Simplify your rent collection. Instead of waiting for those checks to come in the mail or going and collecting the rent, why not use an online rent payment tool? These rent payment sites connect you with your tenants, and typically allow payments to be transferred directly to your bank account via ACH.
As an alternative to giving your tenants access to your private banking information, these sites act as a third party between you and your tenant. While they do charge fees for their service, many of them allow you to decide who pays for the monthly fee – you, your tenant, or both.
Keep in mind, before you collect rent, you’ll need to know how to rent your house and will want to be sure to do a thorough job of tenant screening. When you’re ready, the following online rent payment services may meet your needs:
Online Rent Payment Tools
ClearNow ClearNow automatically withdraws rent from your tenant’s bank account, and deposits the funds into your account three business days later. Tenants can build a credit history by having ClearNow furnish their rent payment history to Experian RentBureau. ClearNow does not process partial payments, so if 100% of the payment isn’t in the tenant’s account, nothing is collected. You can choose to pay the fee yourself, charge it to the tenant, or split it with them.
eRentPayment.com eRentPayment allows your tenant to log on and make a payment, which is deposited into your account. Automatic recurring payments are also an option. Both parties to the transaction receive an email confirmation. Tenants can build a credit history by having eRentPayment provide their rent payment history to Transunion. Fees can be charged to the tenant, paid by you, or split between you. eRentPayment does allow credit cards to be used, but there are additional fees involved. Payments may also be accepted over the phone.
PayClix.com PayClix accepts Visa, MasterCard, Discover and eChecks. The tenant signs on and makes a payment, the you are notified and have the option of either accepting or denying the payment. Tenant is notified via email, and accepted payments are deposited into your account. Payments may also be made over the phone. You can choose to pay the entire fee, have the tenant pay the entire fee, or split it between you.
PayLease.com PayLease allows you to collect rent or HOA dues online. Your tenant sets up an account and can make individual payments each month or set up an automatic payment schedule. Your tenant can pay with cash at Wal-Marts and local grocery stores. They can also use a credit card or an eCheck. There is a 3-day processing time.
PayYourRent.com PayYourRent currently offers eCheck and credit card payments, with cash payments coming soon. Tenants can log on to make individual payments, or schedule recurring payments. Payments can also be made over the phone. Fees can be paid by either tenant or landlord. PayYourRent offers rent payment history reporting to both TransUnion and Experian RentBureau, to help tenants improve their credit history. Email confirmations of payment are sent to both parties.
RAMSRent RAMSRent allows you to process tenant applications and collect rent. Tenants can pay by check or credit card. Late fees can automatically be added to the payment schedule as well. You decide what fees to charge your tenants for this service. Rent is deposited into your account within 3 business days.
Rentalutions Rentalutions allows you to set up each individual tenant, enter their monthly rent and due date, and add a separate late fee if rent is paid after a certain date. Rentalutions also allows you to schedule security deposit payments and due dates, as well. Tenants have the option of logging in to make a payment every month, or to set up recurring payments so rent is never late. Automatic reminder emails are sent 5 days before rent is due, and again on the date it is due. Tenant payments are deposited within 3 business days.
Rentific Rentific’s basic service is free for both landlords and tenants. Tenant makes the rent payment, and you receive it within 7-10 business days. A faster, 4-day service is available for a small transaction fee after one month’s rent has been collected. Rentific allows tenants to pay by eCheck, credit card or SMS payment. If they opt for payment by SMS, Rentific messages a reminder of their rent due, they reply Pay Now, and the payment is processed.
Rentigo Rentigo accepts eChecks and credit cards, and allows tenants to schedule recurring payments. Funds appear within 48 hours of processing.
RentMerchant RentMerchant allows tenants to pay by credit card, check and Paypal. Funds appear 2-3 days after payment.
RentMonitor RentMonitor allows you to process tenant applications as well as receive rent payments. Late payments are customizable, and payments are processed within 2 days. RentMonitor is a pay as you go service, so there is no contract to sign.
RentPaidOnline RentPaidOnline allows your tenants to set up a one-time payment, or schedule recurring payments. Payments can be made by eCheck, credit card, cash or prepaid debit cards. Tenants can also submit maintenance requests online. Funds appear 2-4 days after payment, depending on type of transaction.
Simplify’Em Pay Rent Simplify’Em Pay Rent offers tenant screening as well as online rent payments. Tenants schedule payments to be withdrawn from their account, and deposited into yours.
TrueRent Offers Free Online ACH/EFT Rent Collection and Low cost Credit Card Rent Payments. Discounted tenant screening includes Experian Credit, national criminal and nation eviction all in one report. Full Service Property Management Software.
Know any others? Contact us.
Do Your Tenants Pay Rent Online?
Here are some valuable discussions and articles that discuss electronic payment services as an alternative to traditional rent payment.
- Should You Collect Rent Electronically / Online?
- Forcing tenants to pay rent online (discussion)
- Anyone have their tenants using “Bill Pay” to electronically pay rent? (discussion)
- How to Organize Your Rental Property Payments To Make Your Life Easier
- 5 Strategies To Get Early And On-Time Rent Payments
Discuss Rental Property Management & Landlording on our Q&A forums.