Which method of rent collection would be best

Question

Devin Morgan · Answer

I use erentpayment. They do it from the comfort of home and it's put in my bank account within a few days. Win win.

Rick S. · Answer

Hi John,

Yes, there are fees for the tenants that are using the card, here is more information:

https://www.netspend.com/how_it_works/what_it_cost...

Let me know if you have any other questions.  Thanks!

Ron Szmik · Answer

@Chris Trupiano I can add additional charges to the rental amount and I am checking on automatically adding a late fee.  Will let you know.

Chris Trupiano · Answer

@Ron Szmik I'm between cozy and erentpayment. I'm favoring erentpayment for the automatic late fees and reminder emails. Does cozy offer anything similar?

Rick S. · Answer

Hi Chris, I saw your question and want to mention that we also have an Authorization Form option for tenants that don't have computer access.  You can print out the form and have them sign the form, such as when they sign the lease, and you send that to us with a voided check for the tenant and we set up the recurring payment in our system.

If you have any tenants that don't have a bank account we have also partnered with NetSpend where they can use the NetSpend prepaid card like a bank account on our system.  Thank you!

Fred Heller · Answer

@Chris Trupiano  Since you only have one rental, it's probably not worth the fees to set up ACH payment through your bank.

It sounds like your best bet is to have them deposit the rent directly into your account. All they'll need is the account number and your name or the name of your entity. (Whatever is the name of record on the account)

Most of my tenants pay online, but I have a couple for whom that doesn't work. They deposit the rent directly at Chase Bank. Never had a problem.

Devin Morgan · Answer

@Chris Trupiano mine is lower income as well. Everybody doesn't have computer access, but most people do at least have internet on their phones. Plus it can be set up as reoccurring. I personally eat the $3 fee pp but that's me. I don't like hearing the bank was closed, it's in the mail, its on the way, etc. I get a email whenever a payment is made, and I go on about my merry way. To me it's user friendly, you can block partial payments, and it automatically adds the late fee for when you set.

Nancy Curran · Answer

Chase. Super easy and the tenant never sees your account number. It's all done electronically through email. I get emails from my bank saying "Joe Jones has sent you $1000, do you want to accept it". Then I click the yes button and the money dumps into my account.

Chris Trupiano · Answer

@Devin Morgan what quality of tenants do you have. Mine will be lower income so unsure if they will have computer access? Who do you charge the fee for this service? If it's the tenant does this ever cause a problem?

Which method of rent collection would be best

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