PayNearMe: An Easier Way for Your Tenants to Pay Rent

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Do you accept payments in cash?

I definitely don’t – for a lot of reasons. One, I don’t want to get mugged. Two – I want proof that the rent was paid. If I accepted cash and get to the bank with $450 instead of $550 – I have a problem. Did I lose $100?

So cash is out… but a majority of my tenants do not have bank accounts, so I can’t easily deduct it straight from their checking account each month either. Therefore, I’m left with one option: Money Orders.

I’ve been using money orders for years now, and it’s worked okay. Tenants either mail their rent or drop it off at my “drop box” and I’ll pick it up and bring it to the bank.

However, I recently heard of a new service that is going to change the way I collect rent from my tenants to make it easier for me to get rent, on time, with less risk.

It’s called PayNearMe.

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PayNearMe: What Is It?

PayNearMe is a way to let your tenants pay rent at a local 7-11 (or other retailer), in cash, and have the money directly deposited to your bank account.

In other words, your tenant doesn’t need to go get a money order, get a stamp, get an envelope, and mail the check – and you, as the landlord, don’t need to wait around and wonder if your tenant really sent it (“it must have been lost in the mail!”) or if they are simply lying, so they can wait for their next pay day?

When a tenant uses PayNearMe, they simply take a small piece of paper you give them with a bar code OR bring their smartphone to a 7-11 or other approved retailer, and give the cashier the cash rent, and get a printed receipt right then and there.

How Much Does PayNearMe Cost?

Free!

Well, for the landlord. For tenants, there is a $4 charge to use the PayNearMe service. In other words, if the tenant chooses to live their life without a bank account, it’s fine – but it’s going to cost them $4 a month to pay their rent. This gives the tenant options, without hurting you (the landlord) at all.

Normally, there is a “set up fee” for landlords ($200) but BiggerPockets negotiated a discount rate for those who use the service through our link so it will cost you:

$0.

Yep, nothing. Totally free to set up.

So there is no cost to you, only some time needed to set the system up, which also seems really easy.

Should You Use PayNearMe?

Alright, I know this post sounds like a giant commercial, but I really really like this service and am excited to try it out with my own rentals, and wanted to share it with the BiggerPockets community as well.

PayNearMe 2I don’t believe this service is for everyone. Obviously, if your tenants all have bank accounts and you can simply enable direct withdrawl from their account – do that. Or if you have a “pay online” option on your website, you can use that.

However, if you (like me) deal with lower income tenants who don’t have bank accounts, and you want an easy and cheap way to collect rent easier, then definitely check out PayNearMe.

I’m about to try it out and I’ll report back my findings!

To try PayNearMe, and get the free setup for being a BiggerPockets’ reader, click the link below:

PayNearMe Button

What do you think? Could you see this being a valuable resource? How do your tenants currently pay rent?

About Author

Brandon Turner

Brandon Turner (G+ | Twitter) spends a lot of time on BiggerPockets.com. Like... seriously... a lot. Oh, and he is also an active real estate investor, entrepreneur, traveler, third-person speaker, husband, and author of "The Book on Investing in Real Estate with No (and Low) Money Down", and "The Book on Rental Property Investing" which you should probably read if you want to do more deals.

83 Comments

  1. Even better is getting a ATM deposit only card you can get at no charge to either the landlord or tenant whatsoever from where you have your account. You bank will assign a PIN for each card which you provide to your tenant. Tenants can deposit any form of payment, although I prefer cash. The best thing: they can deposit 24/7 at the branch closest to them and never have to deal with another human or standing in line to make their payment. Their deposit confirmation is their receipt. They cannot use the card to make withdrawals, of course. This is a perfect alternative to those tenants that have no bank account or cannot utilize online banking transfers if their bank is not the same as yours.

  2. Thanks Brandon, this is another good tool. I personally like and have it written in my lease that I will only accept payments through sparkrent.com, but this seems pretty cool and I have no obligation. Thank!

  3. As a Canadian investor, you and I do things a little bit differently. First, all of my tenants have bank accounts. However, in spite of this, I collect most of my rent in cash.

    I don’t understand your concern about being mugged. My shoes cost more than my tenants’ rent, and the car I drive to my rental properties costs more than 10 times their gross annual income. If someone wants to steal from me, taking a small amount of cash is a rather ineffective way to do it. On top of all this, if I have safety concerns, I bring a staff member with me.

