Electronic Rent Payment HELP!

6 Replies

Hi fellow BP Gurus!

Need advice for an immediate, FREE, quick & easy solution for electronic payments.

For the past 3 years I had been collecting all of my rents electronically -- First started out with Chase QuickPay and it eventually transitioned to ClearXchange without any problems. Best of all, it was 100% FREE for both landlord and tenant. However, recently the platform has transitioned yet again, this time to ZELLE. Several of my tenants reached out explaining that ZELLE is imposing a $500 weekly limit for non-member banks -- The problem is that most of my rents are ~$1500.

I own/manage 16 doors in the Chicago area, to say this is super frustrating would be an understatement. 

Thanks in advance for your help and advice!

Originally posted by @Louis A. :

Hi fellow BP Gurus!

Need advice for an immediate, FREE, quick & easy solution for electronic payments.

For the past 3 years I had been collecting all of my rents electronically -- First started out with Chase QuickPay and it eventually transitioned to ClearXchange without any problems. Best of all, it was 100% FREE for both landlord and tenant. However, recently the platform has transitioned yet again, this time to ZELLE. Several of my tenants reached out explaining that ZELLE is imposing a $500 weekly limit for non-member banks -- The problem is that most of my rents are ~$1500.

I own/manage 16 doors in the Chicago area, to say this is super frustrating would be an understatement. 

Thanks in advance for your help and advice!

 Venmo is free

Cozy.co is free but takes a few days to deposit, it is also an auto draft on the tenant side

Brie Schmidt, Real Estate Agent in Wisconsin (#57846-90) and Illinois (#471.018287)

I just put my unit on cozy.co and *LOVE* it.  No cost for me (except they do take up to 5 days to post funds) and no cost to tenant (unless they pay by CC and cozy charges them.

I was so tired of "the check is in the mail".  I don't mind waiting a few days for funds as long as I know it really is coming and not just floating around.

Good luck!

Thank you @Cynthia Stith & @Brie Schmidt -- I've manged to get paid via Venmo this month, so thank you for the suggestion.

I did however had the chance to check out Cozy and was intrigued by the platform. I love that it does the rent collection tracking for me .... something that i have to do manually today. For tenants, is there an other option to pay rent other than "auto-draft"? I can see how some renters would object to that and would prefer to have more control over when a payment is made.

Tenants don’t have to select auto-pay. They can use Cozy to make a one time payment or setup autopay.

We have been using payyourrent.com for 5 months now and love it. $2.00 per transaction and money goes in within 24 hours. We did a blind link through our website so it looks incredibly professional. What's best is there customer service is amazing.

So quick update -- I've since moved over to Cozy to collect rents and it has been a God-send!
Setting up a new tenant is a breeze and feedback from my tenants have all been very positive.
Tenants pay a 2.75% free when using a debit/credit-card ... however when linking it directly to their checking account, it is absolutely free.

Plus there is an automated summary dashboard provides the status of payments.  A huge win for me as I don't have to manually track and reconcile!

Thank you all again for the feedback and advise!

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