I'm a landlord with a small number of units, interested in starting to accept online rent payments. These days, there seems to be a plethora of vendors handling online payments. I'm primarily concerned with the vendor fee amounts (per transaction or per month), and the processing time it takes to get the tenant's payment into my account, but I'm interested in a comparison of other features too.
I'm looking for some website that has reviewed the online payment vendors and has posted comparison information so that I don't have to go look through a dozen different vendor sites to find the information. Here's an example of the type of chart I'm looking for:
This is theoretically a great chart. Unfortunately, this chart only lists 4 online payment vendors out of what I think must be at least a dozen (or more) these days. Plus, the chart is apparently out of date. Turbotenant shows up on the chart as the fastest vendor for deposit time; but when I went onto their website, they seem to have stopped handling online rent payments and only do other functions like screening now. (Side note: It seems hard to find a vendor which has both low fees and fast processing. E.g., in the chart mentioned above, cozy has the lowest transaction fee - zero - but the longest deposit time.)
So I'm looking for charts like this, but hopefully a lot more complete (in terms of different vendors) than this one and ideally more up-to-date. So far, googling for online rent payment reviews is mostly taking me to the online rent payment vendors themselves, not to 3rd party sites that review and compare the vendors.
Has anyone found any 3rd party sites that do comparisons of the rent payment vendors and hopefully give charts like I'm looking for?
I'm replying to my own thread. I don't think there is anything out there with the level of detail I'm looking for. Here is what I have found, with my comments on what it does and doesn't do.
This is a list of 17 online rent services. On the surface you would think that would be a big enough list to include al the major vendors. But the list doesn't list cozy, which seems to be a favorite elsewhere in the biggerpockets forums, so I wouldn't be surprised if others are missing as well - which goes to show how many of these services exist now! It only gives one or two sentences of description for each service, so if you want particular details like I do, you're going to have to visit and dig through each vendor's site.
This is someone's article which gives an overview of online rent services. It gives a couple of comparison charts but the charts only show 4 vendors and it shows cost but not things like processing time of each service. So, a nice introduction but not much detail here.
This is a list of property management software. It shows some 64 choices. But this isn't focusing on online rent payments per se, so some of the choices listed don't even do that. This list also leaves out cozy, which shows it isn't complete. I think the biggerpockets list of 17 is a better starting point, but one might want to browse through this list if one is trying to compare all possible services.
This list only shows 7 tools/sites, but the list does include cozy, and the summary of each site is more detailed than any of the other comparisons I have found so far. However, it doesn't list details like processing time. So in the end, one still has to visit and dig through the details of each site.
In conclusion, I think I need to manually go through the biggerpockets list of 17 sites and the thehardinlawfirm list of 7 sites and find my own answers. Which is going to take a while!
look into Zelle pay - fast to credit you and no fees (at least that is what I have been told).
Steve, thanks for the suggestion. But from what I can see on their website, Zelle doesn't do rent payments per se - it's a general online payment service. So you can't do things that would be associated specifically with rent payments, like set the rent amount that is due or add a late fee that kicks in on a certain date; rather, the sender (tenant) can pay any amount they want. It also appears to be dependent on the sender & receiver's banks being tied into the Zelle service - some banks offer it but others don't. On the whole, Zelle is not what I'm looking for, to get automated rent payments.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing