BEST Online Rent Payment Company?

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Jennifer H.
Investor · San Antonio, TX · Member since 2017 · 15 posts · 14 votes
9y
Just started using Cozy this month. So far it looks like I'm going to be happy with it. One thing that it is missing, that I would like is the ability to automatically charge late fees if rent isn't paid on time. (You have to add a one time charge if it's late). Not a deal breaker, but would be nice. Alot of people complain about the deposit time. But as it tells you when the tenant posts the payment, it doesn't bother me if it takes awhile to deposit to my bank... unless the check bounces. I was going to go with erentpayments, but you it looks like you need to setup a "merchant account" and pay a $30 setup fee, and there's minimum transaction fees etc. Cozy didn't have any setup fees, or monthly fees, but they do charge a fee for credit card/debit card payments, to the tenant. ACH is free for both you and your tenant.
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  • Alex T.
    Investor · San Jose, CA · Member since 2016 · 23 posts · 8 votes
    9y
    I use clearnow. Easy setup, low monthly charges, ability to adjust rents monthly if you collect utilities too. Very good customer support.
    2Reply
  • Peter K.
    OP
    Real Estate Broker · Raleigh, NC · Member since 2017 · 174 posts · 69 votes
    9y
    Alex T. Kinda expensive at $15/month don't you think?
    0Reply
  • Rachel N.
    Orlando, FL · Member since 2017 · 147 posts · 92 votes
    9y

    I'm using erentpayment and it's been great so far! Got the recommendation from this forum.

    1Reply
  • Johann Jells
    Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
    9y

    @Peter K. there are numerous long discussions of this already, try searching. I use Cozy.

    4Reply
  • Brian Karlow
    Rental Property Investor · Algonquin, IL (Chicago suburbs) · Member since 2014 · 155 posts · 76 votes
    9y

    Cozy has been amazingly solid for me!! Worth a look IMO.

    5Reply
  • Jennifer H.
    Investor · San Antonio, TX · Member since 2017 · 15 posts · 14 votes
    9y
    Just started using Cozy this month. So far it looks like I'm going to be happy with it. One thing that it is missing, that I would like is the ability to automatically charge late fees if rent isn't paid on time. (You have to add a one time charge if it's late). Not a deal breaker, but would be nice. Alot of people complain about the deposit time. But as it tells you when the tenant posts the payment, it doesn't bother me if it takes awhile to deposit to my bank... unless the check bounces. I was going to go with erentpayments, but you it looks like you need to setup a "merchant account" and pay a $30 setup fee, and there's minimum transaction fees etc. Cozy didn't have any setup fees, or monthly fees, but they do charge a fee for credit card/debit card payments, to the tenant. ACH is free for both you and your tenant.
    6Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y

    I use both cozy and erent payment. Both are good. I let the tenants that want to use erent pay the $3 fee since I have 2 free options.

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    1Reply
  • Rick S.
    Fort Collins, CO · Member since 2014 · 397 posts · 161 votes
    9y
    Originally posted by @Jennifer H.:
    Just started using Cozy this month. So far it looks like I'm going to be happy with it.

    One thing that it is missing, that I would like is the ability to automatically charge late fees if rent isn't paid on time. (You have to add a one time charge if it's late). Not a deal breaker, but would be nice.

    Alot of people complain about the deposit time. But as it tells you when the tenant posts the payment, it doesn't bother me if it takes awhile to deposit to my bank... unless the check bounces.

    I was going to go with erentpayments, but you it looks like you need to setup a "merchant account" and pay a $30 setup fee, and there's minimum transaction fees etc. Cozy didn't have any setup fees, or monthly fees, but they do charge a fee for credit card/debit card payments, to the tenant. ACH is free for both you and your tenant.

    Hi Jennifer,

    The merchant account is only required if you want to allow debit and credit cards. The set-up fee and minimum does not apply for our ACH processing. Thanks! 

    0Reply
  • Scott S.
    Investor · Minnetonka, MN · Member since 2016 · 123 posts · 86 votes
    9y

    Another satisfied Cozy user, here. I require my renters to sign up for a free tenant account and pay their rent electronically.

    The 5-day delay is not a problem - much more doable than chasing checks and listening to "the check is in the mail" excuses.

    4Reply
  • Erwin F.
    Rental Property Investor · Seminole, FL · Member since 2014 · 85 posts · 68 votes
    9y
    I currently use TenantCloud (@ $9/month). But after reading up on cozy, I'm thinking about switching.
    2Reply
  • Ben S.
    Investor · Tampa, FL · Member since 2017 · 122 posts · 87 votes
    9y
    I've been using Cozy for a few months and like it a lot.
    4Reply
  • Patrick M.
    Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    9y

    Cozy here- very satisfied and I also utilize some of there other services.

    4Reply
  • Nate Waters
    Investor · Yorba Linda, CA · Member since 2013 · 27 posts · 40 votes
    9y

    Add me to the list of satisfied Cozy users. Their customer service is great as well. 

