BEWARE of fraud by erentpayment.com
Karen HigginsPro Member
Minneapolis, MN · Member since 2017 · 83 posts · 89 votesBEWARE of fraud by erentpayment.com
Most Popular Reply
Property Manager · Blaine · Member since 2015 · 209 posts · 276 votes
8yMy wife found this company on bigger pockets. She most definitely is in the right, and boarder line obligated to inform the public that a company that used to accept payments from tenants, and disburse the funds to landlords is no longer longer disbursing the funds to landlords. Furthermore, they have shutoff their phones and customer service department, not updated their customers as to the status of their funds, and refused to name their banking institutions or legal representation that they are using.
This is most certainly a fraud, and a large one. If not, they should be updating their customer base as to where their money is at, and when they will get it. This rent collection and payment scheme is the perfect Ponzi scheme. They take a clients money and can move it from bank to bank like it's their own money. (Matt, thats apparently what you think happened). Thus, proving the lack of oversight involved in this kind of business/industry. As long as they can grow their customer base the scheme continues. The creator doesn't even have to put himself out there as the frontman of the scheme, and can hide behind an LLC. Interestingly, Rick S is a "pro" member, claims to be the manager or owner, and has 397 post on bigger pockets. I encourage him to comment, or better yet send me my 13,000$. At this point I doubt either will happen.
I hope I'm wrong, but when the company shuts off the phone and fails to deliver on the "updates" they promise. You have to fear the worse. This company is still accepting "new" money and the public needs to know. I don't want to come across as confrontational, but the public needs to be made aware of the problem/fraud.
345 Replies
- Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes8y
@Andrew Bull Yes have had many ACHs reversed with ERP. Another problem with ERP was they bundled xfers many rent payments paid them bundled into single xfers into my account. Worse is that the tag string that is in the bank account is giberish no help in tracing what payers are bundled into that $4523 lump. Now someone in the Face Book group claims missing payments going back several months. I never was able to do an accounting of cash actually received, or was too lazy to put the effort in.
Also on my must have list is: the deposits into my bank account have to be clearly labled as to who is this xfer from. Since I'm forced to change, why go to the same problem processor? I'll be asking re the label on the deposit. I'd prefer separate deposits matching the rent payments!!!
- Brookhaven, PA · Member since 2017 · 5 posts · 14 votes8y
I've been wanting to register on this site for so long but never seemed to have the time. BP has made such a huge difference in my life financially. Sadly it took this absolute debacle to get me to sign up and seek any information I could find. I have contractors to pay, mortgage, and hard money to meet.
Both my tenants paid after the 12th and I'm wondering should I wait till the 23rd as ERP has suggested or have my tenants reverse the payments if they can. Either way I'm done with this company. Taking the phone off the hook is BS and super shady. People Lives, credit and trustworthiness is at stake here. I cant believe this is happening, and at the worst time for me and suspect a lot of other members.
- Syracuse, NY · Member since 2015 · 32 posts · 33 votes8y
I'm waiting to hear from my tenants as to whether their money has been taken out yet. Even if it hasn't and, by some small miracle, I get the money owed (minus the stop payment fee), I can't do business with online rent collectors.
I can already see that ERentPayment is only communicating with those whose business relationships they feel can be salvaged, while hoping to "weather the storm" of bad press from those who got swindled. And there will be many that who haven't been affected that will see everything that's going on and stay with ERentPayment. I simply ask them to consider two very simple things:
1) Judge a business by how it reacts to pressure. Business doesn't always go smooth, and you've been given a front row seat to watch how ERentPayment handles problems. There are no good lasting companies who solve major issues by shutting down their phones, auto-replying emails with old information, and sending vital information via their Facebook account instead of the direct approach with email. They're effectively ignoring people who have been clients for years, and their communications skills are beyond unprofessional.
2) Even if you decide to continue using online rent collections, how can anyone choose to rely on a company that stays with the same third-party model (using other companies to process payments) that made this mess in the first place? Variable elimination is Business 101, and having your money go through unnecessary hurdles is just silly. I will most likely never do online rent collections again but, if I did, I would make sure that the chosen company was doing the processing themselves and that my money was completely insured.
I'm letting my lawyer handle things so, if I get any new information I'll certain update on this thread. To those who got defrauded, I hope you guys can update as well and eventually get your money back. And for the people who choose to stay with ERentPayment because it didn't happen to them, remember why you got into the business. It's not just about making money, but about making money as worry-free as possible. Their are several online rent collection companies that don't have ERentPayment's now-tarnished resume, and the rental business is dangerous enough. Is it really worth the risk to stay?
