Property Manager · Michigan Ctr, MI · Member since 2016 · 661 posts · 581 votes
Hi everyone.
We have been using Cozy for our rental properties in regards to rent collection. Initially, their system was great and would not allow a Tenant to make partial payments; it would only allow a Tenant to pay all or none of the Rent, which was great and was one of the reasons we started using their service. However recently they have changed their system which now allows Tenants to make partial payments, which we do not like at all. There is no option on the receiving side in order to only allow only full payments, we find this to be a waiting nightmare if an eviction ever came up. We are especially unhappy with the service now, considering that was one of their highly touted features when they first started offering it.
Does anyone know of any other online payment service which only allows for full payments or at least allows the Landlord to chose between full and partial payments?
Property Manager · Michigan Ctr, MI · Member since 2016 · 661 posts · 581 votes
9y
@Max T. thank you for your response. Yeah, I don't really want to be playing around with discontinuing their account whenever there is a partial payment pending, only to have to go back and set it back up and then continue to keep an eye on it for partial payments. I am looking for a system that lessens the burden on me the landlord.
Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
9y
I think of the online payment as a convenience for me but also a privilege for them.
I start with training - making it very clear that partial payments/late payments are not tolerated. If the privilege is abused it will be taken away.
If I ever had a tenant that paid partially or late more than once as an accident, I would remove their account from cozy and require all future payments in certified funds. This is also the kind of tenant who's lease I would not renew.
In my experience when a tenant pays late or makes a partial payment, I have a phone conversation with them that day. I see when the payments get posted and for how much. Over the phone I give them an opportunity to correct the error that day. Again - we can see when the payments are posted and for how much.
I would not put myself in a situation where I was cancelling their cozy account and then setting it back up again.
Property Manager · Michigan Ctr, MI · Member since 2016 · 661 posts · 581 votes
9y
@Max T. Max, I understand your point and I agree with Tenant training. However, in my opinion to only depend on that for a business model is silly to me. You need to set up systems in place to minimize damage and exposure and having a systems that does not allow partial payments is one of them. For instance, you wouldn't not accept a security deposit and depend on your 'training' of the Tenant to keep them from doing damage to your property (I hope not) - no instead you do both in case to minimize your exposure.
Same thing here, I understand about training and agree that it is important, but the question remains. What other systems other than Cozy are out there than give me the option to not accept partial payments? The reason for these systems are to lessen the burden on me, the Landlord, and to make it convenient for the Tenant.... Cozy falls short in the Landlord department. If I have to constantly tinker with a system that is supposed to be providing me a service in order for it be beneficial, I'd rather go with a competitor which takes our needs as Landlords/Property Managers into account while reducing our liability.
Thank you for your input, but the question remains... What other online payment systems are out there that only allow for full payment and not partial payments?
Investor / Vendor · San Diego, CA · Member since 2016 · 1k+ posts · 949 votes
9y
Thank you @Clay O. for the ERentPayment suggestion. Considering you've only used it for a week, could you and @Ricardo R. comment on its effectiveness in a few months? I've collected detailed notes on different types of software that real estate investors use to help people with suggestions for threads like this. My information on payment systems is lacking because people used to recommend Cozy a lot and Alex just highlighted a huge problem with the partial payment shenanigans!
Real Estate Investor · La Mesa, CA · Member since 2017 · 4 posts · 3 votes
9y
Hi @Ricardo R., have you tried Rentigo? I've been using them for a while and am very happy with their rent collection & tenants' communication features. My tenants use the app to pay rent and send me messages/open maintenance requests, and I use both the app and the web-dashboard for further management tools. www.rentigo.com
Thank you @Clay O. for the ERentPayment suggestion. Considering you've only used it for a week, could you and @Ricardo R. comment on its effectiveness in a few months? I've collected detailed notes on different types of software that real estate investors use to help people with suggestions for threads like this. My information on payment systems is lacking because people used to recommend Cozy a lot and Alex just highlighted a huge problem with the partial payment shenanigans!
Have an upvote, both of you :)
I've been using erentpayment for more than a year now and am very pleased. I set up the account to not allow partial payments and have had no problems at all. Their customer service staff is efficient and promptly responds to my queries.
I use erentpayment as well for my applications, which I customized by property. I don't charge a fee for the application, and applicants say it's been easy to use. I particularly like that I can rearrange sections, add information blocks, and add instructions about the entire process.
I selected the option to pay the $3 monthly processing fee myself. Tenants seem to appreciate it when I tell them I pay that fee for them, and it's frankly a minimal expense for me.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
9y
Have you submitted a suggestion to Cozy to make it an option whether or not to accept partial payments? In my state, I can take a partial payment and still evict if I needed to, but I understand that laws are different in each state. Software developers need to know from their user base what is needed in the software.
Investor · Orange County, CA · Member since 2015 · 25 posts · 1 vote
9y
Hello everyone, I am posting here to stay tuned on this thread and topic. I am looking for a solution to have my tenants pay rent online. I have been using Chase quick pay but I have found it to have limitations. I am going to check out Erentpayment.com. That one sounds like a good option. Thank you!
Minneapolis, MN · Member since 2014 · 48 posts · 28 votes
9y
How does this work for units with multiple tenants? Do you require that one tenant makes one payment? From a convenience point of view I think tenants might balk at that.
Buildium is more than just online rent collection obviously but from an automation standpoint it helps me automate rent collection, application fees/application process, tracking, tenant communication etc. I think I pay something like $800 a year for the service and like $.50 per online payment. I believe they are deposited within 2 days from payment receipt.
Automation should be considered from a tenant point of view as well. Automating application means a lower application fee for tenants. Automatic rent payments, signing leases online, electronic communication, etc. Tenants want to save time as well and these systems help both parties.