Best ways to collect rent (electronically)
We have been using ACH though our bank for many years and it works great for the most part. It's also free. The downside is that is a very rigid system. Some tenants also don't like the fact that they can't initiate a payment. If a payment is NSF our backup is to either run it again once the account is funded or have the tenants drop of a check at our PO box, which is inconvenient for everyone. So maybe time to evaluate what's out there and can be used to transfer money to a business account (not to my personal phone) and what are the pros and cons. Maybe it would be good to offer a couple different options?
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I've been using the Apartments.com manager tool for rent collections on my duplex. I marketed the units via that site and the tenants can pay electronically as well. While its user friendly, one downside is that it takes about 5 business days for the payments to hit my bank account (no fees). I can't comment on whether this is a scalable solution for a larger portfolio, but it works well for me.