- 8yDawn AnastasiPro MemberRental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
Originally posted by :
Also on my must have list is: the deposits into my bank account have to be clearly labled as to who is this xfer from. Since I'm forced to change, why go to the same problem processor? I'll be asking re the label on the deposit. I'd prefer separate deposits matching the rent payments!!!
This depends on the bank and what they show on the statement. I use Cozy with 3 different banks. On 1 of them, it shows the tenants last name on the deposit. On the other two it does not. Luckily, my main bank where I deposit funds is the one where it shows the names. Each deposit comes in separately.
Note that ERP is a 3-day transfer but charges $3. Cozy is a 5-7 day transfer but is free. However, if you pay $2.99, the transfer is 3 business days. So you're getting the same speed with Cozy at the same price, but Cozy also has a free option.
@Myron Cummings You and I agree that this experience should make LL rethink their rent collections. We disagree that fraud occurred. I don't believe, with the facts as they stand now, that ERP showed intent to commit a crime so all of the other questions are moot. To quote the article I posted earlier: "There is no such thing as an accidental fraud. What separates error from fraud is intent , the accidental from the intentional." You obliviously disagree with me. We both are entitled to our opinions and that is all I have to say about ERP and fraud.
I know that this situation can't happen to Rentualtions because they do their payment processing in house and do not use a third party. Since you pointed out that "it is easy to hand out this "advice" when you aren't involved" I'll refrain from giving my thoughts.
For those who are looking for another online rent payment platform: https://www.rentalutions.com/erentpayment
I wish you the best of luck with this issue. I hope that it gets resolved quickly and welcome to BP; you came as a result of an unfortunate issue but hopefully you'll stay and become active in this great community.
- Saint Peters, MO · Member since 2017 · 3 posts · 0 votes8y
Great info and my thanks to everyone. I understand I should hire a lawyer but with only one tenant and already being short on cash flow, that's not practical for me. Is there any talk of a class action law suit? That's the only way I can see to get back a portion of my money.
Glad I hobbled across this thread - Ive had funds in "pending" for almost 10 days now (one tenant was late, I knew it and would normally accept a check from them.... but told them to use eRent anyway.
I was completely unaware of this 'change' they are making till my emails went unanswered and found the phones shutoff. I think their communication is horrible and personally will undoubtedly move to a vendor that is responsive. I too have used eRent for over a year without a hiccup, but the complete lack of communication is unacceptable to me. Probably a really small 2-3 man shop and the wheels have completely fallen off with this debacle. Im all about paying for SERVICE, and 12+ months ago the service (and ability to answer calls/emails) appeared to be there for this company.... not so much now.Anyone have any great alternatives? Ive heard about www.rentalutions.com and www.rezedent.com but Im not familiar with their backend or business model. Any others?
- Brookhaven, PA · Member since 2017 · 5 posts · 14 votes8y
I just checked with my tenant who is on auto pay and has had a payment pending since 10/13. She said the money hasn't been drawn from her account and there is no ACH pending payment with her bank. She's an awesome tenant and is going to withdraw the funds later today as well as cancel her account with ERP. I'm so relieved and happy to receive her rent this month I'm giving her $50 discount.
This may not be fraud but like GW said, "fool me once, cant get fooled again!". I will never trust a third party to collect my money again. Especially online. Why don't banks allow people to receive online payments directly into their accounts?? So many people have small businesses these days.
Anyone ever heard of POP money through their bank? My bank uses it for bill pay but the limit is $1000. Square cash is way too expensive to receive rent payments. So is paypal who I think I can trust.
- Pensacola, FL · Member since 2017 · 26 posts · 50 votes8y
Originally posted by @Bill F.:
@Myron Cummings You and I agree that this experience should make LL rethink their rent collections. We disagree that fraud occurred. I don't believe, with the facts as they stand now, that ERP showed intent to commit a crime so all of the other questions are moot. To quote the article I posted earlier: "There is no such thing as an accidental fraud. What separates error from fraud is intent , the accidental from the intentional." You obliviously disagree with me. We both are entitled to our opinions and that is all I have to say about ERP and fraud.
