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.
I wasted 4 weeks dealing with RentPayment.com Awful Service!! and No number to call when trying to setup account!! Only for tenants who want to pay their rent. Here is the back and forth lousy customer service :(
k so obviously there are products out there to assist with the EFT payment with rent. So what if I am a landlord and i want to bypass property management...i can do all the management myself except actually go to the unit....(sounds like a bad recipe).
What are others using/doing if managing from a distance?
@Ray Peslar, thanks. Tell me more about Cozy and how it works? What is needed by the tenant to submit payment via Cozy?
Bryan, we use Cozy for 3 of our properties and it works fantastic. We have never had an issue. You send applicants a link to your profile account and they set it up on their end. Cozy runs a credit check or a background check or both, it's up to you. The full cost of that <$50 goes to the tenant applicant. It doesn't cost the owner anything, ever. We are alright receiving the rent a few days after the first because we can float the mortgage for that amount of time. We do get verification that rent was indeed paid on time on the first of the month. We can't say enough great things about Cozy.
I thought of using some of the online services but then just decided since I had to open a security deposit account, I'd just add another account. Luckily, the bank that did the LL-tenant acct, just happens to be where my new tenant banks. :) Tenant will do an electronic transfer as per lease...goes into my account as cash and no waiting for funds to clear! It's 'free' for both of us.
Tried using rentpayment.com, very difficult to open landlord account, no number to speak with someone, gave them all the information they wanted only to be told to start application again!. Awful property manager/ landlord service. How will the treat you once they have your $ and you have an issue?
Sorry to hear about your experience @Daniel Barroso . We want to note we are not associated with rentpayment.com as we are a separate company since both our company, erentpayment.com, and rentpayment.com were both mentioned on this forum. Thanks.
Hey @Bryan C., you've gotten some great recommendations on here and there's been other threads on BP that can help out too. Also try googling "tenant ach" and similar terms to get a pretty complete list. Since most of the popular ones are used on here at least by somebody, so vet them out before going forward. Even test them out by calling them to see if they pickup the phone and would be there to help you if something goes wrong. You don't want your rent payments lost in the ether without anybody to call in the event of an error. Of course each solution has it's pros and cons which of course I'm not allowed to discuss, but you are! :)