Collecting Rent Electronically

23 Replies

Does someone have a suggestion for a safe, easy and tested app or method to collect rent electronically?

I would stay away from paypal personally. Chargebacks could make the situation quite interesting... 

I use erentpayment.com and never had a problem with them. The second tenant just pays by check. 

There are many ways to protect yourself from chargebacks like having both parties be verified with no payment by credit card. Also you could get them to send it as a gift.

Great information all. Thank you. I also reviewed the thread Robert provided. Helpful options, some of which I never thought of.  

I too would stay away from PayPal

And see if your area complicates things if a renter makes a partial payment as cozy will accept partial payment when others do not 

We use two: cozy.co and erentpayment.com . Both are good. Cozy is a little slow but it is free and has a decent portal. 

@Tom Case ,

We use Cozy.Co, it's great for rent collection, but also advertising and screening tenants.    It's slow, but other than that it's great! 

I use erentpayments.  My tenant likes the credit building feature.  It has a small $3 monthly fee I pay.  I have my money in 3 or 4 days.

I'm small time and the tenant electronically transfers rent payment thru their bank to my account.  It goes to my account as cash. Always have a record of when rent paid.  It doesn't have the controls that a full service rental payment system may offer but it works for all parties and is simple and uncomplicated. I'll keep this process till it no longer works. 

Originally posted by @Mags S. :

I'm small time and the tenant electronically transfers rent payment thru their bank to my account.  It goes to my account as cash. Always have a record of when rent paid.  It doesn't have the controls that a full service rental payment system may offer but it works for all parties and is simple and uncomplicated. I'll keep this process till it no longer works. 

 I have used this before as well but I have found a lot of tenants aren't technically savvy enough to make this happen the right way on a regular basis. It's hard to screw up the Erent or Cozy platforms (and probably the others as well). 

I also use Cozy and ERentPayment, Cozy is free so most of my tenants prefer that, however you need to tell them to schedule their payments several days in advance.  As several others have mentioned the service is slow so if your tenants schedule the payment for the due date you will not receive it until about 5-6 days later.  But as long as you/ they are aware of it and schedule accordingly it is great.  ERentPayment always worked perfectly but there is a fee.  I also allow several people to take their payment directly to my bank and directly deposit into my account.  With my bank they don't need my account number all they do is give them my business name and deposit it.  They put their name/ property and unit number in the memo line so when I see the transaction I know who's payment it is.  

I'm looking into this currently also.... I have 2 vacancies and figured it was a good time to switch over from the "check in the mail" way to electronic I signed up for Cozy first and then found erentpayments.com..... haven't officially used either yet, but my first impression....Cozy is very basic and simple.....erentpayment has a lot more features that you can tailor....like accepting partials payments or not, when and how to tag on late fees, one time vs recurrent payments etc, email notifications etc etc....so you have quite a few settings to tweak to your liking....Cozy seems very basic......but is free.....but erentpayment is only $3/transaction.....

I think I'm leaning towards erentpayment.com

Originally posted by @Mags S. :

I'm small time and the tenant electronically transfers rent payment thru their bank to my account.  It goes to my account as cash. Always have a record of when rent paid.  It doesn't have the controls that a full service rental payment system may offer but it works for all parties and is simple and uncomplicated. I'll keep this process till it no longer works. 

 In theory this is great until you get that tenant that pays late or does partial payment.  Accepting partial payment can/may affect your eviction process (so I hear).  Know your state laws on this.  Erent has built in controls for late payment and partial payments as well.   

I noticed a lot of people who have had erentpayments here. I have been using erentpayments.com for a couple of years now with no issues until this month.  This month I had 8 rent payments not go through.  I can't get a hold of anyone there, i left them messages and emails and they are not responding. I spoke with another investor who used them and said he had the same problem this month. He said that their processor went down and they fixed his last week. Mine is still not resolved and it's the 16th.  Anyone else having this issue it's pretty scary!  I'm thinking of trying Venmo or Cozy as stated earlier in this thread

Originally posted by @Robert Kalik :

I noticed a lot of people who have had erentpayments here. I have been using erentpayments.com for a couple of years now with no issues until this month.  This month I had 8 rent payments not go through.  I can't get a hold of anyone there, i left them messages and emails and they are not responding. I spoke with another investor who used them and said he had the same problem this month. He said that their processor went down and they fixed his last week. Mine is still not resolved and it's the 16th.  Anyone else having this issue it's pretty scary!  I'm thinking of trying Venmo or Cozy as stated earlier in this thread

 Hi Robert,

I apologize for the issue as we are working through our calls and emails as quickly as possible.  We are having an issue with our old processor holding a reserve account and we are taking any steps necessary to get those funds released.  

Half my tenants use Venmo. Never had a problem yet (knock on wood). The only thing I found out is Venmo won't let them send 2 equal payments around the same time. They pay $1100 a month, but if they send 2 payments from one account, it has to be $549 and $551. Other than that little hiccup, no issues.

Rick S or someone at erentpayments.com you have until the end of the day to get in touch with me or i will be going on every social media site i can find to let everyone know about what erentpayments.com is doing. This is fraud! You are stealing funds from small business owners  you have stolen 8 tenant deposits from me this month and then charging me fees for doing it.  I will also be calling every one of my tenants tomorrow morning to do a stop pay on the ACH they sent you. 

I am also a victim of the fraud from erentpayment.com. We have over $12,000 that they have stolen from us.  Deposits that were made 12 days ago with the money taken out of our tenants accounts have been withheld.  They are not answering the phones and are not updating anyone of the status.  DO NOT use their service.  We are in the process of filing criminal complaints.  

hi guys i had alot of problems living on the east coast and renting in los angeles area as mailed checks would bounce then not picking up phone etc, so when i sign a lease i put my bank account number ,bank name for direct deposit since then no problem all my tenants do direct deposit and if they want to pay by check they stop by a branch so all you need is a bigger bank with branches every where like wells fargo bank of ammreica 

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I've used Venmo now for a year and a half with no issues.

Originally posted by @Karen Higgins :

I am also a victim of the fraud from erentpayment.com. We have over $12,000 that they have stolen from us.  Deposits that were made 12 days ago with the money taken out of our tenants accounts have been withheld.  They are not answering the phones and are not updating anyone of the status.  DO NOT use their service.  We are in the process of filing criminal complaints.  

How do you know that this is fraud and not simply a business problem that they are having?

Though I am concerned, I find it concerning that many are jumping to the conclusion that they are committing a crime.

I hope you all resolve your problems with ErentPayment.com

I found another BP Thread that you may want to look at in regards to them changing banks which is causing the delays. See that thread here: Having trouble with the site eRentpayment

Also, I've been using Rentalutions for about 2 years.

I really love the website. They charge a subscription fee but I have 25 rentals that are expensive rentals.

They communicate very quickly whenever I have a question and I've never had a problem with their ACH despite having 60 individual tenants.

Anyway, I hope everything gets resolved quickly with ERentPayment!

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