WilliamPaid shutting down

70 Replies

just got an email from williampaid. 

"We regret to inform you that after 5 years, WilliamPaid will be no longer processing rent payments.

If you are an existing user of our service, we will stop processing new payments at 11:59PM CST, March 5, 2015."

this sucks. I just got all my tenants to use it and now this.

anyone else using any of these?

  1. Renttrack.com
  2. Clearnow.com
  3. Payyourrent.com
  4. Rentpayment.com

good/bad/ugly?

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you are right, the last thing i want to do is move from one service to another every 4 months

other alternatives are:

Dwolla.com
Venmo
Erentpayments
Intuit's Payment Network
Chase quickpay
Paypal

Sheesh...I wonder why these companies are shutting down. I wonder if they're related. I might give the folks over at eRentPayment a call later and ask them "Is everything good?". Lol

I posted a few days ago on the forum thread relating to Sparkrent shutting down about RentecDirect.com, the online service we use to manage 20 rental properties.  You can set up ACH automatic debiting of your tenants' bank accounts, create paper invoices for tenants still in that mode of rent payment, manage work orders, and sync financial transactions with many banks.  It costs $15 a month for our number of units (up to 49, I believe), plus ACH fees if you use that service.  If you're not doing ACH and only have a few units, the web-based software is free to use.  

Another online property management software, one I don't use but comes highly recommended by landlords managing more properties than I have, is Buildium.com.  At the 20 unit level like we have it costs $40/mo.  The users I know rave about it.  I flipped a coin to decide between Rentecdirect and Buildium when I was starting out, and am now so used to RentecDirect that I don't plan to switch, but based on the continued positive feedback I hear about Buildium that is the software service I would try next if I was switching.  

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Venmo is looking promising for my single usage. Probably too cumbersome for property managers, but zero fees for bank transfers sounds great for small scale usage. 

the other thread also mentioned cozy.co. it seems free as well. 

Is there any good alternative to Williampaid, that is free or very cheap?

paypal will take 2.9 percent of your rent.

that's not a valid option

Originally posted by @Chris K. :

Sheesh...I wonder why these companies are shutting down. I wonder if they're related. I might give the folks over at eRentPayment a call later and ask them "Is everything good?". Lol

Hi Chris,

We don't have any additional information on these companies shutting down, however we can definitely say that we are more than financially solvent here at eRentPayment due to a well established customer base and continued month-over-month company growth. We will continue to add new features, product options, and provide excellent customer service as we continue to position ourselves in the market to be here for years to come.

Folks - If you work for a competitor to WilliamPaid, please note that promoting your company in this or ANY other thread on our forums violates our Terms of Use. Please use the Marketplace to promote your company.

If someone talks about your company, you're welcome to respond, but if you turn the post into an ad, you will be moderated or have your post removed.

ANY form of shilling will result in the closure of your account.

Medium fbprofileJoshua Dorkin, BiggerPockets | http://www.biggerpockets.com | Podcast Guest on Show #100

Yes have used Williampaid for the past year and a half and v. happy customer. Would be v. interested to hear what caused the downfall before I sign up with another service. Would like to hear other renters perceptions of ease of use of other similar services. I wont do paypal - fees too high. 

Originally posted by @R Riesner :

Yes have used Williampaid for the past year and a half and v. happy customer. Would be v. interested to hear what caused the downfall before I sign up with another service. Would like to hear other renters perceptions of ease of use of other similar services. I wont do paypal - fees too high. 

 If I had to guess it would be because they can't afford the price point. There is a metric ton of regulation surrounding payments in any space, but no desire on the part of smaller landlords to really pay for it. It just doesn't work economically. Could be other reasons, too.

For credit cards, get a stripe.com account. For ACH, get an ACH authorization from your tenants and debit them monthly.

my tenants liked williampaid.com.  it wasn't the best,  but it worked. and half of them used it.  Noone paid by credit card. 

I agree with ariel that small landlords don't want to pay.  I loved that part. 

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Hi, just to chime in as a user of RenterUp - it's great. I've been using it for 3 months now and it's really simple. My renter signed up easily and pays quicker than before. I've tried different solutions but settled on RenterUp. They recently added a 'maintenance requests' feature where my renter can submit 'tickets' for issues. I only have one property, but this could easily scale to many.

Rob

I use payyourrent.com and am ok with it. Tenants have all jumped on it though which surprised me. And the online option allows me to more easily track payment history and my rent comes in much quicker than before.

I think they like the online option because they don't have to remember stamps, envelopes, or addresses. Just add the favorite and click the button.

There are still a couple of my earlier tenants that don't have checking accounts or don't like technology. So I'm still getting checks from them. But I think i'm at about 85% of my tenants using the online payment thing.

They charge me $2 a transaction. I don't accept credit cards (that would be 2% or 3% and thats just crazy). And I could push that fee over to the tenant. But $2 is such a nominal fee for such an improvement in collection, I don't see why anyone would do that. I want to make it as convenient as possible to pay.

I also like that I can set up notices to go out to remind the tenants to pay the rent.

Here's the one option I've asked them to add that would really help me out as well. It would be nice if I could pay my contractors thru the service too. Most of the time, I get a call from a tenant and then send out a contractor. I don't actually go to the house for every call. So then I have to figure out  a way to pay the contractor.

Typically I wait for an invoice and mail a check. But some of these contractors are truly living paycheck to paycheck and they need to be paid the same day they finish the work. It would be nice if I could simply pay them via the service and pay the $2.

Then I'd have instant invoices for the year and a great way to track all my contractor payments too. It would make it so much easier for everybody.

Not sure why they haven't jumped on that yet though. It would mean more transaction and more $2 fees for them.....

Originally posted by @Rick S. :
Originally posted by @Chris K.:

Sheesh...I wonder why these companies are shutting down. I wonder if they're related. I might give the folks over at eRentPayment a call later and ask them "Is everything good?". Lol

Hi Chris,

We don't have any additional information on these companies shutting down, however we can definitely say that we are more than financially solvent here at eRentPayment due to a well established customer base and continued month-over-month company growth. We will continue to add new features, product options, and provide excellent customer service as we continue to position ourselves in the market to be here for years to come.

 Glad to hear! I'm definitely satisfied with the service.

I have been using Renterup for a little while now and its great. Seems like a solid operation. Always have a quick response to any of the few questions I have had. 

Many of the companies I work with have been using PayLease and are very satisfied with them, especially their onboarding and customer service operations, which appear to be the biggest variables since their fees seem to be in line with the other larger services. I've done some training for them and am very impressed with their operation.

If you are going to use a rent service make sure and calculate this before you buy as an expense.

The reason many landlords do not want to pay for service is they do not account for it on the buy side. Example they make the numbers work based on self-managing but one day decide they can no longer do that. Based on not calculating from the get go they overpaid for their properties.

I am surprised any of these rent service companies are still in business. Not enough money to barely survive doing that. 

Medium allworldrealtyJoel Owens, All World Realty | [email protected] | 678‑779‑2798 | http://www.AWcommercial.com | Podcast Guest on Show #47

I had a tenant that used williampaid a few times but after I got set up with rentpost, all my electronic payments come through that. I still have a few that use snail mail but that's ok.  Electronic payments are the way to go.  It charges the tenants $1 to pay but the alternative is snail mail for about half that in postage.  

We have been using eRentpayment.com for ~2 years now. We are very happy with it and so are our tenants. $3 per transaction that you can eat, tenants can pay, or you can split. We just pay it. Very good customer service and very good website. Plus it doesn't have a goofy website name like some. Straight to the point. We require our tenants to use it and it weeds out applicants who don't have bank accounts.