Auto collect Rent

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Auto collect Rent

Levi K.Pro Member
San Diego, CA · Member since 2013 · 37 posts · 14 votes

Hello BP team,

Can someone please advise on best way to Auto collect rent?

Regards,

Levi

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Brandon Ingegneri
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
11y

I do everything through quickbooks.  There I set up tenants with monthly ACH transactions.

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  • Jennifer L.
    Investor · San Jose, CA · Member since 2015 · 246 posts · 183 votes
    11y

    Hello @Levi K. 

    I started using Cozy.co to collect rent in July.  The pros are that it is free, automatic, it works and your tenants cannot submit partial rent.  The con is that it is a bit slow in showing up in your account (4-6 business days and for me it has been 6 business days both months it was 6 business days for me.)   The CEO of the company has been chiming in on another thread and has stated that the speed of the transactions should be a bit faster next month.

    Other services that people use are erentpayment and dwolla.  Both of those charge a nominal fee for the transactions.  

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  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    11y

    I use the same, cozy and rent payment

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  • Brandon Ingegneri
    Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
    11y

    I do everything through quickbooks.  There I set up tenants with monthly ACH transactions.

    1Reply
  • Nathan Bost
    Raleigh, NC · Member since 2016 · 26 posts · 13 votes
    10y

    @Brandon Ingegneri I didn't know you could  set up auto-payments in quickbooks. Is there a montly fee for doing so? Reasonable?

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  • Brandon Ingegneri
    Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
    10y

    If you set up recurring invoices for your tenants, they can automatically be sent out monthly. An ACH or checking transaction is .50 per transaction. Works awesome. 

    1Reply
  • Tom Ott
    Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Levi K.:

    Hello BP team,

    Can someone please advise on best way to Auto collect rent?

    Regards,

    Levi

    I think a few good companies are Cozy and Appfolio. Check them both out. They can be different depending on what you are looking for. I have heard many good things about both.

    Hope that helped!

    1Reply
  • Jason Hartley
    Vancouver, WA · Member since 2016 · 230 posts · 161 votes
    10y

    Hi @Levi K., I've been really happy using Rentec Direct's ACH solutions.  They let my tenants pay with CC too if I want.  It's built right into the software so you get both your accounting and ach done in one spot.  

    https://www.rentecdirect.com/details/tenant_ach_payments

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