Ideas for Automatic Rent collection

41 Replies

We were very happy with the automated rent payment system from Erentpayment.com, however, after they the issues in November when they lost rent payments we are looking at other options.  What other services are out there that have the same level of convenience but more stability?

Interested in this too.

Cozy is what we use. Would highly recommend them. There is about a one week wait to get the rent which is kind of a pain but we haven't had any issues because of it really.

I use Zelle.  It is an app but is also the primary person to person way to send funds for some banks including Wells Fargo.  Some banks/credit unions do not use it but all of my tenants are able to pay that way.

It is completely free and the money is in my account the instant the payment is made.  Some higher rent tenants may need to talk to their bank to get limits raised so they can send it at once in a day, but I have on tenant able to send $2,000 in rent to me each month in a single transaction.  

The company I work for manages 1,500+ homes and they just switched to paying through 7-11 (or through our website). I guess the tenants get their own barcode that is linked to their account with our property management division. They can go to any 7-11, scan the barcode and pay rent in cash there. Keeps them from needing to come to the office and they can pay cash (as opposed to grabbing money orders or cashiers checks.) Plus there's a 7-11 on every corner. 

@Alex Johnson that would be pretty cool.  Is that a proprietary or is it a commercial application that anyone can use?

I'm only on my first property but anything wrong with email money transfers? Working great for me so far.

@Kevin Mouck there are a number of systems that allow for tenants to pay but I am looking for a "set it and forget it, unless something goes wrong" system.  Also some of my renters are not tech savvy and anything more than a paper form is bound to have me banging my head against the wall as I talk through the process over the phone. 

  

We use buildium because we like the accounting features in addition to the application and online payment.

@Jill F. I really like my initial look at Buildium.  I think that one looks like the most expensive but the most user friendly with the most applications.  Thanks for the info!

I've been terribly impressed with RentecDirect so far.  My tenants have been amazing at how easy it was to use their resident portal (browser) or resident app (smart phone) to pay rent, access their ledger, see their lease, and make maintenance requests.  It accepts payments from bank accounts (routing & bank account number that you could collect and set up auto payments for, so you're not banging your head against the wall) or credit cards (for a processing fee). 

@Grant Shipman Thanks!  that looks like a something I will have to check out as well. 

I’m using tenantcloud. It’s a poor mans Buildium. It’s only $9/mo and it has online lease signing and rent collection. It also has easy accounting features. Their listing features don’t work well and the customer service is terrible. While it has some problems I haven’t switched away from it yet. The thing I can’t stand about Buildium is that they charge 50 cents for every ACH transfer, which are free. If cozy had lease signing I’d switch to it.

Appfolio and PayNearMe

 We have used erentpayment.com with automated withdrawals from their bank with some success however it is a pain to setup for non tech savvy residents. 

Obviously, no matter how automated the collections are, if there is no money in their account then the transaction bounces and we are charged a fee. 

Square cash, Zelle, and Paypal have been working well for us however it’s less automated than erentpayment was. The resident has to initiate the payment every month. 

We also send an automated invoice using QuickBooks every month.  They could also pay using a card directly from that invoice. 

In Bridgeport Connecticut we sometimes have residents go to the bank and make the deposit directly to our collection account.  This works  well for residents who are not as tech savvy. 

I use Cozy for both rent collection and tenant screening.  It hasn’t given me any trouble and is extremely user-friendly. 

I am a very happy Cozy.co user. I would be very happy if I used it just for the free rent payments, but I use it for much more.

Cozy is what I have been using for nearly two years without a single issue. I would highly recommend it. Easy for tenants to sign up and easy process going forward.

I use cozy too. I’ve been on tenant cloud but not completely happy with it. Cozy has been easy to use for screening posting adds and the most important... getting paid

Another vote for Cozy. Free for your first property, easy screening process, good rent collection, great user interface.

My issue with many of these is that the tenant still has to initiate the payment....they have to actively go on and send it.

I almost signed up for erentpayment before the "issue"...... the thing that impressed me about their system was that it was "set and forget"....... the tenant got reminders....late fees got added automatically (and you could set date and amount etc)....no partial payments.....it seemed truly automated with a lot of features..... I liked their set up the best, but don't trust them now....

Cozy, Zelle, Venmo etc are basically just standard transfers that require tenant work to do and very little features that I can tweak

What I want is a system that drafts from the tenant account.....not one the requires the tenant to actively send the payment.....and one that sticks on late fees automatically.....and doesn't accept partial payments

I agree 100% with @Ned J. that is exactly what I am looking for.  

Cozy is 100% automated for the tenant and landlord after it is set up. My tenants love it because they don't have to do a thing.

Originally posted by @Ned J. :

My issue with many of these is that the tenant still has to initiate the payment....they have to actively go on and send it.

I almost signed up for erentpayment before the "issue"...... the thing that impressed me about their system was that it was "set and forget"....... the tenant got reminders....late fees got added automatically (and you could set date and amount etc)....no partial payments.....it seemed truly automated with a lot of features..... I liked their set up the best, but don't trust them now....

Cozy, Zelle, Venmo etc are basically just standard transfers that require tenant work to do and very little features that I can tweak

What I want is a system that drafts from the tenant account.....not one the requires the tenant to actively send the payment.....and one that sticks on late fees automatically.....and doesn't accept partial payments

I can send a payment through Venmo in about 20-30 seconds. I would hardly call that work. If your tenants can't seem to remember to log in and send a payment once a month; I'm sure you have bigger things to worry about. I use Venmo as my demographics are younger people and all of them have it already. Works great, and I get the money in my account the next day unlike cozy.

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