    No one has ever handed me the wrong amount of cash on purpose. Besides, since I count it immediately, I’ll be knocking on their door again in 30 seconds if the total is short. Alternatively, I feel that relying on the mail for a check or money order is just asking for trouble. A tenant who chooses not to pay you on time will *always* have a valid excuse for why the money didn’t arrive (“it was lost in the mail”). Why would you give a tenant this option?

    Lastly, the #1 reason to collect rent in cash is because of the in-person meeting at each apartment’s front door. You get to see tenants face to face every month, which helps for a variety of social reasons (you get to know each other, etc). Secondly, you get to look into their apartment and do a 5-second inspection. Thirdly, you get to ask them point-blank if they’ve had maintenance issues or other problems of any kind. Many tenants say valuable things in person that you would never otherwise know about.

    One day, society will fully transition away from cash. When that day comes, I’m still going to knock on doors. Instead of knocking to ask for payment, I’ll knock to give them their receipt.

    • I believe that the more ways any business allows their customers to pay for their goods or services, the better. Direct deposit, money orders, checks, and yes good old “cash money” too. They all work for me. I have accepted all of the above for 20+ years (and I have never been “mugged”). Now, from a time management standpoint, I will say that I rarely meet a tenant in person to collect the rent in cash, or any other form for that matter. Not because I am afraid of being “mugged”, but because it is simply not a good use of my time (or gas :-)) ). But, a good number of my tenants do go to my bank and deposit CASH into my account each month. Now, on those rare occassions that I have collected rent payments in cash over the years, I have met my tenant at a mutually agreed upon time and location, they have pulled up next to me in a parking lot, gotten out of their car and into mine, my doors are locked, I am aware of my surroundings, the cash is counted, a cash receipt is given and I’m on my way in less than 5 minutes.
      In my humble opinion, declining to meet a tenant and accept his/her payment in cash because it is not a good use of your time is a good idea. But refusing to do so because of a fear of being mugged seems rather silly to me because as another writer has already commented, I have cash and valuables on my person just about any time I leave the house. That doesn’t mean I have to wave it around in the air and announce that I am accepting a “cash” payment.

    • Brandon Turner

      Hey Jon,

      Yeah, the “mugged” thing was half a joke – I’m a big guy, I don’t worry too much. In reality, I manage 70 or so properties and work a full time job, so it’s simply not feasible to collect rent in person. Plus, collecting 70 units, averaging 500 per month, is $35,000 in cash I’d be walking around with… so I guess being mugged would be a concern!

        • Brandon Turner

          Lol I know, right!? I always think we should find a way to put “Like” buttons here on the Blog like Facebook or a “vote” button like the BP Forums!

        • I “vote” for that lol. Would be nice to “follow” the comments on these without having to write a comment first 🙂

        • I think an upvote would be a huge bonus to BP as a whole. (No downvotes though, this isnt reddit).

          BP has enough blog posts now that having a good metric of popularity/important-ness would greatly enhance the new user experience.

  4. I provide tenants with my Prop Mgmt bank account. They are free to go to any branch of my bank and make a deposit for free. They get a receipt .. I get scanned deposit slip.
    Works very well

    • Brandon Turner

      Hey Leonid,

      I do this for a few tenants, and generally works good – though some banks/tellers always seem to have a problem with it. Other tellers have given my balance and other banking info to tenants on accident – which is not cool. So I try to avoid this now – though it would be nice if more banks allowed for this kind of arrangement!

  5. I only do nicer rentals where the renters have bank accounts and internet where this is a great option: erentpayment.com

    Costs $3/mo which I could make the renter pay but I don’t. I’m glad to have the rent automatically deducted from their bank and deposited into mine with no paper to touch for either of us.

  6. karen bickford on

    I no longer take checks or cash. Mainly it is a hassle to get to the bank. I set the tenants up with automatic withdrawl out of their checking accounts or credit card. I have different tenants depositing on the 1st the 15th or 3rd week of the month so it is convenient for the tenant if all other bills are due on the first etc. It is also a steady stream of cash going into the bank all month. Yes, I do pay a discount fee on the CC but I still think it is worth not going to the bank or chasing down money.

    • Brandon Turner

      Hey Karen, yeah I agree cash and checks are a hassle. I would also require auto-debit from a checking account, but the vast majority of my tenants don’t have checking accounts (I don’t understand either…) so hopefully this will help some!

