Using to collect rent

7 Replies

Has anyone used is so how did it go? would you recommend it? I am new to the rental world and only have 1 unit but I would like to report payments to credit agencies and make paying rent as easy as possible for the tenants. Any other site you would recommend? My first rental is a higher end property that is being rented out for $2800 per month in Wisconsin. 

There's been discussions in the past on them: Past discussions erentpayment

There is also a recent one: Recent erentpayment discussion

I myself used ClearNow for several years and quite please with it: ClearNow

I heard erentpayment had financial difficulties at one point, mentioned in those past discussions.

There's one often talked about called Cozy that is supposedly fee free. Others charge a monthly fee, in my case ClearNow charges $14.95 monthly fee + $2.00 per transaction. You only pay the $14.95 on months where there's activity.

I chose ClearNow because I get my funds on the 4th business day of the both, tenants debited on the 1st, and other sites takes longer, up to seven. I'm mortgage free now, but at one point when I was not, on autopay, mortgage companies draw funds on the 10th, and 4 business days vs seven makes a big difference IMHO and worth the fee.

Updated about 2 years ago

Type: I meant to say "..I get my funds on the 4th business day of the month"

I've been using them for over 2 years for one unit with no issues. I used their background check/credit check feature for the tenant and everything went smoothly. I find their tech support responsive and can live with the delayed payment, $3 fee, and like the email reminders and notices when a payment has been made. I don't use any other features such as maintenance requests/expense tracking,

I've been using Cozy for almost 2 years now. Easy to use and it's free. Money hits your account in about 4-5 business days. If you want it in 2-3 days, it costs something like $5 per transaction. I don't even bother. It's only a few days and not really worth it. My tenants have never had an issue using Cozy. 

I use Tellus for rent collection now and it goes pretty well. My tenants pay me the rent through the app and they always receive the reminder before the payday comes and the app will charge late fee automatically so they never pay late so far. I can always track all my expenses and incomes related to the property in the app and it generates the rent reports and other financial statements. Really helpful and convenient for me! 

@Johnathan Cody I have two rentals for 4600 a month in rent combined. I use hotpads to list units, trans union smart move to screen them, and Venmo to collect rents. I pay nothing for any of it, tenant pays application fee on smart move and I reimburse them if selected. Hope this helps