Sam Shueh
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
7y
electronic deposit using Zelle or direct bank account. Safest way.
1 Reply
Bryan Blankenship
Investor · Cincinnati, OH · Member since 2014 · 538 posts · 432 votes
7y
@Leslie Mangrum I prefer NOT to do cash as I like a very tangible paper trail, but I think some people like it. We generally take the first payment in the form of a money order or cashier's check, then get our tenants set up in our property management system online and let them pay online. Most people love the convenience and ease of online drafts. :)
2 Reply
Vee K.
Rental Property Investor · Denver, CO · Member since 2010 · 99 posts · 42 votes
7y
@Leslie Mangrum: Online payments are best. Then cashier check or money order are next. If you handle the payment yourself and it's your property then I think cash is ok (but still prefer not to).
1 Reply
Anthony Wick
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
7y
@Leslie Mangrum
Preferred method is PayPal. Free for tenant and landlord and most people seem to already have an account. The first deposit takes about 5-7 days to clear, but then subsequent deposits take 1 business day. I also allow personal check to be mailed since phone deposits are easy. I charge a $25 convenience fee for cash or if I have to come and collect rent. The exception is for the first months rent and deposit. I prefer cash for that.
1 Reply
Matt R.
Blue Springs, MO · Member since 2015 · 481 posts · 313 votes
7y
Disclaimer: I only have one property so far. I am not affiliated with any sites mentioned.

I use Cozy.co for background checks and collecting rent. The tenants have Cozy pull the money out of their checking account, and then Cozy puts it in my bank account a few days later. I wrote a detailed post about it here:

https://www.biggerpockets.com/...

