Updated over 8 years ago on . Most recent reply
Tenant Rent Payment Method: Rentec Direct vs. Paypal
Hello! I wanted to throw a question to BP about how people receive rent payments each month. We own one single family home with 5 college tenants and we just offered on a 4-plex of 2 bedroom units. Time to systematize. Currently, we request payment from our 5 individual tenants via Venmo or PayPal. We have a property manager but have been accepting payment directly for ease of process.
Can anyone shed some light on their best payment acceptance method please? Do tenants mind giving their banking information and having automatic withdrawals (like ACH processing through Rentec)? Should we stick with PayPal? Would love some insight!
Most Popular Reply
We use a site called Rentalutions. I definitely think it would work great for your situation because then your tenants can split up the rent any way they like.
This site uses an automatic withdrawal. I've found that my tenants appreciate it as it gives them less to think about (similar to putting your CC on auto-pay). The platform also has several other handy functions. You should check it out. The monthly fee isn't too prohibitive and scales along with the number of properties you put on the platform. Highly recommend.