i had a thread on this a few months ago, but it's official now. the Intuit is shutting down and everyone has to move to their new system - merchant payment service.
http://support.quickbooks.intuit.com/support/artic...
i spent 30 mins with the rep on the phone and here are the details as I SEE THEM:
- tenants can't just log in and pay unless they receive an invoice that has a clickable link
- you can't send an invoice with a link if you do not have quickbooks (online or desktop)
- quickbooks costs $13 per month
- $.50 per transaction still applies.
i am upset because not only i have to learn quickbooks, but because the tenants have to get a clickable link from me. as of now, i NEVER send out invoices. . in addition, there;s a $13 per month charge.
Like you guys, I received the notice that IPN is shutting down and have been researching on different services to use. I'm a commercial landlord and rent to businesses. Some of the businesses who are regional or national will send me checks from their corporate office. However, I have other businesses who are mom&pops and I have been using IPN for them. To add my experience in speaking with Intuit CSR:
- Intuit Payment Network is completely going away
- The last date to submit a request for payment is 5/31. It is completely shutting down 6/30.
- To use their new service einvoice, you have to have either Quickbooks Online or Quickbooks Desktop 2015/2016. Any earlier version of Quickbooks will not have the einvoice feature (I happen to use 2014)
- Einvoicing will not allow you send people money, only receive. Unfortunately I used IPN to sent money to some vendors/contractors.
- While they don't admit it, the trend is moving to Online and likely fading out Desktop.
This is my research into potential replacements (research only, no actual experience):
DWOLLA - looked promising, very similar to IPN, however recently got fined for lacking proper security measures. To sign up with them requires both myself and tenant submit sensitive information like SSN/TIN and bank/routing. This was a deal breaker.
Erentpayment - $3 per transfer. Too expensive. Loads of other features I don't use. I rather just have tenants mail me a check in that regards.
Cozy.co - Too new. Still seem to be working out kinks. ACH transfer time too slow. I'll give them a few years to standardize and mature.
As I have commercial tenants, most of the sites set up for residential tenants don't really work for me. I don't need their credit/background checks, leases, etc. I just need a way for ACH payment. I looked into Chase in the past, and it seemed to have a limit (I remember $5000). Unfortunately, some of my tenant's rent are above this.
Alas, I decided to just shell out the money to update to Quickbooks Desktop 2016 to use their einvoicing. I am certainly aware that in 2-3 years, Intuit is somehow going to make me pay again. Hopefully by that time, there will be a better viable option to switch to.
Of note:
If anyone is wondering, Quickbooks Online will allow one Tax ID Number per account. That means if you want to maintain separate books and have 2 LLC's, you need 2 accounts. Yes, that's a ripoff. That's why I'm sticking with the Desktop, which is 1 user license, but with it, I can create as many accounts/files as I want. But again, wouldn't be surprised if in 2-3 years, they are discontinuing desktop support.
honestly cozy isn't very "intuit"ive when it comes to making offline payments how ever the payments are free! They also don't offer phone support only email so take that for what it worth as well good luck to all
@Kelly N. I haven't used QB for automatically generating invoices and automatically sending them each month, as well. I haven't needed it for our other business, but that sounds awesome and something I will definitely keep in mind for the future. Thanks for your input!
It is nice to hear the need on one hand to have a end to end process, but on the other hand each portion or step is optional. Furthermore there are many ACH services below $3.00 each. And Xero is an alternative. Personally I am building a Xero connect componet.
I understand Cozy links/reports to the IRS. Do the other popular payment systems do this as well?
that would not affect my decision but I am positive that they all do that. that's why some of them drop off... due to the extra regulations
I just looked at Xero, and it appears they only accept payments through paypal or with a credit card. So with paypal, who pays the fee? Usually it is the person collecting the funds, and I am not interested in paying MORE to collect rent. Also, I am not interested in tenants paying with a credit card for various reasons. Is there an ACH option? Do you have to use their accounting software too?
I am leaning towards swallowing my extreme dislike for what Intuit is making us do, and just going ahead and upgrading to QB2016, and possibly even upgrading from Pro to Premier since it appears to have one function that I currently really want- reports by class. I buy QB about every 3-4 years as it is, so I probably would have been upgrading next year. I am not going to use the online version- I am not interested in my data being stored online or a monthly fee.
