Renter pay options

8 Replies

I would like the ask th BP community if anyone recommends a renter pay system.  I don't give out my home address to renters, so they can't send their rent by mail, so I give them a deposit account number to deposit there rent into.  Any suggestions on an app or program?

I give them deposit slips and they put their rent in my bank.  Works for us.

So how do they give you notices, on the back of a deposit slip?

I guess I don't understand why you don't have a business mail address or PO Box.

Yes the auto systems are available I guess you'd have to figure out if it's cost effective. 

Cozy.co or erentpayment.com are two online ones that we use. All of our tenants at this point are using Cozy but we have had some use erentpayment. We also offer the deposit option but no one uses it anymore - thank the FSM for technology!

Hi @Gerald Marshall ! It kind of boils down to what you would prefer and what's easier for you. My preferred method is to have tenants pay me with an ACH transfer via Chase Quickpay. They also have the option to send check to me via mail at my UPS box. I much prefer the electronic transfer because I have rules set up in my connected accounting software that automatically classifies the payment and assigns the revenue to the specific properties. The tenants using this also seem to prefer it because it's easy and they get an electronic reminder every month. It also eliminates the "it's in the mail" risk, Insufficient funds risk, saves me time from having to check my PO Box for checks and saves me time from having to go to the bank (although technically I can electronically deposit the check via the app).

I use a PO box to collect rent checks and receive notices from tenants. I think the box I got was $56 for the year, but it varies by location.

Not sure how you feel about anonymity, but for me, $56 a year is a no brainer.

@Deanna McCormick  I guess I don't understand the question. I have a business address they can send notices to, but everyone texts or calls anyway. 

Thanks all for your input.  I live quite rural to Atlanta and my renters are spread out over about a 50 mile radius.  I prefer to use my small community bank, which isn't always readily available to my renters, whom I would rather not inconvenience on a monthly basis.  They currently deposit into a deposit account which is set up with my bank.  The idea of a P.O. box isn't appealing to me since my renters are currently paying throughout the month, "something im working on correcting", and I would have to constantly check it.  I have a few renters who pay bi-weekly.  This is how i rent to borderline approvals.  I'm going to look into Cozy and research the app world and see whats out there.  I would prefer to not have to incur an additional expense, and don't want to charge my tenants a fee either, so im sure something will have to give.

We have been collecting with Venmo with good results and no fees on either side.  we also had renters do a transfer directly into our rents acct from their own acct from the same bank or different. Wells used to do these xfers free if you have Bill pay, but may charge a small fee to the sender. 

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