What is everyone's suggested online rent collection method & why?

Question

Trying to choose the best method for collecting rent.  rentpayment.com denied me since my LLC (business) is not over 12 months old which I thought was interesting.  Any suggestions out there?

Rick S. · Answer

Matt and Jeff, I have only heard of CA being a state that does not allow you to only offer online payments so I believe this is state specific, here is an old article on this:

http://articles.latimes.com/2013/jun/21/business/la-fi-rentwatch-20130623

Taylor Boudreau · Answer

Hey @Matt Sicignano!

I'm sorry for the trouble you had here. It looks like we sent you a response this morning, so let me know if you didn't see that!

It sounds like there may have been some confusion, but I wanted to be sure to clarify. You can deactivate your listings at any time within your account, we explain how here: https://support.cozy.co/hc/en-us/articles/21325367...

In this case to permanently delete a property in Cozy, you do need to reach out to our support team as we want to ensure you're able to preserve your application and/or rent payment history. We have plans to allow you to do this without our assistance soon!

I also wanted to clarify that we do not hold funds, and consequently do not make money floating payments. These funds are never held by Cozy. At the moment, our ACH processing time is about 5 business days as we do not send funds until banks return failed payments to us (typically insufficient funds), however very soon we'll offer must faster ACH processing, likely 2-3 business days. Due to the risk involved with faster payments, there will be an associated fee, but this option is coming soon!

Again, I'm sorry for the trouble and any confusion there, but if you have any other questions or if we can help with anything else, don't hesitate to reach out to us.

Best-

Taylor Boudreau - Cozy

Mark Graffagnino · Answer

I tell tenants that I prefer them to pay online through my Buildium platform.  I pay like $1 for each account to reduce the hold time to one day.  Only issue I had was once a tenants payment was returned to their bank for nsf and repay didn't post until the 8th or 9th...but got the added late fee.  It was nice not to have to hassle with notifying the tenant and coordinating it; all done through Buildium.

Darwin Crawford · Answer

I've got 4 places and use Cozy.co for all of them.  I have had great luck with it, and its free for tenants and landlords.

Bad part about it is that ACH payments take a few days to a week to show up.  I just saved up a cushion so it's no big deal, but usually I don't see rent money until anywhere from the 3rd to the 8th of the month.

Cozy emails you when they debit the tenant, but then your rent goes into banking ether for a week or so.

It's also nice because the 1 time I had a tenant with NSF in her account, it let me know on the 29th of the previous month so she just drove me over a money order on the 1st.  Forewarned is forearmed....

Soh Tanaka · Answer

I use ClearNow. Money gets taken out from the tenant's account automatically and will be deposited to my account automatically also. I love it, but it's a bit pricey ($15 for the 1st property, and $2 each from the 2nd property). I'm in the process of changing all my tenants to Cozy, which is free! I hope this helps.

Jeff Gates · Answer

Venmo is dangerous - Google and you will see

Megan Aldridge · Answer

I only have one tenant right now, but her bank (TDBank) partners with PopMoney and so she sends me her rent electronically that way.  It's no cost to me and I get the money in my account usually in 3 business days.  So far so good.  If a tenant's bank doesn't provide PopMoney services to their account holders then the service charges the tenant $0.95/transaction.  You as the landlord pay nothing.

Greg B. · Answer

I know investors that use payrent, paynearme, paylease, payyourrent, western union, walmart...

Take your pick. It's good to have multiple ways for your tenant to pay that rent. The more options they fewer the excuses.

Good luck

Matt Sicignano · Answer

I did not even consider that-I'll have to research Georgia law. I know California is very tenant friendly-could that single pay be state specific?

What is everyone's suggested online rent collection method & why?

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