Kelly, what version of qb do u have now? can u bill them through the 2016 version but not use qb for anything else?
in other words, purchase the cheapest version of qb and just use it for billing the tenants.. nothing else.
George, I have QB Pro 2013 right now, and in order to still use Intuit they are saying I'd have to update to QB Pro 2016, which is $220. (I've seen it for $200 but not clear if we'd still get the $.50/transaction processing if we don't use their link- not worth the risk for $20 to me) Quickbooks Premier 2016 has a few more bells and whistles for $380, and there is one particular thing it appears to do that Pro doesn't- run reports by class- and we are thinking that for us it is worth it to make breaking out costs of certain things by apartment possible.
I don't see any reason why you couldn't use QB 2016 to just invoice them, in fact that would be pretty easy and may be a great solution for you. You'd put each tenant's info in (really just need their name and e mail address) and set up automatic invoices to go out on a certain date. I have mine set for the 20th to jive with IPN's "due in 10 days" billing option, and so if I open QB on the 20th or after, I get a little message asking if I want to initiate those invoices, click ok, and done with invoicing for the month. I *think* you can set it up to automatically e mail them out, that's what I will plan to do once I can't use IPN any more. I know you could have QB automatically print them, but I don't since I don't send them out. You might be able to set up to record payments automatically, I haven't checked since I like to keep track of tenants' payment habits...
amazon has it for $148
i am thinking of invoicing them with QB, but then entering the information in quicken PM, like i do now.
just had an idea about checking the features of the latest quicken PM and there is an article that i can email invoices with the new version of Q PM as well - http://www.quicken.com/support/help/GEN82176
so, maybe i can just upgrade to the latest Q PM and send invoices that way. i doubt i'd be able to auto send invoices each month, so that's another task to my jobs!!
but it beats learning a new software (QB)
i'd call them, but i doubt the CS reps will give me the accurate response.
there lies my problem.... "send them an invitation". why? they have to accept?? "what's that, why do i have to, should i, is it something i could do". those are the questions i dont want to answer. or care to answer.
i want them to go to www.xxxxxxxx.com and log in. then say "pay these people, here's their info". B A M! gets done!
You contact your tenants first and explain to them that as of X date you are switching over rent collections to a new ACH system. Additionally you explain that tomorrow you will be sent an email from the system and tell them to respond to it and get signed up.
That's not an invitation. That's directions from you and a follow up email from cozy they will be expecting.
@George P.- I like $148 much better than $220! But just be sure that still gets you the cheap transaction fee- the e mail made it sound like we had to use that link to lock in the pricing. Of course, they also made it sound like using the link would get us a deal on the program...
They are trying to steer customers into using the quickbooks online service which has a recurring subscriptions fee and generates more income for the company however the transaction fee of 50 cents is the same for both desktop and QB online and not a special limited-time rate. With the desktop quickbooks version, you pay one-time fee and have support for transaction download, invoicing, and merchant ACH payments for three years until they force you to upgrade to the current version and discontinue those additional features on your current version. The quickbooks desktop software seems like the best value play since you pay $148 and covers you for 3 years, while quickbooks online bills $200-$300 in subscription fees each year for the same functionality, only via a website.
http://quickbooks.intuit.com/payments/
@George P. Did you ever consider using Cozy, then setting up quicken to auto-download transactions from your bank account on a weekly basis and reconciling within quicken? No manual entry required except to categorize transaction in quicken a few minutes each month. This avoids you having to buy quicken, quickbooks, and pay monthly transaction fee. Seems like there is redundancy present in that approach.
Hey George -- I'm Katie and I manage customer support at Cozy. Your screenshots didn't come through for me, but hopefully I can still help!
To be clear, your renters do have to sign up for a Cozy account to use Cozy -- that's what accepting the invitation allows them to do.
The first step to collecting payments is setting up a lease term. I hear you about the confusing term, since your lease term in Cozy isn't your legal lease. It's just the window in which you're wanting to collect payment from your tenants. Once you've set up a lease term and invited your tenants to sign up, they then have the option to make payments to you from their account.
