Best way to accept rental payments without being in person.

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Best way to accept rental payments without being in person.

Chad Clark
Investor · Mancelona, MI · Member since 2019 · 43 posts · 24 votes

I'm looking for a way to accept payments via a website or similar and was wondering what others use for this. Just trying to find an easy way for tenants to pay their rents without a hassle for them.  I know there's paypal, but I wanted something a little more official looking.   I have a few rentals and I'm wanting to start putting it on auto pilot and this is needed.  Ideas?

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Anthony Bonaiuto
Investor · Cleveland, OH · Member since 2017 · 19 posts · 6 votes
7y

@Chad Clark

I’ve used Cozy.co for the last four years on my triplex and have had great results. It’s free, tracks all payments for me and my residents, and offers a few other extra features as well.

Would recommend to anyone managing a small portfolio.

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  • Jeff Kao
    Rental Property Investor · San Jose, CA · Member since 2018 · 78 posts · 35 votes
    7y

    Thanks for asking that question @Chad Clark If you do a search in BP for online payment services such as "cozy" and "tenantcloud", you will find multiple discussions on this topic. I hope this helps. 

    1Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    7y
    There are some softwares out there that are inexpensive and are specifically designed for small portfolios. When you add in the online rent collection and tracking of expenses and some other features they are almost always worth the cost in my opinion.
    Irish Jones Realty4.947 Reviews
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    1Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    7y
    Zelle, Paypal, ACH transfer.
    My of my tenants just deposit it directly into my bank account.
    1Reply
  • Rob B.
    Chicago, IL · Member since 2018 · 546 posts · 227 votes
    7y

    Hi Chad, it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some automation to the rental management process (just to make things much much easier for you). A lot of the options mentioned above are great tools to use but definitely consider an option that presents a one-stop-shop for collecting rent as well (and has faster payment processing). Again, a lot of great recommendations already though and happy to answer any questions that you might have about online rent collection options. @Chad Clark

    1Reply
  • Kenny Dahill
    Investor · Tempe, AZ · Member since 2018 · 1k+ posts · 731 votes
    7y

    Hi @Chad Clark,

    There are a few choices to choose from.  Venmo/Paypal are very popular for tenants but if you're looking for more 'landlord official' then I would consider you check out sites like Burbz, Cozy, Tenant Cloud, TurboTenant, etc.  Is there anything in particular that you would like to help with your management efforts?

    These sites all offer very similar features to help: rent collection, tenant screening, maintenance ticketing.

    I always suggest starting with the free sites, unless you have enough units to justify paying a monthly membership.

    1Reply
  • Chad Clark
    OP
    Investor · Mancelona, MI · Member since 2019 · 43 posts · 24 votes
    7y

    I only have three units so far (so far).   So I'll probably go with something inexpensive if it has enough options to justify the cost.  I would like something that can scale up as I won't stay at three units long.   Thanks for all of the info so far, I'll look into each.   I just had no clue where to start so it's extremely helpful.

    0Reply
  • Thomas Dougherty
    Member since 2019 · 135 posts · 25 votes
    7y

    I will not use Paypal or Zelle since rent payments are hard to track or they have transaction limits. I use Tellus App for my rent collection. Tenants pay me online and it generates statement automatically so that I can check all the incomes and expenses.

    1Reply
  • Anthony Bonaiuto
    Investor · Cleveland, OH · Member since 2017 · 19 posts · 6 votes
    7y

    @Chad Clark

    I’ve used Cozy.co for the last four years on my triplex and have had great results. It’s free, tracks all payments for me and my residents, and offers a few other extra features as well.

    Would recommend to anyone managing a small portfolio.

    1Reply
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