    3Reply
  • Keong Kam
    San Jose, CA · Member since 2017 · 75 posts · 42 votes
    9y

    I also use Cozy and love it! I got all my tenants to do automatic draft on 1st of the month and you can even see that the payments are scheduled on time. They also now offer renters insurance where the tenants can sign up from the Cozy directly and the landlord can easily verify that they have the insurance. Love it!!!

    5Reply
  • Teresa M.
    Real Estate Agent · Denton and Wise County, TX · Member since 2017 · 33 posts · 17 votes
    9y

    I too have been looking for a rental payment option.  It seems like Cozy gets good rating on this post as well as others I have read. Thanks for all the feedback everyone. 

    3Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    9y

    I use Cozy as well.  Can't beat free.

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    2Reply
  • Khoa Ha
    Real Estate Broker · Garden Grove, CA · Member since 2017 · 159 posts · 55 votes
    9y

    Hi All,

    Have seen a lot of happy Cozy landlords on here. One question, I just set up an account and play around with it. I know that I can set up a recurring collecting date. However, what if I wanted to set up a payment request for let say the deposit and first month rent? How can I set that us? Or do I just use their "Fixed Term: Rent collection will end after a specific date" function to do this?

    Thanks,

    KH

    0Reply
  • Claude S.
    Investor · Savannah, GA · Member since 2016 · 79 posts · 62 votes
    9y
    +1 for cozy.co.
    2Reply
  • Rachid Yousfi
    Portland, OR · Member since 2017 · 7 posts · 3 votes
    9y

    @Khoa Ha You can definitely add a security deposit and first month's rent when setting up your rent collection term in Cozy. During the process of creating a rent collection term, you'll come to a section where you can add any additional charges, like a security deposit or other move-in costs. When you reach this section, make sure the "I want to collect a security deposit" option is selected. You can then add any additional move-in costs, such as first and last month's rent. You can also reach out to Cozy's support team if you need additional help.

    1Reply
  • Dima Kassim
    Syracuse, NY · Member since 2015 · 32 posts · 33 votes
    8y

    After the massive scam done in October where landlords lost hundreds of thousands of dollars and ERentPayment cut off communication with all of them, I can no longer recommend their company. 

    5Reply
  • Sue Barr
    Newburgh, NY · Member since 2017 · 1 post · 0 votes
    8y

    any progress getting our money back?

    0Reply
  • Payam Dastmalchi
    Investor · Washington, DC · Member since 2014 · 54 posts · 28 votes
    8y

    Cozy. Nothing comes close to it.

    1Reply
  • Rick Aston
    Houston, TX · Member since 2016 · 1 post · 0 votes
    8y

    One Cozy comment was that it does configure to automatically charge late fees.  Is this true?  That would be a deal breaker for me. 

    0Reply
  • Lakshay G.
    Small Business Owner · Fallston, MD · Member since 2014 · 145 posts · 20 votes
    8y

    Wow. I am going to get Cozy as well; however, I do have a question though. In my case, the tenants will be 3 housemates who want to pay their rent from their own accounts separately. I don't want to accept partial payments as that's a big no no. I'm still sort of a newbie when it comes to being a landlord. Does Cozy process the payments if the amount is less than the asking amount? Does cozy give an option to multiples users to pay for one property and processes the payment once it reaches asking rent amount? Just figuring out my options as the tenants are okay to pay the fees but they don't want to go to my bank or mail me a check. 

    I'm meeting with them tomorrow and going to tell them if 2 housemates can pay the third one and he can just pay me in one shot. If it is going to be a dealbreaker for them, I want to have a backup option.

    Thank You.

    0Reply
  • Glen E
    Savannah, GA · Member since 2009 · 20 posts · 2 votes
    4y

    I'm replying in late 2021 to this thread that is 4 years old. Not sure if I should start a new thread, but I'm hoping that some of the people who previously replied to this thread will have signed up for notifications, see my reply, and be prompted to post again.

    From reading through all the 4-year-old replies, it seems clear that most people were using cozy for rent collection. I used it too. But as the cozy people know, several months ago cozy became a part of apartments.com so the rent collection system has completely changed. And I don't like the new system as much.

    I couple things I liked about cozy:

    1. It was free, even if someone had multiple rental units. (I have six.) So far, apartments.com is continuing to be free. So far so good.

    2. Cozy used to notify me about all tenant rent payments. In fact, every rent payment would get 2 notifications, one when the payment was started and another when it completed. I also got notified when a tenant's rent became late. If anything, cozy notified me about so much that it was a little annoying. However, apartments.com goes to the other extreme and doesn't notify me about anything. I *really* want to be notified when a tenant is late with their rent; I don't want to have to log in to my account every month and check property-by-property to see if all the tenants have initiated payment. But that is what I have to do in apartments.com. Sometimes I forget to check, and occasionally I don't notice until I'm going through my bank account later in the month if one of the tenants hasn't paid rent yet.

    For anyone else who previously used cozy and got moved to apartments.com, have you looked to see if there's any other rent system that behaves more like cozy used to? Or for those who already use some other online rent collection, any recommendations?

    To repeat more concisely, 2 features important to me are:

    1. Free for multiple properties;

    2. Email notification to the landlord when a tenant is late with rent.

    0Reply
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