I know that this situation can't happen to Rentualtions because they do their payment processing in house and do not use a third party. Since you pointed out that "it is easy to hand out this "advice" when you aren't involved" I'll refrain from giving my thoughts.
For those who are looking for another online rent payment platform: https://www.rentalutions.com/erentpayment
I wish you the best of luck with this issue. I hope that it gets resolved quickly and welcome to BP; you came as a result of an unfortunate issue but hopefully you'll stay and become active in this great community.
I can agree to disagree and that is why I asked the questions you never answered as that would shift it from "accidental" to intentional.
I myself won't trust another online rent collection and looking at the Terms of Use for Rentalutions it looks similar to ERP on how rent will get placed in one of several accounts held by Rentulations and then once it clears will be deposited to a managers account. A quick search of authorized money transmitters based in Illinois doesn't show "Rentalutions" but maybe I'm looking in the wrong place.
There was no mention of Echeckit/Check Commerce or any other company in ERP Terms of Use...so what you think is "in house" might not be but if you feel comfortable with it then that is great. Many of us had been with ERP for 6 years and never imagined that other companies could affect our rent money or got their hands on our money.
Can one of the Cozy guys explain to me if they do processing "in house" and if not what are the reasons a company chooses not to or does?
Edit: Sorry I see a link now that Cozy partners with Stripe for processing.
- 8yPeter TverdovBusiness MemberDeveloper · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
- Pensacola, FL · Member since 2017 · 26 posts · 50 votes8y
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
- 8yPeter TverdovBusiness MemberDeveloper · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
Originally posted by @Myron Cummings:
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
Not every single person ITT freaking out has 20k tied up so calm down. It's a few people freaking out and then other people having fake outrage and saying they will leave ERP because of it. I have 5 figures in rent flow through ERP monthly. Have not had one issue. Not one. A thread on BiggerPockets is going to sink their company? Get a grip.
I'm also not freaked out because I have deep reserves on each property. But too many people on here never have time to talk about that and likely skirt by the skin of their teeth on rentals.
- Naperville, IL · Member since 2017 · 1 post · 0 votes8y
Originally posted by @Karen Higgins:
We are currently in the middle of a scam by erentpayment.com. They have taken money deposited by our tenants and have refused to pay us. They have been very limiting with information and turned their phones off and are not replying to emails. Cancel all automated payments if you currently use their system. We are starting the legal process to take action. I'm guessing they have taking hundreds of thousands of dollars from people. Help spread the word so others are not hurt by this.
eRentPayment is totally responsible for this mess. They should be held accountable. Companies like eRentPayment must be required to have contingencies (insurance, etc.) in place to deal with such situations.
Originally posted by @Peter Tverdov:
Originally posted by @Myron Cummings:
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
Not every single person ITT freaking out has 20k tied up so calm down. It's a few people freaking out and then other people having fake outrage and saying they will leave ERP because of it. I have 5 figures in rent flow through ERP monthly. Have not had one issue. Not one. A thread on BiggerPockets is going to sink their company? Get a grip.
I'm also not freaked out because I have deep reserves on each property. But too many people on here never have time to talk about that and likely skirt by the skin of their teeth on rentals.
Peter, I also have 5 figures monthly through eRent and deep reserves. Losing the money would not sink me. But does that mean I want to chase or lose my money? Just because I have reserves? I too have used the service for YEARS with no incident.
But how can you NOT be concerned about a company that has basically ignored and become unresponsive to their clients??
I have not lost any money, but while today it wasn't me, tomorrow it could be!
To me the worst part was not the issue of the lost money, but how the company handled the whole issue. How many times has Rick come on the site to explain or defend himself? I mean he probably doesn't since he knows any postings could be used against him in court, but still. Terrible handling of the situation.
- Pensacola, FL · Member since 2017 · 26 posts · 50 votes8y
Originally posted by @Peter Tverdov:
Originally posted by @Myron Cummings:
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
Not every single person ITT freaking out has 20k tied up so calm down. It's a few people freaking out and then other people having fake outrage and saying they will leave ERP because of it. I have 5 figures in rent flow through ERP monthly. Have not had one issue. Not one. A thread on BiggerPockets is going to sink their company? Get a grip.
I'm also not freaked out because I have deep reserves on each property. But too many people on here never have time to talk about that and likely skirt by the skin of their teeth on rentals.
This is bigger than a BP thread...
If you actually look into the handling of this and feel safe with your 5 figure flow then that is your decision but to downplay this fiasco is a bit much.
