Investor · Austin, TX · Member since 2017 · 70 posts · 76 votes
Does anyone know of a tool that will allow my tenant to setup a weekly automatic payment?
Hello fellow landlords! I have a tenant who tries to pay on time but sometimes struggles to budget correctly. He gets paid every week and asked if he can pay rent weekly instead of monthly. I am ok with that if he can do it automatically since I don't want to deal with checking each week whether he has done it. Any ideas? I checked Cozy and they only support monthly automatic payments.
Investor · St Augustine, FL · Member since 2016 · 135 posts · 126 votes
7y
@Yengkong Sayaovong - you've got guts using erent.... look a little deeper on this forum and see what happened to them a couple years back. While Im sure they have changed, I personally wouldn't trust them to handle my money (again).
@Andrew W., Ive used cozy for almost a year, not bad and your tenant can pay weekly / bi weekly... I dont know that they can setup that way however without being reminded.
I switched to RentecDirect almost 18 months ago... you can setup (manually though) weekly and bi-weekly payments... Ive got one doing exactly what your describing. Although not 100% on the reporting side (Rentec has to show the lease at the reduced amount), it does work and my tenant that uses bi-weekly has been on track for almost a year now without a single late payment! (The downside, Im missing out on a BUNCH of late payments... however my books are very clean now). I do like the option as Im not in this business to fleece our tenants, rather provide them with a great product at a fair price. The extra cash was great for returns, but having them happy and not being stretched too thin is far more important to me... turn costs are a killer if they decided to move.
Investor · St Augustine, FL · Member since 2016 · 135 posts · 126 votes
7y
@Yengkong Sayaovong - you've got guts using erent.... look a little deeper on this forum and see what happened to them a couple years back. While Im sure they have changed, I personally wouldn't trust them to handle my money (again).
@Andrew W., Ive used cozy for almost a year, not bad and your tenant can pay weekly / bi weekly... I dont know that they can setup that way however without being reminded.
I switched to RentecDirect almost 18 months ago... you can setup (manually though) weekly and bi-weekly payments... Ive got one doing exactly what your describing. Although not 100% on the reporting side (Rentec has to show the lease at the reduced amount), it does work and my tenant that uses bi-weekly has been on track for almost a year now without a single late payment! (The downside, Im missing out on a BUNCH of late payments... however my books are very clean now). I do like the option as Im not in this business to fleece our tenants, rather provide them with a great product at a fair price. The extra cash was great for returns, but having them happy and not being stretched too thin is far more important to me... turn costs are a killer if they decided to move.
@Matt A., I should've have dig deeper. This is the first time I am doing online payments rather then going from home to home to collect cash. eRentPayment was recommended to me by a friend who has been using it for a year and said it was really convenient for him with no issues. I just got new tenants in and have only been using them for 2 months with no issues. I will keep RentecDirect in mind as well for future. I don't want to switch on the tenants now with all of them only being in for a time period of starting on June 1st to 2 months or less.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
7y
"This is the first time I am doing online payments rather then going from home to home to collect cash."
Wow, you need to change your methods. There's no reason to do this with so many other options.
We have tenants deposit funds into our bank account and that works well. We don't use any electronic means but there's lots of ways to get the funds without doing it in person. Use that time for something else.