You certainly don't have to use Cozy for listing properties for rent or for collecting online applications, but we do offer that option for landlords who want if. If you're just wanting to collect payments through Cozy, you can definitely do that! If you have any other questions or if I can help you get set up, just drop our support team a line and we'll be happy to help.
Hey JR! I just wanted to chime in to let you know that Cozy reports payments processed to the IRS only if you meet the following criteria in a calendar year:
Hey George -- I'm Katie and I manage customer support at Cozy. Your screenshots didn't come through for me, but hopefully I can still help!
To be clear, your renters do have to sign up for a Cozy account to use Cozy -- that's what accepting the invitation allows them to do.
The first step to collecting payments is setting up a lease term. I hear you about the confusing term, since your lease term in Cozy isn't your legal lease. It's just the window in which you're wanting to collect payment from your tenants. Once you've set up a lease term and invited your tenants to sign up, they then have the option to make payments to you from their account.
You certainly don't have to use Cozy for listing properties for rent or for collecting online applications, but we do offer that option for landlords who want if. If you're just wanting to collect payments through Cozy, you can definitely do that! If you have any other questions or if I can help you get set up, just drop our support team a line and we'll be happy to help.
katie,
first i want to tell you how much i appreciate hearing from you. i expected you guys to chime in, so thanks for that.
i'd love to send you the screen shots, but you can see it in my account too.
here's the issues i have:
1. setting up names, addresses, lease terms, sending out invites is TOO MUCH WORK if you have 30 properties.
i do NOT want to enter 30 emails (times 2 if they are a couple).
i do not want or care to enter the lease terms. noone cares if they are in the house from 5/1/15 or 6/4/15. no one should care and i am not talking about "big brother watching", i am saying...it should not make a difference..
it's just too much work. i want a portal. i want it easy because it's human nature to be lazy.
i want to:
1. create an account/pick a screen name
2. input my bank account info
3. input my address if i have to
4. give the tenants the website - www.cozy.com
5. tenants go in, create an account
6. tenants input their financial info
7. tenants go in there each month and pay OnpointRentals.com their monthly rent.
does this sound hard?
no one cares for lease terms, emails, their adress, how many sq ft is the property, is the driveway concrete or asphalt, etc,etc
7 steps or less is what it should take. no more, could be less.
Hey George! I hear you, but a scaled down portal like you've described isn't on our road map right now.
There are a few reasons that we ask for things like lease term (so your tenants can set up auto-pay for the duration of their lease, for example). We also ask for your tenant's email addresses so we can link their account and their payments to you.
When you set up a new lease term you can just add the address of your property (you don't have to add the amenities or additional details if you'd prefer not to).
there lies my problem.... "send them an invitation". why? they have to accept?? "what's that, why do i have to, should i, is it something i could do". those are the questions i dont want to answer. or care to answer.
i want them to go to www.xxxxxxxx.com and log in. then say "pay these people, here's their info". B A M! gets done!
You contact your tenants first and explain to them that as of X date you are switching over rent collections to a new ACH system. Additionally you explain that tomorrow you will be sent an email from the system and tell them to respond to it and get signed up.
That's not an invitation. That's directions from you and a follow up email from cozy they will be expecting.
Fair Housing regulations prohibits mandating a specific form of payment. Any tenant that is competent with the Internet can find this and you will be in a world of hurt.
Caveat Emptor - - do as you please.
Fair Housing regulations prohibits mandating a specific form of payment. Any tenant that is competent with the Internet can find this and you will be in a world of hurt.
Caveat Emptor - - do as you please.
Would you mind providing a reference for this?
@Jeff B. - where does George say he is insisting he be paid one way? I didn't see him say that, and would assume that he also accepts check or money order sent to him like I do, just trying to set up ONE convenient method to pay him online.
@Greg D. THANK YOU for the request - - I'm getting senile and the comment is inaccurate.
[CA Civil Code §1962 et seq.]
