Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes
10y
I use Cozy.co. It is free for the tenants and landlord but is a little slow. For $3, you can speed up the transaction. Other people here use eRentpayment, which is $3, which can be paid by the landlord, tenant or split.
Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes
10y
I use Cozy.co. It is free for the tenants and landlord but is a little slow. For $3, you can speed up the transaction. Other people here use eRentpayment, which is $3, which can be paid by the landlord, tenant or split.
Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes
10y
I'm not sure of the situation. I have tenants leaving next month and I'll probably cut them a check for their security deposit with documentation for deductions. But I do have the ability to pay through Chase Quick Pay or echecks through my credit union account.
Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
10y
I've used erentpayments.com. You can either have the renter pay the fee, split it or you pay it. I think it's $3 per transaction. Best part it helps report on time payments to the credit agency. Especially helpful for rent to own tenant buyers.
@Jennifer L., thank you. Also, what if you want to pay someone and you are not physically there...what would you use to send money/pay money to them?
Most banks offer a online "bill pay" service now of days. For example Bank Of America is one of the best in this department with online services. If a vendor can't wait for a payment to arrive and you can't be there, you can always do ACH via a bank service or just Paypal them the funds.
Portland, ME · Member since 2012 · 616 posts · 550 votes
10y
popmoney.com costs $.95 and they can do up to $500 with an unverified account or up ot $1000 with a verified account. I've also had them use their own bank's bill pay service, but some are better than others.
Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
10y
I am upaid promoter of erentpayment.com Easy to use for both me and my tenants. Easy to set up. Costs only $3.00 per transaction. Money in my account in 3 business days.
Realtor · Glen Mills, PA · Member since 2013 · 71 posts · 26 votes
10y
@Bryan C. I have used Cozy for several months and it has been fantastic! I will point out that I have had several tenants that had issues upon the initial setup for payment. So it ended up taking a few days to get them setup. After the initial setup things have ran very smooth.
Realtor · Glen Mills, PA · Member since 2013 · 71 posts · 26 votes
10y
@Bryan C. an ACH Transfer is a direct bank account to bank account transfer. The tenant uses their bank account and routing number to create the transfer.
Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
10y
@Bryan C. - Its a very simple and easy to use website, where you set up your account and the tenant sets up theirs. The two are linked by a code that you provide to the tenant, without which they can't even register. You add your individual bank accounts, and neither of you will have any knowledge of each other's bank account. The website can be customized and you can set it to remind them of upcoming payments and late payment notices can be sent as well. Late fee and frequency of payments can also be adjusted to suit the contract. As long as everything is set up correctly, the money is moved (has to be originated by the tenant) in 3 business days.
@Account Closed - You can bear it yourself, let the tenant bear it or split it 50/50. I bear the charge, but I am very strict about late payments. 1 late payment of $50 pays for the fee ($36/yr per property). Lets say I made up my $36 even before I paid my 2015 taxes.. LOL
Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes
10y
@Shawn Scheinoha From what my tenants said, it was a pretty easy set up. They verified their account and then the payments automatically withdraw every month. I've never had to worry about the rent while using Cozy. I'm hoping to encourage my next tenants to use Cozy by having the application process go through them. I figure, if they can apply through Cozy, then they will probably do payments through them as well. But my property is in Silicon Valley and my tenants have all been reasonably tech-saavy, so depending on your rental area and your target tenant, YMMV.
Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes
10y
@Account Closed It isn't a situation that I've faced in 16 years of landlording. My first tenant always paid with a check, which he would deliver to my office since we both worked at the same place. In 15 years, it never varied. He never said "I don't have money in my bank account, here is a stack of $100s." My second tenant asked for an online payment option and I found Cozy. Every payment worked perfectly through Cozy.
But playing along with your scenario... It is the tenant's responsibility to make sure that payments are done timely. If something is going on with his bank account and he wants to arrange another method of payment, then he would have to look to the terms of the lease and elect another alternative. I'm not inflexible, and in California, by law, I have to allow the tenant an option for payment besides cash or electronic funds transfer.
That said, I'm absolutely going to encourage my future tenants to pay via EFT. After a year of collecting rent via ACH and Cozy, I don't want to go back.
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
10y
Setting up ACH with Appfolio or PropertyWare is easy. You can also look into PayNearMe which allows for tenants to go to a 7/11 or Dollar store, scan a bar code, hand them the cash and the money goes direct into your account.
Wholesaler · West Deptford, NJ · Member since 2016 · 54 posts · 18 votes
10y
I use erentpayment.com it's a great site. They make it easy for you & for your tenant. The cost is only $3 per transaction, you can pay the fee, have the tenant pay the fee or split the fee. They also offer a service where they will report the tenants payments to the credit bureau's. This is a great incentive for your tenants to pay & tell them that you will help them build their credit.
Sherwood, OR · Member since 2016 · 23 posts · 25 votes
10y
Hi, this is Kayla from Cozy's Customer Support team. I wanted to jump in and clarify that Cozy charges tenants 2.75% on each credit or debit card payment.