time I have another property.

I have also been using Cozy for rent payments.... which is decent.  I just hate how you have to wait 7-10 days for the check to clear and it is kind of a hassle for my tenants to initially set up.

Anyone know of any good rent payments that are either free or a minimal fee per transaction like Intuit was?

Thanks in advance for the input!

Mike

Kelly N. · Answer

Mike,

I use Intuit Payment Network and have the rent deposited into one account.  I then can schedule a transfer into the separate accounts (one per property) later in the month.  If there was an issue getting someone's rent, I would alter the transfer to the lower amount.

@Robert Nason- I use Quickbooks in conjunction with Intuit Payment Network.  I have invoices automatically generated in Quickbooks which have a link on the bottom.  If the tenant clicks on the link or types it in, they are in Intuit looking at a screen prompting them to pay that invoice.  I don't send these out though- I had printed them out to give to two inherited tenants that hadn't given me their e mail addresses.  One tried to use the link to pay the next month's rent and got confused- it had already been paid since it was the previous month and he couldn't figure out how to pay.  I have IPN set to automatically e mail them an invoice on the 20th, due on the 1st, late if I don't have it on the 5th.  Some have payments automatically scheduled, or pay as soon as they get the e mail.  Some log in and initiate their own payment, then I have to 'clear' the other request since it doesn't recognize that this is the same person they have already invoiced.  If they haven't paid on the first, I click on the button to send a reminder e mail, and if they still haven't paid on the 4th or 5th I do that again.  I think there is  a way to link the IPN payments to automatically record in Quickbooks, but I haven't done that yet.

Scott Weaner · Answer

Why not simply use 1 account for payment, then move the payment to the account that corresponds to each property?

Jonna Weber · Answer

@Rick S. - that is very exciting news, thank you!  I will look forward to the update.

Rick S. · Answer

Hi Jonna, we are working to add a monthly option to bring down the price for our customers with multiple transactions per month so we are hoping to have the released in the next two months.  Thanks for the feedback!

Tess Tari · Answer

FYI - I just got an email a couple of days ago that said that Intuit is canceling their online payment application as of May.  :(  I have only one unit, but really loved using it.  Now I need to find a new one too.

Jonna Weber · Answer

I am using erentpayment. Very convenient and easy for the renters - but they charge $3.00 per transaction - so I don't love that part.  There is an option to have the renters pay the fee - but I just have been building it into my rent.

Mike Curadossi · Answer

Thanks everyone for the replies... leaning towards having them deposit into one account then transferring out until I come across something that is easier.

Linda Liberatore · Answer

ACH payments are available by many 3rd party services as well as your own bank (commonly referred to as a treasury management) service) There is always a small fee involved but the funds are most commonly transferred to only one account or an additional fee involved for selecting multiple accounts.  This is a big convenience to the tenant and significantly reduces the bookkeeping time involved for the landlord.

Scott Schultz · Answer

my tenants pay rent at my bank, I give them deposit slips with the last 4 of the Acct# and Acct. name, and they deposit, i just need to log in and see if they paid.

Mike Curadossi · Answer

Robert,

I don't actually use quickbooks to invoice and collect payments.  I signed up for intuit payment network and did it all through that.  They are actually I think restructuring and changing the system from what I took from my phone conversations with them.  I would have my tenant sign up and make an account and set up a recurring payment so it pays on the first of every month.  I get email notifications on the first saying that it sent them an email requesting payment.  I get another email when I receive the payment.  Works great but the whole not having more than 3 bank accounts on it is a deal breaker now for me.   I guess if you run windows version of Quickbooks they have a payment option but I run a mac and i guess they don't have it yet or something? Who knows

Recurring online rent payment?

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