Best system to collect rents from long-distance?!?

Question

Jim C. · Answer

@Ryan McCann

I have separate bank accounts setup for each of my properties at a bank that has several branches near my rentals and have my "cash paying" tenants deposit directly into these accounts. That way, they get a 'receipt' (aka deposit slip) and there is no more "It got lost in the mail" responses. The bank will take cash, money orders, or even personal checks for deposits. The reason I use separate accounts is if I ever have a tenant in an eviction, I simply close that account and they can't make any partial payments to stop the eviction. My bank also allows me to NAME each account so I can simply log in and see each property's account.. Once a deposit is made, I simple transfer those funds into my main business account and allows me to put a memo stating who its from as well as the amount.  It works perfect for me!

Brian Garlington · Answer

@Ryan McCann

I use erentpayment.com

Corina Eufinger · Answer

I use Buildium to collect rents online.  Its not the only pm software that provides for it.  You can go that route.  You can pass the entire cost on to the tenant after the one time set-up fee of $99.

I've heard of paypal being used but don't know anyone personally that does it.

Brandon Turner uses "Paynearme". He talked about it in a webinar or podcast.  I can't remember which one. From what I remember the tenant absorbs the cost and they can pay they rent at places like a 7/11 or other convenience store. There are only 28,000 locations though so I'm not sure how prevalent it is.

Best system to collect rents from long-distance?!?

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