They did pay cash for the security deposit and first month's rent. They asked about this ahead of time and I agreed; I printed up a receipt and then dated and signed it once I had the cash in hand.
If you use PayPal, I would highly suggest getting one of their "business" accounts. I had to set up an account for an organization, and when I had a little trouble with it, I was able to reach a live human on the phone quickly. I know people that have "personal" PayPal accounts that they sell things online with, and some of them have had trouble with PayPal unilaterally deciding that they are a scammer, locking their accounts, and then not responding to any questions.
1 Reply
Claude S.
Investor · Savannah, GA · Member since 2016 · 79 posts · 62 votes
7y
@Leslie Mangrum
+1 for Cozy.co
Free for renters and free for landlord.
3 Reply
Mark Brown
Contractor · Webster, TX · Member since 2016 · 94 posts · 75 votes
7y
@Leslie Mangrum. I’m set up with my bank for ach drafts. So I just automatically draft it out of their back accounts on the first business day of the month.
1 Reply
Michael Noto
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
7y
@Leslie Mangrum We accept rent via all of the ways you mentioned but if someone is going to pay in any fashion but online through our website we make them mail it to us or come physically drop it off at our office. No chasing down rent, if you do it once tenants expect you to do it all the time.
1 Reply
John Teachout
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
7y
We require the first months rent and deposits to be in cash. No other payment means accepted.
After that, people can pay however they like but our preference and what most use is to deposit the money into our bank account.
We won't use any payment method that incurs a fee for us.
1 Reply
Corby GoadeBusiness Member
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
7y
Online only, through our tenant portal. Everyone should be doing some form of this- there are free services, it's guaranteed payment and it eliminates the "I mailed it last Tuesday" convos. Plus, it's automatic, legal documentation of timelines and payment.
1 Reply
Karl Hadley
Investor · New York City, NY · Member since 2017 · 65 posts · 32 votes
7y
@Leslie Mangrum
+1 for cozy
For move in & security deposit, bank check or money order are required. For regular rent, I started just taking checks by mail, then offered quickbooks payments (ACH only) and earlier this year I switched to Cozy/checks by mail.
I’m in a c class neighborhood & all but 2 of my tenants are happy to have online payments. Since switching to Cozy which gives the tenants the ability to schedule payments & setup reoccurring payments, there has been a positive uptick in ontime payments, I think the automated reminders in the platform really help.
1 Reply
Brandon Ingegneri
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
7y
We only accept online ACH payments.
1 Reply
Michael DangPro Member
Rental Property Investor · Houston, TX · Member since 2015 · 454 posts · 273 votes
7y
Popmoney, Zelle, PayPal, tenant deposit into bank, or cashier check.
1 Reply
Cameron Price
Real Estate Broker · Hartsville, SC · Member since 2015 · 174 posts · 69 votes
7y
I have my tenant go to my bank and deposit it into my account. That's the easiest way I've found! I know some banks won't allow it, but it's so easy that way. No delays, no excuses. It's either deposited by the 5th or it's not.
1 Reply
Account Closed
Investor · Milwaukee, WI · Member since 2013 · 1k+ posts · 1k+ votes
7y
Any form that my bank recognizes as money. I refuse to collect cash on-site, they can bring that to me, which they never do, for the same reason I won't go and get it from them (it's a hassle). I think the folks who have markets/tenants where they can set up an automatic ACH are very fortunate and I am jealous...my market/tenants don't even have bank accounts, so it's usually a money order sent through the mail to my PO box.
1 Reply
Christina I.
Member since 2018 · 27 posts · 19 votes
7y
@Leslie Mangrum
I don’t do cash as I like to make sure there is a paper trail. I only use Cozy. It’s free for me and my renters (as long as they use ACH) and it allows me to set an automatic late fee in case it would be needed. It also allows for one time billing if there are any random other expenses they must be billed for. I have been super happy with Cozy for managing my rentals and highly recommend it.
1 Reply
David Lee Hall, III
Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes
7y
@Leslie Mangrum Cashier’s check, money order, personal check (until a bounce), ACH, and credit/debit. I do not accept cash. I use Tellus for management with handles the digital payments and a PO Box for paper.
1 Reply
Timothy VanWingerden
Real Estate Broker · Lexington, KY · Member since 2017 · 131 posts · 129 votes
7y
+1 for cozy. Does PayPal charge any fees? I thought they did which is why I opted for cozy.
1 Reply
Sharon PowellPro Member
Realtor · La Vernia, TX · Member since 2014 · 153 posts · 124 votes
7y
@Leslie Mangrum
I use erentpayment for payments only, but you can also use it for maintenance requests, expense tracking, and tenant screening. The down side is that it’s not free- you decide who pays. But to me, the up side and my favorite feature is that the tenant can report payments to help build their credit history.
1 Reply
Connie Chan
Investor · Member since 2017 · 239 posts · 149 votes
7y
@Leslie Mangrum online for sure. Tenants will pay more on time... I use an app called Tellus.
0 Reply
Erik B.
Rental Property Investor · Amityville, NY · Member since 2018 · 351 posts · 441 votes
7y
+1 for cozy
Have been using cozy for a few months now to collect rent. Also used their credit and background check service and it was all very easy to use for both sides.
My only complaint is it takes about 6-7 days (not 5 as advertised) for money to enter your account.
1 Reply
Jennifer Rysdam
Rental Property Investor · Cleveland, MN · Member since 2017 · 518 posts · 354 votes
7y
Originally posted by @Erik B.:
+1 for cozy
Have been using cozy for a few months now to collect rent. Also used their credit and background check service and it was all very easy to use for both sides.
My only complaint is it takes about 6-7 days (not 5 as advertised) for money to enter your account.

I feel your pain. I use QuickBooks and it takes 5 business days there too. If they pay on a Friday, it can be up to 10 days with the 2 weekends in there. Not to mention if there's a holiday in there!
2 Reply
Dawn AnastasiPro Member
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
7y
I take rent several ways:
- Cozy
- Direct deposit from the housing authority
- Cashier's check
- Money order
- Personal check
- Cash (very rarely)
Podcast Guest on Show #29
0 Reply
Kyle Merryman
Member since 2019 · 2 posts · 0 votes
7y
Great question! Although direct deposit is more secure than a check or cash, there are still issues. Bookkeeping can be difficult because rent payments are mixed with other transactions. Also, with traditional direct deposit or person-to-person services you cannot block partial payments by tenants, which can interfere with eviction proceedings.
For further information, I recommend checking out this article
Hope you find what works best for you!

0 Reply
Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y
Google Pay, Venmo, Paypal, Check
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group546 Reviews
Website View Page
0 Reply

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