Rent collection services

17 Replies

So i want to select an online service so that rent can be scheduled to be drafted from tenants account rather than collecting checks. Also i like the fact that some of these do credit reporting. 

Do anyone of you have experience with any of the following:

ClearNow

eRentPayment.com

PayYourRent.com

Rentpaidonline.com

TrueRent

Or if you have another suggestion i would love to hear it. Thanks

Promotion
Guaranteed Rate
Guaranteed Rate is a top mortgage lender
Save $1,290 on your next home – no lender fee*
Get special perks like $1,290 in lender fee savings when you buy a second home with Guaranteed Rate.
Apply Now
Originally posted by @Account Closed :

@Daniel Alegre A lot of tenants don't like for 3rd parties taking money from their account. Landlords should accept cash and money orders for rent.

 I offered to lower the rent by $25 if they agreed to it and all applicants have agreed thus far. But paying me in cash , money order or check is an option.

I love driving around picking up rent. I have recently been thinking how good it can be for the business also. You are technically killing two birds with one stone by checking on the property, tenants and also collecting rents. But I am a very hands on landlord and understand the need for rent collection companies and property management companies.

@Daniel Alegre I use Cozy.co and really like it. Free for landlord, free for tenant. I have an A class rental so my tenants seem to like the ability to auto pay and do everything electronically. It also has credit report options

Hi Daniel, I use Cozy.co and I love it. It doesn't report to credit bureaus. If it is important for my tenants to build credit, I will offer eRentpayment as an option.  Obviously, people can pay by check if they like.  My first tenant did that for 15 years. 

My tenants ACH (bank to bank) transfer.  Some banks offer scheduling ACH as well.  It has been working well. It does take couple of tries for the tenant to understand and get this setup correctly.  After that it has been smooth.  I feel this is more secure without the need for a 3rd party.  I wonder how or why these companies do it for free.  Perhaps they make interest until you move the money out from their account?

I use Quickbooks.  They are sent an invoice each month and they can pay by bank transfer.  It costs 50 cents per transfer.   Its easy for me since I already use quickbooks for our business as a whole.  Of course, it doesn't do credit reporting though.

I use erentpayment.com  This has a $3 transaction fee which is way better than 3% fees most have.

I also use erentpayment.com.  I just started using it at the beginning of this year.  I really like it so far.  I pay all the fees on my existing clients as it was for my convenience that I asked them to move over.  For new clients I've offered to split it 50-50 with them.

Promotion
SimplifyEm
Property Management Made Easy
Powerful Online Tool
Stress free and user friendly. From managing to advertising, SimplifyEm has got you covered!
Click for FREE Trial
Originally posted by @Tony Conway:

I love driving around picking up rent. I have recently been thinking how good it can be for the business also. You are technically killing two birds with one stone by checking on the property, tenants and also collecting rents. But I am a very hands on landlord and understand the need for rent collection companies and property management companies.

 Ha ha, I pick up rent too.  It allows me to "spy" an chit chat for a minute with tenants.  Those are my cash tenants and they ALWAYS pay a few days before the 1st.

For those using cozy.co,  how long does it take for the rent to hit your account? I ask because of this express fee they charge to allow it to 'only' take 3 days

Express Payouts

Get paid faster. For $2.99 per month per unit, payouts for payments made with checking accounts occur in 3 business days, about half the time of normal checking account payments.

Any have any better options out there? 

With the exception of this delay in collecting this services looks pretty good. 

@Daniel Alegre I've never used any of them but I use Tellus now. It is designed for rental collection so I feel all my property issues and rent collection go well using it. I collected checks from my tenants before and it was really annoying. Some of them would pay late sometimes and it was hard to track these rent payment. Tellus sends reminder to my tenants before payment date, charge late fee automatically when they pay late and always generates the rent roll. Try it out!