Automating payment of rent

[Kate B.]

It's been awhile since I posted regularly and my situation is about the same if anyone remembers.  I own three properties with no mortgages and one is a three family.   In my three family building, it now is best for payment of rent to be automated.  (Two tenants work late hours when the credit union is closed, and another one is a nurse working double shifts.)

Has anyone found a good way to automate payment, especially one that is free or low cost?

Thanks.

Kate

[Kaycee Miller]

Are you using a management software for your rental properties? It should offer online payment options through ACH transactions or credit cards. Payments can be scheduled to be reoccurring every month, or your renter can do a single payment. Your tenants can also schedule bill pay through their banks, where the bank will send a check to you each month on a designated day. Or you could try the peer to peer mobile payment apps like Venmo or Cash App. (Be sure to check the rules with these apps about using their services for business transaction though.) 

Here's a helpful article about how to create a rent collection policy to ensure you get paid every month on time. https://www.rentecdirect.com/blog/2015/09/developing-a-rent-collection-policy/