Best payment system for tenants?

Question

What have you found to be the best payment method for tenants to use to make their monthly rent payment? We'd like to choose something where payments are made electronically, rather than physically putting a check in the mail, and there seems to be a lot of options-

Bill B. · Answer

Their bank can set up an EFT just like your gym, HOA, credit card does. Doesn’t cost either of you anything and is not reversible.

Scott M. · Answer

The best payment system is the one that is best for each tenant.  That means there isn't one overall system that is "best" because every tenant will have their own definition of best.  For us, what is best is options.  We give tenants options. They chose what works best for them.  Older tenants generally prefer to mail checks.  As time goes on this will change as older tenants in 10-20 years will have been paying online for decades.  Give options that work for both you and tenants.

Louie Gabriel · Answer

I use Paypal for some of my tenants. Its free and easy. Tenants normally already have a PayPal and I just provide the email address for my PayPal account. They transfer the funds and I see it immediately. Once it clears (a few days at most), we transfer to our bank account.

Alecia Loveless · Answer

@Henley H. I currently have some tenants using Venmo per their request which I then use their free 1-3 day transfer into my account. You can also do an instant transfer into your account for a fee.

I also have some tenants who send certified bank checks at their discretion, I haven’t asked for certified funds as I haven’t had a problem with bounced checks. I have a few tenants who pay with personal checks.

As I continue to scale up my doors in number I am starting to look for an online management software that will help me better organize my business and also provide another online option for my tenants to pay.

I think the key to remember is that we’re in the housing business but we’re really in the customer service business and when we provide options to our tenants that make their lives easier it may make the difference between them staying with us for 1 year or 5 years.

Nathan Gesner · Answer

They can set up a direct deposit between banks, without the assistance of any software. You can use a program like Stessa (free) to connect your bank account and track rent payments along with other financial information pertaining to your rental.

Best payment system for tenants?

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