Also yes many people involved are simple home owners turned renters that don't use R/E as extra income but as a means to cover their mortgage. Are you trying to say that those in these situations should be quiet and just build reserves?
- Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes8y
Originally posted by @Peter Tverdov:
Originally posted by @Myron Cummings:
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
Not every single person ITT freaking out has 20k tied up so calm down. It's a few people freaking out and then other people having fake outrage and saying they will leave ERP because of it. I have 5 figures in rent flow through ERP monthly. Have not had one issue. Not one. A thread on BiggerPockets is going to sink their company? Get a grip.
I'm also not freaked out because I have deep reserves on each property. But too many people on here never have time to talk about that and likely skirt by the skin of their teeth on rentals.
Peter in addition to people not receiving their money ERP is not being upfront with people and they aren't answering their phones or emails. They have received 41 BBB complaints from 10/12-10/19 and wouldn't respond to the BBB and have had their accreditation pulled there. This will absolutely sink their company, why would anyone trust them again after this? You can't be a financial payment processor and have a colossal screw-up like this and then just hide your head in the sand and wait and see what happens. The outrage only gets bigger the less truthful and transparent they are. I don't see how you could feel comfortable with them handling your money after this.
https://www.bbb.org/wyoming-and-northern-colorado/...
AlertThis business offers online rent payment services and has been a BBB Accredited Business since 2007. Beginning October 12, 2017, BBB began receiving complaints stating that although the complainant's tenants had paid their rent through eRentPayment's services, they are yet to receive their money owed. As of October 19, 2017, BBB has received 41 complaints that are currently pending. Not only has BBB forwarded copies of the complaints to the business, BBB has also attempted to make contact with the company to address the volume of complaints received in the last few days. BBB has not received a response from the business. As of October 19th, BBB has suspended the company's BBB Accreditation and will continue to attempt to contact the business via certified mail and help them work toward resolving their customer's disputes.
- Property Manager · Blaine · Member since 2015 · 209 posts · 276 votes8y
I cancelled my account and still haven’t received my 12000$
If someone mugged me for 12k on the street a few weeks ago and I never got my money back I would still be upset
The fact that you got your money and I didn’t get mine makes me feel worse. I wouldn’t spend it because I’m going to have a lawyer try and claw it back from those who were paid. If it’s a legit company with the insurance they claimed to have give me my money or let me kow what insurance company I should contact. if this is legitimate company respond to my email or turn your customer service number back on.
This company needs to go away. My assumption is that you work for this company or are on the list of people that he’s willing to pay. How do I get on that list?
- Real Estate Investor · San Diego, CA · Member since 2014 · 4 posts · 1 vote8y
I have over $40,000 lost over this matter with erentpayments.com I think this is going to be an uphill battle and I dont plan to use any of these online services again anytime soon. It seems too easy to file BK and disappear.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes8y
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
I would suggest that Erentpayment has one primary mission - to transfer money from the tenant to the landlord. Everything else is side dishes. I've had ERP for longer than that and I never had any problems with them, but I also don't have anyone using them right now. It doesn't really matter how long you've used someone with no problems, only that the service they provide - for a fee - is provided as promised. People and companies go bad. Customers go bad. Your past performance means nothing if suddenly you up and lose everyone's money. If your primary business is to transfer funds, it is your responsibility to have safeguards and redundancy in place to protect your customers from losses.
Based on their response to this issue alone I would never use them again - the BBB notes 41 complaints in the last week, with no response from the company. You have a screw up, you admit it, you announce the steps you're going to take to fix it, you do those steps, and you move on. You don't shut down your phones; if anything, you pay a call center to add additional support personnel to reassure your customers. What kind of business model are they working from?
Skyline Properties - Pensacola, FL · Member since 2017 · 26 posts · 50 votes8y
Originally posted by @Patrick L.:
Originally posted by @Peter Tverdov:
Originally posted by @Myron Cummings:
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
Not every single person ITT freaking out has 20k tied up so calm down. It's a few people freaking out and then other people having fake outrage and saying they will leave ERP because of it. I have 5 figures in rent flow through ERP monthly. Have not had one issue. Not one. A thread on BiggerPockets is going to sink their company? Get a grip.
I'm also not freaked out because I have deep reserves on each property. But too many people on here never have time to talk about that and likely skirt by the skin of their teeth on rentals.
