Rental Property Investor · Charlotte, NC · Member since 2013 · 110 posts · 35 votes
I just noticed a new website sparkrent.com that seems to offer a very easy way of collecting rent via ACH deposit. It allows you to assess any late charges and also sends out email reminders. I assume this wouldn't be for everyone, but looks promising and inexpensive.
Has anyone tried one of these services? Please share any issues or success.
Investor · Hyattsville, MD · Member since 2012 · 822 posts · 441 votes
13y
While I mentioned I used erentpayment ($3/ payment fee), I just looked into 2 other new options: sparkrent.com, which Igor S. mentioned charges $1 per transaction and is owned by intuit (maker of quicken) and "Intuit Payment network" https://ipn.intuit.com/?
Sparkrent looks like a very new and slick but easy interface and very easy to track/ accept rent from multiple units, sends automated email reminders and offers recurring auto payments. No experience with them yet however but looks worth checking out.
Intuit also offers "Intuit Payment network" which charges 50 cent transaction fees for ACH transfers and invoicing feature, recurring payments etc. but it doesnt seem to have the same level of unit tracking or auto reminders that sparkrent offers. You have to decide if the 50cents is worth the additional organization of rent/ units etc and automation of reminder emails. Of course paper checks dont have any of the features of these services so to me, they would save time depositing checks regardless.. both are run by intuit so they are not fly by night companies.
Either way, there are 2 new options that are either 50cents or a dollar per month, which defintely beats some of the $3 or $5 per month offerings that have been around the past few years. Hope that helps people out...
Investor · Hyattsville, MD · Member since 2012 · 822 posts · 441 votes
13y
I've used erentpayment.com briefly with one of my tenants, but unfortunately had to discontinue due to tenant unable to maintain enough balance in their checking acccount when the monthly rent was deducted on the first. They had great customer service and the fee was $3 per monthly deposit ($36 year) while most charge 5-15 per deposit or month. For middle/ upper income tenants, I would suggest using this or a similar tool. Otherwise for lower income, you need to pickup/ dropoff rent in person sometimes to ensure they get to it and dont have checking problems. The bottom line to keep in mind is that you cant automatically charge a ACH late fee if they dont have any money in their checking account to begin with:)
I also found out that amazon payments lets you use the credit card to pay someone up to 1000 per month. Might be dangerous to pitch to tenants but not a bad tool for my roommate to pay me monthly:)
Los Angeles, CA · Member since 2013 · 555 posts · 261 votes
13y
having tenant go to bank and deposit directly to your account is still easiest.
There are tons of bank of america and wells fargo and citibank branches they can go to, and usually it takes minimal amount of money to keep them open.
For example, for bank of america, I only have to transfer $250 from my other bank to waive fees. I can move the $250 back right after.
It is all automated.
Broomfield, CO · Member since 2012 · 47 posts · 43 votes
13y
I use clearnow for automated rent payment, and they're customer service is great but they have higher transaction fees. I may switch to erentpayment - thanks for the tip Jeff!
Investor · Sierra Vista, AZ · Member since 2013 · 168 posts · 126 votes
13y
I'm going to try and use Intuit Payment Network this month and see how it turns out. They charge 50 cents a transaction. Credit card payments are more, but you can disable that feature.
Orlando, FL · Member since 2013 · 22 posts · 2 votes
13y
I use Chase QuickPay. It's free. You can send/request payments and have your tenant set up monthly automatic payments.
At least one user must have a Chase checking account. Transfers between Chase accounts process immediately or within 2 days depending on the amount, time of day, etc otherwise it will take 4-5 days to process with an external bank. You could have the tenant make a payment in advance in anticipation of processing delays (if you're picky about having the transaction clear on the first day of the month).
Investor · Hyattsville, MD · Member since 2012 · 822 posts · 441 votes
13y
While I mentioned I used erentpayment ($3/ payment fee), I just looked into 2 other new options: sparkrent.com, which Igor S. mentioned charges $1 per transaction and is owned by intuit (maker of quicken) and "Intuit Payment network" https://ipn.intuit.com/?
Sparkrent looks like a very new and slick but easy interface and very easy to track/ accept rent from multiple units, sends automated email reminders and offers recurring auto payments. No experience with them yet however but looks worth checking out.
Intuit also offers "Intuit Payment network" which charges 50 cent transaction fees for ACH transfers and invoicing feature, recurring payments etc. but it doesnt seem to have the same level of unit tracking or auto reminders that sparkrent offers. You have to decide if the 50cents is worth the additional organization of rent/ units etc and automation of reminder emails. Of course paper checks dont have any of the features of these services so to me, they would save time depositing checks regardless.. both are run by intuit so they are not fly by night companies.
Either way, there are 2 new options that are either 50cents or a dollar per month, which defintely beats some of the $3 or $5 per month offerings that have been around the past few years. Hope that helps people out...
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
I just saw the sparkrent advertisement on BP while on a forum (well placed!) and looked at the website. Then came back to BP from a google search for sparkrent reviews.. I'm thinking about doing it with a couple tenants, but I'm in a lower-income area, and most of my tenants like to pay with a money order (or cash). Intuit is a nice name to have behind it. Takes 2-3 days to deposit to your bank account. But they do send you an email as soon as the payment is initiated by the tenant. Takes a day for checks to get released in your account anyway..