Any owner of a residential rental or individual signing a rental agreement on behalf of the owner shall include in the agreement the name, telephone number, and usual street address where personal service of process may be made on that owner, or anyone who is authorized to act on behalf of that owner, as well as the name, telephone number and address of the person to whom rent shall be paid, and in what form rent should be paid.
If rent payments may be made personally, the agreement shall include the days and hours that someone will be available to receive the payment. The owner has the option of establishing an account at a financial institution to which rent can be paid, provided the institution is within five miles of the property. If the owner chooses this option, he/she must disclose in the agreement the name and address of the institution, as well as information on how to establish an electronic funds transfer procedure for paying the rent.
@Greg D. THANK YOU for the request - - I'm getting senile and the comment is inaccurate.
[CA Civil Code §1962 et seq.]
Any owner of a residential rental or individual signing a rental agreement on behalf of the owner shall include in the agreement the name, telephone number, and usual street address where personal service of process may be made on that owner, or anyone who is authorized to act on behalf of that owner, as well as the name, telephone number and address of the person to whom rent shall be paid, and in what form rent should be paid.
If rent payments may be made personally, the agreement shall include the days and hours that someone will be available to receive the payment. The owner has the option of establishing an account at a financial institution to which rent can be paid, provided the institution is within five miles of the property. If the owner chooses this option, he/she must disclose in the agreement the name and address of the institution, as well as information on how to establish an electronic funds transfer procedure for paying the rent.
There is also CA 1947.3 that is specific to California that doesn't allow you to require online payments:
http://articles.latimes.com/2013/jun/21/business/la-fi-rentwatch-20130623
@Greg D. THANK YOU for the request - - I'm getting senile and the comment is inaccurate.
[CA Civil Code §1962 et seq.]
Any owner of a residential rental or individual signing a rental agreement on behalf of the owner shall include in the agreement the name, telephone number, and usual street address where personal service of process may be made on that owner, or anyone who is authorized to act on behalf of that owner, as well as the name, telephone number and address of the person to whom rent shall be paid, and in what form rent should be paid.
If rent payments may be made personally, the agreement shall include the days and hours that someone will be available to receive the payment. The owner has the option of establishing an account at a financial institution to which rent can be paid, provided the institution is within five miles of the property. If the owner chooses this option, he/she must disclose in the agreement the name and address of the institution, as well as information on how to establish an electronic funds transfer procedure for paying the rent.
There is also CA 1947.3 that is specific to California that doesn't allow you to require online payments:
http://articles.latimes.com/2013/jun/21/business/la-fi-rentwatch-20130623
:GRIN: AHH - - perhaps not so senile after all. Boy; tracking this stuff is a real pain!
@George P. many people (including myself) agree with your post about the extra setup stuff in cozy in the guise of 'features'. I just want a top notch payment system. I saw all the other fluff&stuff too... and put cozy on hold until I get a better handle on if that is the better alternative. @Rick S., you have a window of opportunity if you can do a monthly service vs. a $3/transaction. You'll probably get all of IPN customers, at least the ones on BP. We have 30 or so using IPN. George has a bunch... and there are several others I know of personally with 10+ using IPN. I don't know your volume, but you seem to be in for the long haul and could certainly pick up business.
@Greg D. THANK YOU for the request - - I'm getting senile and the comment is inaccurate.
[CA Civil Code §1962 et seq.]
Any owner of a residential rental or individual signing a rental agreement on behalf of the owner shall include in the agreement the name, telephone number, and usual street address where personal service of process may be made on that owner, or anyone who is authorized to act on behalf of that owner, as well as the name, telephone number and address of the person to whom rent shall be paid, and in what form rent should be paid.
If rent payments may be made personally, the agreement shall include the days and hours that someone will be available to receive the payment. The owner has the option of establishing an account at a financial institution to which rent can be paid, provided the institution is within five miles of the property. If the owner chooses this option, he/she must disclose in the agreement the name and address of the institution, as well as information on how to establish an electronic funds transfer procedure for paying the rent.
There is also CA 1947.3 that is specific to California that doesn't allow you to require online payments:
http://articles.latimes.com/2013/jun/21/business/la-fi-rentwatch-20130623
This is all CA specific. Any national code or is this all handled at the state level?