Rental software that allows in person bank deposits
Hello fellow members,
I am looking for rental software that allows online payment AND in-person bank deposits. Is this even available?
I have 12 doors and have tenants that want to pay in person. Some are older, some don't speak English, and some don't trust the Internet for money transfers. In the past, I have had tenants deposit funds directly into my business checking account and offered no online payment methods. As I have grown and taken on partners, I now have business bank accounts at two banks and want to make online payment possible.
A few months ago, I attempted to solve things with TennantCloud. I chose TennantCloud because they allow online rent payments and deposits can be split among various owners. I immediately ran into a problem because TennantCloud uses Stripe or electronic payments and my local credit union does not allow Stripe transactions (Strange I know but it's a problem). About one-third of my tenants use this same local credit union.
As of today, I accept in-person payments at two local banks, TennantCloud, and through Zillow rents (solved the CU issue but has its own issues). My goal is to make things less complicated and all I have done is create more work for myself. What do others do in similar situations?
Thank you in advance for your responses.
Quote from @Aaron Reibe:
Hello fellow members,
I am looking for rental software that allows online payment AND in-person bank deposits. Is this even available?
I have 12 doors and have tenants that want to pay in person. Some are older, some don't speak English, and some don't trust the Internet for money transfers. In the past, I have had tenants deposit funds directly into my business checking account and offered no online payment methods. As I have grown and taken on partners, I now have business bank accounts at two banks and want to make online payment possible.
A few months ago, I attempted to solve things with TennantCloud. I chose TennantCloud because they allow online rent payments and deposits can be split among various owners. I immediately ran into a problem because TennantCloud uses Stripe or electronic payments and my local credit union does not allow Stripe transactions (Strange I know but it's a problem). About one-third of my tenants use this same local credit union.
As of today, I accept in-person payments at two local banks, TennantCloud, and through Zillow rents (solved the CU issue but has its own issues). My goal is to make things less complicated and all I have done is create more work for myself. What do others do in similar situations?
Thank you in advance for your responses.
@Aaron Reibe
We use Rentecdirext.Com to manage our properties. They in turn use Forte payment Systems as their back end payment processor. I was reading under recent developments where you can add cash payments made at 7-11, wal-mart, CVS, Walgreens, etc through a program called PayNearMe. The program has a signup fee, and minimums, but it would definitely fit for what you are looking to do and is not bank dependent where you have to give your tenant your bank account number. Tenants can pay their rent at any of those locations for a fee of right around $4. Their payments are then ACHed to your bank account. We personally love the Rentecdirect platform but do not have a need for the cash payment option ourselves.
Maybe worth checking out?
Randy