Moundridge, KS · Member since 2013 · 5 posts · 5 votes
9y
This is how we accept payments. It works flawlessly. We give this letter to all new tenants. Our local small town bank does not even charge us for the service.
In order to provide all our tenants with the best options to make delivering rent payments easier, we have partnered with our local bank to provide a system that will allow you, as the tenant, to choose the method easiest for you, as well as protect your handling of money and ensure a record of the transaction.
All rent payments are to be made directly to our account at Citizen’s State Bank. Rent is not to be paid through lockbox, personally to owners, or at our personal address. Tenants have four different convenient options to choose from:
1)Pay in person
a.Take your check or cash in person to the Citizen’s State Bank branch locations in Moundridge (201 S. Christian Ave.) or Hesston (201 N. Main St.).
b.Inform teller that you are making your rent payment to Carpenter Rentals, Inc. You will need to tell them your name as well as your residency address.
c.They will record your rent payment on a deposit slip and give you a receipt for your records.
2)Mail your payment
a.All Mailed payments must be made to the Moundridge branch. Mail your payment (please no cash via mail) to: Citizen’s State Bank
PO Box 110
Moundridge, KS 67107
b.Place a note inside your envelope with the instructions that the payment is for rent due to Carpenter Rentals, Inc. along with your name and residency address clearly noted.
3)Night Drop Box
a.Both Moundridge and Hesston branch locations make it convenient for you to make payments after hours if you are not able to make it to a branch during regular business hours.
b.Place a note inside your envelope with the instructions that the payment is for rent due to Carpenter Rentals, Inc. along with your name and residency address clearly noted.
4)For tenants who currently hold accounts at Citizen’s State Bank you may make a transfer over the phone.
a.Call the Moundridge branch at xxx-xxx-xxxx.
b.Let them know your personal account number and then let them know that you are making your rent payment to Carpenter Rentals, Inc. You will need to tell them your name as well as your residency address.
This system is in place to protect you when handling money as well as to give you more convenient options to make your payments. Rent is due on the 1st of each month. Rent payments will be monitored by online banking and any payments made after the 5th of the month will incur a $25.00 late fee. Any checks returned due to insufficient funds will incur a $30.00 fee.
Vendor · Vancouver, WA · Member since 2017 · 65 posts · 31 votes
9y
What about just using "quickpay" or a similar service such as what Chase Bank has. I've been using it for about 2 years and see zero downside. Fully free from what I can tell and the cross-bank issues are dealt with by the banks,
Fort Collins, CO · Member since 2014 · 397 posts · 161 votes
9y
Hi @Shea Spinelli sorry for the delay as I didn't get notified of your mention. We don't have an app at this time as we have mobile pages available for a number of pages. Adding an app is a future enhancement we are planning, however I don't have a time frame at this point. Thanks!
Rental Property Investor · Phila, PA · Member since 2015 · 276 posts · 111 votes
9y
my questions are
1 - do you collect electronically or in person?
2 - if electronically what service are you using?
3 - why this method pros - cons based on your experiences.
fyi - this is for single family properties, not multi. any feedback is greatly appreciated!!
Thanks,
Nick
1 - I collect rent electronically
2 - service used is mine. Tenant transfers the rent monies from their account into my account. Local bank.
3. Pros. The money goes into my account as cash and is available to me immediately; no waiting. A 3rd party, the bank, time stamps the transfer so no disputes with tenants on when rent was actually paid. It doesn't cost tenant or me any fees to make this work. Win-win. Cons. I did have to set up an acct with that bank; I put tenant security deposit there as well,
Investor · United States · Member since 2015 · 415 posts · 487 votes
9y
I give my tenants (all under the age of 35) the following options:
1. Paypal
2. Venmo
3. Direct deposit into my checking account
They're free, easy, and the payment history is all logged for you online if you miss something. I've never understood why anyone would want to bother with physical checks in this day and age.
How has your overall experience with erentpayment so far for the first few months? I have (2) 4-unit houses that I'm looking into making the transition into online rent collection?
Has anyone had any issues with tenants with making the additional payment to pay online or do you commonly pay the service and write off the expenses?