Monthly rent payment methods!!

Member since 2019 · 46 posts · 25 votes

Folks,

For one of my rentals the rent is around $5k per month. Any online method i can ask tenant to use that can deposit the amount to my bank account which is free for tenants and safe method for me to use. i had issue with one of the check send by tenants (not a tenant fault)and i was about to fall into scam as i tried to deposit the check online but now want to stay away from Checks. venmo/zelle doesn't allow bigger amount transfer. What do you folks use as online method (i.e Zillow payments )for rent payment which is free for tenants and no cost to me also. I have not used Zillow payments but looking into it. any other recommendations.

Thanks

namal

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Nathan GesnerBusiness Member

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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

Quote from @Namal Burman:

This is super easy. Go to your bank and tell them you want instructions for a tenant to pay ACH from their account to yours. Your bank should have a form. Fill in your part and give it to your tenant. They take it to their bank and set up automatic ACH payments to your bank account. Easy and free.

The DIY Landlord Book4.7243 Reviews

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Stephen Densmore
Member since 2022 · 9 posts · 4 votes
2y
Hi Namal - About a year ago I went searching for online property management software for the sole purpose of receiving online payments (I don't use any of the other features). I'm not sure how straight-forward your rental amounts are, but I needed the ability to line-item out several different charges (CAM fees, etc.) as well as have different base rent amounts based on the year of the lease (cost of living increases yearly) and found that Innago was the best fit for me. It's free for the tenant to make ACH payments and $2 per transaction for me. You do have the ability to charge the $2 to the tenant, but it didn't seem worth it to me. I have about 8 tenants using Innago currently and it has been just fine for all. The only downside for me is that it can take a few days for the money to actually process/deposit, but that works fine for me.
My wife uses Zillow for her one residential rental and it has worked out just fine for her. Mine are small commercial offices and Zillow didn't fit for my uses.
-Stephen
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Jake AndronicoBusiness Member
Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
2y
@Namal Burman
Can't recommend Turbotenant enough. I've tried 5+ different platforms and it's by far the best.
I've gotten multiple unsolicited compliments from multiple different tenants.
I recommend paying the $10-15 per month, but you don't have to. It's a write off and well worth it (especially considering you're bringing in $60K per year from one rental).
Best of luck to you!
415-233-1796
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
2y
Why can't your tenant send rent via their bank's ACH online payment system to your bank account?
[email protected]248-209-6824
Logical Property Management4.9469 Reviews
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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
2y
Quote from @Namal Burman:

This is super easy. Go to your bank and tell them you want instructions for a tenant to pay ACH from their account to yours. Your bank should have a form. Fill in your part and give it to your tenant. They take it to their bank and set up automatic ACH payments to your bank account. Easy and free.
The DIY Landlord Book4.7243 Reviews
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6 Reply
Namal Burman
OP
Member since 2019 · 46 posts · 25 votes
2y
Quote from @Nathan Gesner:

Quote from @Namal Burman:

This is super easy. Go to your bank and tell them you want instructions for a tenant to pay ACH from their account to yours. Your bank should have a form. Fill in your part and give it to your tenant. They take it to their bank and set up automatic ACH payments to your bank account. Easy and free.

Thanks. I am going to do that.
1 Reply
Mary Smith
Rental Property Investor · Member since 2021 · 385 posts · 197 votes
2y
@Namal Burman I also recommend using Innago! They've made rent collection an easy process for us and it's free to use as well!
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Ruben Banuelos
Real Estate Agent · San Marcos, CA · Member since 2017 · 25 posts · 7 votes
2y
@Namal Burman I like using RentRedi myself, but more for the organization and tracking aspects/features. However, I do like the ACH payment method that @Nathan Gesner suggested. I used that for the first few tenants I had when I was house hacking. :)
1 Reply
Nicholas Coulter
Real Estate Agent · Southern California · Member since 2019 · 681 posts · 281 votes
2y
Quote from @Namal Burman:

Folks,
For one of my rentals the rent is around $5k per month. Any online method i can ask tenant to use that can deposit the amount to my bank account which is free for tenants and safe method for me to use. i had issue with one of the check send by tenants (not a tenant fault)and i was about to fall into scam as i tried to deposit the check online but now want to stay away from Checks. venmo/zelle doesn't allow bigger amount transfer. What do you folks use as online method (i.e Zillow payments )for rent payment which is free for tenants and no cost to me also. I have not used Zillow payments but looking into it. any other recommendations.

Thanks
namal

We use Rent Redi, it has an option for auto withdrawal from the tenants account to yours. It also allows screening for future tenant replacement.
0 Reply
Tanner PileBusiness Member
Real Estate Broker · Colorado Springs, CO · Member since 2019 · 389 posts · 326 votes
2y
@Namal Burman
I use Inago, check them out here: https://innago.com/best-rental-management-software-mbl/?utm_...
Tanner Pile4.930 Reviews
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