Best Choice for Rent Collections

[Angelo Mart]

My 1st property I purchased has been rented to Section 8 tenants, thus making rent collections easy. However, my new 2-Family is going to be Cash tenants (No S8) which means I have to collect. Which is an easier, faster and more streamline approach to collecting rent money without having to collect in person or deal with the it's "in the mail" stories

COZY or Pay Near Me??? Both seem like a great concept, any other recommendations. Need feedback.........

Thanks

[Jonathan Taylor Smith]

Hello @Angelo Mart - My two main methods of collecting rent are Cozy.co and allowing tenant's to deposit funds directly in a bank account established just for this purpose, at a major bank with many branches around the country and where my properties are located. I charge an additional $5 fee per payment each time someone uses this method, as it is less convenient for me, thus requiring manual entry into Cozy.co and having to determine who made the payment if they neglected to write their name or address on the deposit slip.

Cozy is free for the tenant if using ACH from a connected checking or savings account or something like 3.5% if using a debit or credit card. It is written into my lease that if using Cozy, the payment must be in process by the 3rd, since automated late rent reminders go out on the 4th and it can take a week or more for me to get the funds. I also like that Cozy is now able to post late fees automatically. I've never tried collecting rent with Pay Near Me, Venmo, PayPal, etc...