Peter in addition to people not receiving their money ERP is not being upfront with people and they aren't answering their phones or emails. They have received 41 BBB complaints from 10/12-10/19 and wouldn't respond to the BBB and have had their accreditation pulled there. This will absolutely sink their company, why would anyone trust them again after this? You can't be a financial payment processor and have a colossal screw-up like this and then just hide your head in the sand and wait and see what happens. The outrage only gets bigger the less truthful and transparent they are. I don't see how you could feel comfortable with them handling your money after this.
https://www.bbb.org/wyoming-and-northern-colorado/...
AlertThis business offers online rent payment services and has been a BBB Accredited Business since 2007. Beginning October 12, 2017, BBB began receiving complaints stating that although the complainant's tenants had paid their rent through eRentPayment's services, they are yet to receive their money owed. As of October 19, 2017, BBB has received 41 complaints that are currently pending. Not only has BBB forwarded copies of the complaints to the business, BBB has also attempted to make contact with the company to address the volume of complaints received in the last few days. BBB has not received a response from the business. As of October 19th, BBB has suspended the company's BBB Accreditation and will continue to attempt to contact the business via certified mail and help them work toward resolving their customer's disputes.
The fact that Peter T. finds the following legit and no reason to make a fuss over is ridiculous:
1.) Not informing tenants or customers of the issue that was happening
2.) Once issue was discovered by LLs to claim it as a bank swap then stop answering phones/emails which continues to this day (7 days)
3.) Keep with the bank swap story and to not worry it is just a delay with "reserves" for 4 business days.
4.) Only post these said updates on a Facebook page and not in a mass email until "it" really hit the fan.
5.) After stringing customers along posting 1 update each morning and each update promising a later in the day update (which never occurred) break this "Bankrupt 3rd party story"..once again 4 business days after stating this was all a Bank Swap.
6.) Throughout the whole process Tenants/Renters were never informed of issues with their payments and that they needed to take steps to try and reverse it...it was always the money is there we just need the bank to release it.
7.) Only yesterday Oct. 19...5 to 10 business days after the affected transactions do they tell LLs to inform their tenants and try to reverse the charges.
8.) Have the audacity to withdraw their "fees" from customers who never had money deposited into their account.
9.) Tell LLs have the banks contact us for issues as we continue to shut off our phones/email/online chat.
- 8yPeter TverdovBusiness MemberDeveloper · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
Originally posted by @Bob Alva:
Originally posted by @Peter Tverdov:
Originally posted by @Myron Cummings:
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
Not every single person ITT freaking out has 20k tied up so calm down. It's a few people freaking out and then other people having fake outrage and saying they will leave ERP because of it. I have 5 figures in rent flow through ERP monthly. Have not had one issue. Not one. A thread on BiggerPockets is going to sink their company? Get a grip.
I'm also not freaked out because I have deep reserves on each property. But too many people on here never have time to talk about that and likely skirt by the skin of their teeth on rentals.
Peter, I also have 5 figures monthly through eRent and deep reserves. Losing the money would not sink me. But does that mean I want to chase or lose my money? Just because I have reserves? I too have used the service for YEARS with no incident.
But how can you NOT be concerned about a company that has basically ignored and become unresponsive to their clients??
I have not lost any money, but while today it wasn't me, tomorrow it could be!
To me the worst part was not the issue of the lost money, but how the company handled the whole issue. How many times has Rick come on the site to explain or defend himself? I mean he probably doesn't since he knows any postings could be used against him in court, but still. Terrible handling of the situation.
Never said I wasn't concerned. I am and agree the way they're handling this is terrible. What I am seeing though is people freaking out because other people are. I am treading carefully. I have had a tenant pay rent for November today. Should clear by 10/28 like it typically does. If it does not, then I will tell all tenants to stop using the service and I'll move my business elsewhere.
- Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes8y
@Myron Cummings and @Matt Higgins I think we can all agree that @Peter Tverdov is an outlier in his opinion that "we" are the ones doing damage to ERP rather than this being very much a self inflicted wound. Unfortunately wounding themselves necessitated them wounding their clients - and that they should be rewarded with continued business is so devoid of logic that I am shocked.
ERP has had the skeletons in their closet exposed. They relied on shoddy and perhaps shady business partners. Ignored their customers when they needed them most and mislead them.
