Was wondering you guys use as the easiest way and most convenient way to receive rent from tenants? Whether it be a software program or whichever any help would be appreciated!
@Cody Ferguson I use SparkRent. It was offered to me since I use Intuit's software. It only costs $1 per transaction. The first month or two, it took up to 5 business days to receive the payments, but after that, it only took 1-2 days to deposit into the account. They even send automatic reminders to the tenants and add on late fees if not paid in time. So far, it works well for me.
I agree with @Beth L. that sparkrent is a great way to collect rent online. I do wish they had the ability to use something other than a bank account. Some of my residents only have cash, I guess I'll have to stick to snail mail and money orders for those folks.
@Cody Ferguson I just have the tenants deposit into our business account. Paying late is not an issue with us because of the following clause in our leases:
Tenant understands if he/she pays on or before the 4 of the month the rent is discounted by $200 for that month. And than we just write the lease with the increased amount , and apply the discount each time.It they ask you why the lease is written that way we tell them the truth that it is to penalize tardiness. Also we chart a $13 fee if they pay with check/money order so they never pay that way anymore. We just have to check the bank account. At the beginning of the month.
With the above system in place we see with in 24 hours if there is rent, and the majority of the rent payments comes in by the 4th.
Good luck to you!
Williampaid.com seems like a great solution to me. I just signed up and will be using it starting oct 1. I've heard great things about it and they seem like they are on top of things. Very easy to set up so far. They give the option of direct deposit or the tenants can pay using a card. They report credit which can help tenants build their scores. Also helps you because it's one more reason for the tenants to pay on time.
We started using Williampaid.com a few months ago. It was very easy to implement, and our tenants love it. So far so good.
It is free to the landlord and free to the tenant as long as they use the ACH option. There are small fees to the tenant for choosing other payment options, but we like that the other payment options are available.
@Cody Ferguson so fast and easy are sometimes mutually exclusive.
Fastest is to have tenants deposit rent in the form of cash directly into your bank account. Down side is it's not so easy for the tenant. They have to go there with a big wad of cash. Note that checks deposited can take up to 10 business days (two weeks for the rest of the world) before you know it bounced. That is not fast and not all banks will monitor the deposit to make sure the tenants only use cash.
Easiest is an Automated Clearing House (ACH) debiting service. I use ClearNow (they advertise here) but am not affiliated with them in any way. Their system takes the money from the tenants bank account after they singup and authorize it the very first time and puts the money in your account. It costs a bit but there is no claw back like there can be with other services. It does take a few days to hit your account but you know ahead of time via email if there is a problem. How soon you know, depends on why the debit failed.
Method one is for tenants with no bank account. Method two is for the rest of the world. IMO there are no other suitable methods.
We have 3 payment options: mailing/dropping rent checks, erentpayment.com, and a lease terms with of postdated checks. Most of our tenants go with the last option which works out great. Get the checks out of the locked filed cabinet, endorse, mobile deposit, done!
This may be overly simplified, but if tenants bank with some of the major banking institutions such as Chase or Wells Fargo, they generally have the ability to set up an online payment. For instance with Chase Quick Pay, they just need your email address to send money to your account.
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