Credit/Debit or ACH rent payment platforms?

Question

Hello Group! I am curious what platforms other landlords are using to collect rent? To date, I have been accepting rent via USPS but as the number of units increase, the process of opening mail and running checks to the bank is become more and more cumbersome. I am looking forward to hearing the various pros and cons of the platforms being used. Thank you.

Josh Copeland · Answer

I am elaborating on the info I provided earlier regarding QuickBooks not accepting my tenants bank.

A BP member emailed me for a list of acceptable banks, so I did some digging. Here is what I found. (Copied from PM I sent the BP user:

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Advancing a step further I see that the service QB uses is called "Plaid". Perhaps you'll get better search results by looking for information regarding Plaid's linked banks.

Here is their site, https://plaid.com/

Good luck on your search! I use cozy to receive payments and QB for accounting. Works for my 2 units. I'm sure it won't scale too well.

Walt Dockery · Answer

It’s free unless you choose the expedited payment option. I just use the free version, I don’t mind the delay in it hitting my bank account.

Jake DeBoer · Answer

I set up Cozy earlier this year and haven't thought about rent collection since, highly recommend.

Josh Copeland · Answer

I use Cozy. There's about a 5 business day delay between the tenant making the payment and it posts to my bank account, but I don't need to money immediately anyway and it's free.

I've also used Quickbooks invoicing but they have a select list of banks they can draw from and if the tenant doesn't use one of those banks, it's back to check payments.

Pros: Both Cozy and Quickbooks can also be used to manage expenses

Cons: one of my old tenants refuses to give online companies 'electronic access to her checking account' so she just sends me a check still and I use mobile deposits with my bank.

Roopal Shah · Answer

Check out Cozy.co - we’ve been accepting payments through it for the last 18+ months and have been very happy with it.

Mei Ye · Answer

I don't thing Cozy is free, it charge $2.99/unit per month?  is that right?

Credit/Debit or ACH rent payment platforms?

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