I would be surprised if they are allowed to continue in business even if there is some idiot willing to give it to them.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes8y
Originally posted by @Dawn Anastasi:
Originally posted by :
Also on my must have list is: the deposits into my bank account have to be clearly labled as to who is this xfer from. Since I'm forced to change, why go to the same problem processor? I'll be asking re the label on the deposit. I'd prefer separate deposits matching the rent payments!!!
This depends on the bank and what they show on the statement. I use Cozy with 3 different banks. On 1 of them, it shows the tenants last name on the deposit. On the other two it does not. Luckily, my main bank where I deposit funds is the one where it shows the names. Each deposit comes in separately.
Note that ERP is a 3-day transfer but charges $3. Cozy is a 5-7 day transfer but is free. However, if you pay $2.99, the transfer is 3 business days. So you're getting the same speed with Cozy at the same price, but Cozy also has a free option.
I discussed this with Cozy about a year ago or so. It's a similar setup to erent, in that they are forward-loaning you the money so that the transfer appears to move faster. The reason Cozy is slow, comparatively speaking, is that it is a two-step process - from the customer bank to Stripe, from Stripe to me. We do direct draft at my "day job" and that goes direct from the customer's bank account to our bank account, with no middle man, and it takes about 2 days. So if you look at it that way, 2 days from customer>Stripe, 2 days from Stripe>you. So 5 days is about right, really.
Also don't know why I didn't realize Cozy was using Stripe a long time ago. I just pulled up my bank account and all the Cozy transfers say "Stripe" on them right before Cozy and the customer name. I guess like the Mr. Obvious Show, "I just never made the connection". :)
Skyline Properties - 8yPeter TverdovBusiness MemberDeveloper · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
Originally posted by @Patrick L.:
Originally posted by @Peter Tverdov:
Originally posted by @Myron Cummings:
Originally posted by @Peter Tverdov:
I have used ERP for 2+ years, I have multiple accounts that use their service. I haven't noticed one issue and no properties that I manage have notified me about an issue either. It sounds like the way they handled something was incorrect but it also sounds like people are getting a little too hysterical.
People who have $20k plus tied up and are basically told that your money may not ever be found/submitted to you are a "little too hysterical" ?
This is another case of "I'm not affected so it must not be a major deal."
Everyone can pretty much agree ERP users and non-users that this was a MAJOR screw up and will most likely sink the company.
Not every single person ITT freaking out has 20k tied up so calm down. It's a few people freaking out and then other people having fake outrage and saying they will leave ERP because of it. I have 5 figures in rent flow through ERP monthly. Have not had one issue. Not one. A thread on BiggerPockets is going to sink their company? Get a grip.
I'm also not freaked out because I have deep reserves on each property. But too many people on here never have time to talk about that and likely skirt by the skin of their teeth on rentals.
Peter in addition to people not receiving their money ERP is not being upfront with people and they aren't answering their phones or emails. They have received 41 BBB complaints from 10/12-10/19 and wouldn't respond to the BBB and have had their accreditation pulled there. This will absolutely sink their company, why would anyone trust them again after this? You can't be a financial payment processor and have a colossal screw-up like this and then just hide your head in the sand and wait and see what happens. The outrage only gets bigger the less truthful and transparent they are. I don't see how you could feel comfortable with them handling your money after this.
https://www.bbb.org/wyoming-and-northern-colorado/...
AlertThis business offers online rent payment services and has been a BBB Accredited Business since 2007. Beginning October 12, 2017, BBB began receiving complaints stating that although the complainant's tenants had paid their rent through eRentPayment's services, they are yet to receive their money owed. As of October 19, 2017, BBB has received 41 complaints that are currently pending. Not only has BBB forwarded copies of the complaints to the business, BBB has also attempted to make contact with the company to address the volume of complaints received in the last few days. BBB has not received a response from the business. As of October 19th, BBB has suspended the company's BBB Accreditation and will continue to attempt to contact the business via certified mail and help them work toward resolving their customer's disputes.
I'm not comfortable right now - but PLEASE, tell me the alternative. Everyone now wants to run to cozy where it takes even longer to process payments. Any online service a person chooses is going to have a level of risk. This is why I am in wait and see mode.
- 8yPeter TverdovBusiness MemberDeveloper · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
I would love to hear everyone's alternative to using e-rent. Everyone wants to pull business, fine. I would be happy to do the same given their response to people. However, show me another company who will transfer the rental funds just as quickly, if not quicker, for a similar price and with an easy to use platform and I am all ears to switching.
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