Please let me know if you are using an online system to collect and pay rent to owners. I am at the moment dissatisfied with my current system. Please users only. I want the "real" story if you are satisfied.
I use cozy.co, but I am an owner/manager. It is free for my purpose - invoicing and taking ACH payments, which are deposited into my bank. It isn't set up to make payments directly, I pay those through my bank's website. I have 31 rental units.
I have been incredibly happy with it once you understand the system.
They charge a monthly fee, depending on the amount of your Apts. In my case I'm paying around $58 per month for 19 Apts. Each Apt has roommates and some of them 4 Roommates. The total Roommates are 36. So for $58 / 36 Roommates, that boils down to $1.61 per payments.
The Interface is basic but good.
I would really urge Landlords to use some form of electronic payments.
My preference is to use a program like Rentalutions in order to put the onus on the Tenant to pay their rent. It really takes a way the excuses, including:
- Check is in the mail
- I forgot to authorize my ACH7
- I was on vacation
This gives both your and your tenant their rental history. Even if a tenant has bad Credit, having their rental history is much more important as you can prove you pay your rent on time no matter what.
In NYC, I am VERY strict when it comes to due diligence because of the strong Tenant biased laws.
In many cases, prospective tenants that fall below 700 will be asked to send me their rental history. If they cannot show me either in canceled checks, bank statements , or electronically like from a program like Rentalutions, I will just move on.
As a result, I haven't had to do any evictions in the past 15 years of my 20 year history as a Landlord.
Getting back on track, I certainly would recommend using Rentalutions. It's work very well for me.