Of course, some tenant will probably eventually give the excuse that it's a "problem with the website" and of course they sent the money on time...
@Mike Franco , what is the account number you give them? I asked someone at BofA about setting up a deposit account that automatically "sweeps" funds immediately (or nightly) to another account (because I don't want to give my tenants my operating account # and don't want to have to go online to check and manually move the funds the first few days of every month.) But he said only business accounts could do it and there would be some meaningful fees on the account. Otherwise, personal only has the auto-transfer for fixed amounts. I can't just have it transfer all current funds to a different account.. Am I too paranoid about giving out my bank and account number to every tenant I've ever had? Or just too lazy to have to set every rent $1 apart so I know who deposited, check daily the first few days of every month, manually xfer, etc.? Or other tips..?
Virtual Assistant · Austin, TX · Member since 2012 · 51 posts · 2 votes
12y
I haven't tried any online rental payment collections yet, but I may try as well by this week. Let's see how will it work for me. Thanks though for sharing.
Prosper, TX · Member since 2014 · 6 posts · 2 votes
12y
I have used eRentPayment almost three years. It has worked fine. I recently opened an account with SparkRent - primarily to cut the fees I pay from $3 to $1.
I will likely not ask current tenants to change over to SparkRent, but new ones will be using it. I'm setting up my first tenant on SparkRent very soon.
Someone on here mentioned that tenants may have the "I couldn't get the website to work" or "the computer ate my payment" or whatever excuse for late rent. I have had that come up with one renter, and they now pay the old fashioned check under my doormat method.
Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
12y
Just signed up! I like it so far! I use quickbooks online so all I had to so was use my current username and password to get started. I will for sure be using this. Automate the process!
Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
12y
Doesn't work well for me. After signing up and setting up properties I found out that won't do weekly payments only monthly.. I have 2 tenants that pay by the week... I canceled service. Hope they add weekly soon.
Involved In Real Estate · Walnut, CA · Member since 2013 · 22 posts · 1 vote
12y
Hello, I've been looking for an online rent payment for the longest time. I knew BP would have the source. I see that almost everyone uses sparkrent. I wanted to sign up however it's closed for invitation only. If anyone is kind enough to send me an invite it would be helpful and I'll be forever grateful. PM me and I'll provide my email address. Thanks.
Involved In Real Estate · Annapolis, MD · Member since 2009 · 2 posts · 0 votes
12y
Quick clarification on SparkRent- someone correct me if you understand differently, but I don't think SparkRent is owned by Intuit, but only uses Intuit's payment processing. The prominent placement of the Intuit logo sure makes it look like they are one company and SparkRent is a product of Intuit, but I don't think that's the case. If you google "SparkRent reviews" you'll see several less than positive reviews of their service. I'm planning on avoiding it.
Residential Real Estate Broker · Chicago Suburbs, IL · Member since 2013 · 1k+ posts · 594 votes
12y
Make sure whatever you use allows you to reject the payment. Otherwise you could have an eviction against someone in play, then they pay you online and your provider accepts it and guess what? You'll need to start your eviction overwith. Also you want to reject partial payments. I think erentpayment does that. Sounds like the Chase payment does that as well based on @Gregory Tran 's post.
Investor · McKinney, TX · Member since 2012 · 588 posts · 224 votes
12y
I use erentpayments and paynearme. Paynearme really isn't electronic on the tenant side, but it get direct deposited into my account. @Bobby Beard you may look into that if you have 7-11 ACE Cash express or family dollar stores around. you can get your set up fees waived here
I like erentpayments because the tenant has to go through me to change it. they can't stop the drafts without engaging me first.
Both cost $3. On paynearme, I have the tenant pay. On erentpayment, pay the $3.
Investor · Madison, WI · Member since 2013 · 97 posts · 10 votes
12y
Hi @Igor S
It may depend on how many properties you have. I have my tenants deposit right into my bank account, and I dont need to give them the account number. I talked to the Branch Manager at the location they deposit to identify myself and let hem know that my tenant will be making monthly deposits and that is approved by me. Then the Branch Manager made the proper notes in the system so there would be no confusion when she comes in to deposit and make it easy for my tenant. So far, it has been the a huge time/cost saver for them and they are much happier now because of it. It is a large national bank too with a local branch. To save myself the $3-8/month deposit fees of other rent collection sites, I will continue to do this until it hits a snag. food for thought....you may want to investigate with your bank. Hope that helps!
Involved In Real Estate · Austin, TX · Member since 2014 · 65 posts · 9 votes
12y
Thanks @Kimberly H. I never even thought of that. But yes I think there is an option to decline - I guess needing to accept the money isn't so bad after all.
Real Estate Agent · Owasso, OK · Member since 2014 · 517 posts · 400 votes
12y
I am set up with Rentpost and williampaid. Great options. Rentpost is nice because that's the system I manage rentals with and charges the tenant $1. Williampaid is good but I have to manually log the payment that way.
I am not sure if they put a memo on the check but my 1 set of tenants drops the check off at the bank and it does not seem to be an issue. I would suggest contacting the local branch they would deposit at, and talk to the Branch Manager to explain your situation. See what they can do. I would think there would not be any issues since they are depositing money into your account...? Good luck and let me know what happens if you go that route. Thanks!