I was wondering how you all are collecting rent these day? Im pretty good with tech and wouldn't mind a system that notifies me immediately once the tenant pays? So what are some good product or systems? Thanks!
@Jeff Cua if you have them use popmoney or zelle you will get a notification if they send it. There are a few longer posts on this if you do a forum search. People have their preferences but I tend to let them use what their bank has. No checks if I can help it. I get an atm card for the cash only tenants.
Awesome Colleen! Thanks for the recommendations and suggestions. I will have to check those out! I appreciate the reply!
@Jeff Cua I’m using Venmo and allowing checks for now. If the checks become a problem for anyone such as a bounced check, I will insist on an alternative form of payment.
My bank is about 1/3 mile from my house so deposit is not a problem.
Venmo was very simple but the local bank stopped accepting it. Now I’m trying to set it up through a national bank I have an account with but their call center wait time has been a problem. I’m sure once I get it fixed it will be easy again.
I get an email when a deposit is made from Venmo identifying the depositor and it also identifies the amount deposited and person in Venmo app. Then you transfer the money from the app to your bank account. Next month I believe they are starting to take maybe 2% charge for services like rent and other recurring charges.
If I get it fixed I probably won’t change it due to the charge because the tenants like it.
@Alecia Loveless the reason local banks may not accept venmo is they are not very good in cases of fraud. Our bank wound up making a venmo fraud right and then they dealt with venmo, I assume. Venmo never even sent an alert of potential fraud. This is on the debit side. If paying only hook venmo to your ATM card never your bank account number. Not sure about receiving because after the fraud I don't take it anymore.
And now I think if you use venmo you are supposed to use a version for business.
@Jeff Cua . This isn’t high tech, but my bank was close to my rentals, so I gave my renters a stack of deposit slips all filled out and they deposited their rent at my bank.
I have 2 young ladies in my rental, they communicate via text 99% of the time. They use Apple Pay to pay. One guy did direct bank to bank transfer, but it was actually a slow process and I wasn't notified when funds went it. Just had to check the balance. I have no problems with Apple Pay.
@Jeff Cua I was using cozy but unfortunately they were bought out so I’m trying out apartments.com
Thanks everyone for the reply! This was very helpful for me!
@Jeff Cua - We use appfolio online rent payment
We also allow our tenants to directly deposit into the bank if they prefer to do that
They can also mail the check directly to the bank if you give them the info they need