Collecting Rent Etc.

[Sara Taslitt]

How do people collect rent? Does anyone use cozy.co?

[Kenny Dahill]

Hi @Sara Taslitt , I wrote this on your other post but it applies.

There are two trains of thought when it comes to tenant payments:

• My Way:  You have a defined method and that is all you will accept.  Important to tell them during the application process.
• Doesn't Matter:  You only care about collecting money!  As long as they pay you on-time and you don't have to hassle them, any method the tenant prefers.

My personal preference is it doesn't matter, I give them 2-3 options that works best for them.  I want to make their life easier so I get paid!

Here are several methods to get paid, you'll have to judge based on the class of tenants you work with:

• Bank deposit:  Provide them the slips and forms so there are no excuses.  Instant
• Cozy:  Website based and specifically for tenant payments.  There is a charge per transaction. I believe a 7-10 day wait period to transfer to bank
• Zelle:  This works with large banks (Chase, BofA, Wells Fargo).  I believe instant or 1-2 days
• Venmo:  Phone app that is popular with younger crowds.  Most of my tenants prefer this.  2-3 day period.
• PayPal:  Website and phone app.  There is a charge per transaction.  2-3 day period.

There is also a Walmart option, however I don't know too much about that.