@Jess White We have an account set up at a local bank with plenty of branches in the area.
The tenants are given an account number to go make the deposit. The account is set for cash only - no checks. The tenant can note their name or address on the deposit. They are also supposed to text me a photo of the receipt.
Cozy = very good to keep organized, but takes a few extra days for the money to show up in the bank. Tenant can choose to pay with a credit card for an additional fee.
Zelle = faster but it has dollar amount limits ($2,000 per day, have them pay one day after another)
Venmo = faster but it has dollar amount limits ($3,000 per week, can't really use if rent is > $3k)
Zelle, Venmo, and one set of tenants in their mid 80's pay by check, and we send them a SASE with the receipt for the next month's check. But then they were my neighbors before they were my tenants and like second parents to us.
@Jess White - Like @Jon Arsenault , Rachit M and Adrian Chu, I like the www.cozy.co platform. It's simple and it's designed for landlords and tenants. You link your bank account, then the tenant can either link their bank account to pay rent with no fees, or they can pay with credit card for a 2.75% fee. It sends regular reminders to tenants and landlord about payment due dates and status.
Online - Appfolio
Right now I offer my tenants the ability to pay by check (due in my PO Box no later then the 5th of each month) or to pay electronically via Venmo.
Anyone using PayPal?
Originally posted by @Jess White :
@Jim K. Really? That’s the first time I’ve heard of someone using cash. Love it.
Oh, let me guess...you've never seen one of these, either.
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Cozy had been fantastic.
(due in my PO Box no later then the 5th of each month)
Is there a reason you are allowing your tenants to pay when they choose as opposed to requiring them to pay at/before the rent is due. Are you allowing tenants to pay late or is your rent due on the 5th of the month.
@Thomas S. They can "pay when they choose" only to the extent that they can pay early if they want. My lease states that rent is due the 5th, not really sure how I ended up with that date but it is what it is!
I use Cozy.co exclusively for electronic payment...it's my unpaid property manager that reliably keeps my tenants reminded and on time. The thing I love is you can set a late payment to trigger at a certain date and it sends an email reminder to get their payment in if they're approaching the due date. I'm not the bad guy, rents are always on time, and it deposits directly to the desired account. The one drawback is with the free version, it delays deposit till the 10th of the month...but it's free. Not a huge deal considering the cost of comparable services and I'm able to get the mortgage paid before the 15th. For ~$3 you can have rents deposited immediately. It allows you to customize the rent payment schedule if you have a specific agreement with your tenants.
It's also handy for managing income and expenses on multiple properties. I have a property that my wife and I own and apartments I purchased with a business partner so I need to keep everything separate. That being said, I can set rents to deposit into separate accounts as well as log expenses under the appropriate property. It exports a zip file for taxes that holds all receipt photos as well as an organized Excel file for your CPA.
Additionally you can screen tenants, list your vacancies, and tenants can submit maintenance requests. Great service for the money.
+1 for Cozy... The other good thing about cozy is that it keeps everything organized so at tax time I can just export the payment data to a spreadsheet. Another benefit for the tenant is the optional reporting of good rental payment history to Experian. A lot of my tenants are young and just starting out building credit so by turning this option on they will be able to show good rental history in the future by paying with Cozy.
Uh-huh, this forum is just the gift that keeps giving for the IRS.
I use cozy.co for almost all of my rentals. One thing that hasn't been mentioned is from the tenant's perspective being able to set up a monthly payment and forget about it. I hadn't heard of Zelle so I looked at their website but I didn't see anything about being able to do recurring payments. We haven't had any troubles with after-the-fact disputes or reversals of payments but that seems to be more tenant-dependent than app related.
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