Renters income from tenants

5 Replies

I was wondering does anyone use electronic transfer from there tenants accounts for rent? What is the best? Need some assistance and if you have a program you use please share! Thanks

ACH transfer from bank account to our LLC's AR bank account works great for us. I don't see the point of introducing commercial fees. Trying to get them to make it automatic and recurring, but since it's always been a day, or two, early I haven't pressed much, lately.

Hi Ashley! There are some great options out there which can help you by breaking out those fees, and also offers automated maintenance tracking, and fast rent collection (via ACH or debit/credit card). Consider an option though that will also include the added perk of allowing your tenant's on-time rent payments to be reported to the major credit bureaus; this creates just added incentive/point of positive reinforcement to get them to make those payments on time and transition to a system that is easier for you. I hope this information helps! @Ashley Hodge

Cozy is great and has a ton of functionality.  Highly recommend it.  My tenants love it too because it allows them to build a credit history and show full reporting for their on-time monthly payments should they ever need them for creditors in the future.