Recommendations for auto rent deposit service providers?

Question

Hi All,   am trying to set up auto rent deposit with my tenant.  What service providers do most people use?  Or do you set this up directly with your bank?

I used to use the auto rent deposit service from NAIL, (some independent landlord association),  but it gets expensive and there are quite a bit of paperwork.

Wonder if there are newer service providers out there that are more efficient and less costly.

Or do people set this up directly with their bank?

Thanks
MJ

Eric M. · Answer

I use Intuit Payment  Network.  Costs 50 cents per transaction.

Kevin Chan · Answer

Raymond B, can you provide an example of the parts of the lease that care of that problem? Thanks

Raymond B. · Answer

Dawn A.,
The lease agreement, that I use, pertains to properties, that I own in Beaver County, Pa.

Two parts of my lease cover the problem that you have asked about.

The lease has been tested in both Beaver and Lawrence County, Pa., and the tenants did not win. 
The tenant was removed from the Property, by the Sheriff, before the end of the month.

Raymond

Dawn Anastasi · Answer

Raymond B. so what happens if they don't pay the rent, and you start eviction proceedings, then they deposit $1 into the bank account.  You have just accepted a partial payment?

Angie Menegay · Answer

Last time I used PayPal, the fees were ~3% of the transaction (because credit cards are accepted as well). I can't remember if it's cheaper if the payer uses a bank account (ACH), but I don't recall you can limit the choice to just ACH transactions only.

Mike Neubauer · Answer

I use Chase QuickPay, but I do not have many rentals. Anything that is electronic where you do not receive a hard copy check is best no matter what because the tracking and organization is so much better. I looked over erentpayment, it seems to have its perks.

George P. · Answer

No one uses PayPal?

Great thread, btw

Raymond B. · Answer

I insist that they deposit the $$$ into a Bank account, set up for that property.
It is the lease.
If it is NOT in that account by 5 PM, the first Business day of the Month, a $50 late fee is charged.

Raymond

Fran Flanagan · Answer

My current tenants set up their payments with popmoney. Costs then 95 cents per transaction, free on my end.

Angie Menegay · Answer

I use www.erentpayment.com. Their fee is $3/payment and you can set up late fee rules etc. You can also choose to allow partial payments or not. Some landlords will not take partial payments because it makes it harder to evict the tenant if you've already received a partial payment.

Recommendations for auto rent deposit service providers?

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