  7. Brandon, thanks for the news on this new method! I think it could be a great help for low-income rentals. If there is a retailer nearby, this would work out best especially for properties that do not have on-site management. Even if it were a property big enough to have a PM, the retailer is going to have more hours of operation–less room for excuses. They can feel more comfortable than leaving a MO in a rent drop off box. And let’s face it, in today’s world snail mail isn’t as popular so why make their rent be the only bill that has to go in the mail (making it their most time consuming bill to pay)? Older residents may not be computer savvy enough to pay online or feel comfortable doing so. Going to the 7-eleven, for example, makes it easy to pay rent while picking up a few other odds and ends. Make it easy to pay! Very good!

  8. This sounds like a horrible option to advise tenants to pay rent with. Why? It costs 99 cents for a money order and 46 cents for a stamp, and perhaps about 5 cents for an envelope (it can cost less for a bulk qty of 500 but I’m assuming someone’s getting those little 40 packs).

    That’s a total of $1.50. Why would I advocate a service to my tenants that costs them $4.00 per month when they can pay $1.50 per month instead to get the rent to me? That would equal $30 per year in extra charges which are completely unnecessary.

    $30 is a load of groceries, it’s back to school supplies for one child, it’s a dinner out for the adults. I would never feel good recommending something to my tenants to use that would take money out of their pockets.

    • I look at it as $30 is a small price for convenience and accountability. If the amount is such a burden to your renters, give them a rental discount at the end of the year.

    • Brandon Turner

      Hey Dawn – I agree, but $500 is a lot of groceries also – so why are you charging this for rent? 😉 Cause it’s part of the cost of doing business!

      Besides, I can think of a dozen times in the past year where I’ve had rent “Lost” in the mail from my tenants. The majority of the time – the tenant has been telling the truth and it shows up a week later, postmarked correctly. But a few times they’ve simply lied about it. So, charging the tenant $2.50 a month extra because I don’t like dealing with the mess is well worth it in my mind.

      Besides – they don’t have to use this. They can get a checking account and I’ll auto-debit it that way. But if they refuse to get a checking account, I’ll make them pay an extra $2.50 per month.

      Thoughts?

      • I much prefer that tenants take the most cost-effective method necessary. I don’t equate paying rent and paying to pay the rent the same thing.

        For example, if someone pays me via money order or cashier’s check or personal check, to me I’m still getting the same dollar amount. But if a money order costs 99 cents, a cashier’s check costs $10 and a personal check costs nothing (other than the cost of the check itself) then I would prefer they pay with a personal check. If they don’t have a checking account, the next most economical method is via money order.

        • Katie Rogers

          I appreciate your sentiments. The poor end up paying more for everything. Nevertheless, it is a viable choice that some might choose over what they may see as the time and effort inconvenience of cheaper methods.

  9. It does sound a bit like a commercial, to be honest. Especially when recommending a service that you haven’t even tried yourself. Obviously, the service is using BP for some “free advertising, only “spending” the $200 waived sign-up fee, which, on the other hand, i cannot see anybody paying anyway. This ad could have been masked a bit subtler.

    Besides that. I don’t see low income tenants who count every penny spending $4 on this as opposed to getting a money order and mailing it for a total of $1.50 max. In the ‘hood they usually have to walk no further than the next main street to find a MO place and they likely find 10 of those before they find a 7-11.

    • Brandon Turner

      Lol Uwe yeah you know, in my next life I plan to be an informercial host! You just wait… 😉

      And as for paying the $4 – they don’t have to. They can get a checking account and get it auto-debited for free. I’m not going to take money by mail anymore – I’m tired of “lost rent!”

  10. This is an awesome option if you have a 7eleven near you. (No way of me to use it :-(. )

    It would be even better if they expanded past 7eleven to include grocery chains and has stations.

  11. You are a very sharp person and I respect all that you write but I have to disagree with you. I for one despise usurious lending, particularly that which targets the lower class, but in this case I do not draw that correlation. Offering this program does mandate that they have to use it, rather it is a tool that gives them the convenience of being able to walk in to a store and pay their rent, possibly while filling their gas tank or buying milk. Trust me, people spend a whole lot more money every month on frivolous things for example smart phones, processed foods, cable television…

  12. Hey Brandon,

    This is a great idea for tenants without a bank account. We don’t have tenants like that right now, but I can see the advantage of this. Since we like to travel, it’s really nice getting payments directly into our account. We use Chase Quickpay for this since we have a Chase account. The tenant does not need a Chase account. They can set up to use it with any bank account and it’s free. They can set up recurring or manual payments. One good feature – when they pay us – we have the ability to accept or decline – so we can accept or decline partial payments or those not including late fees etc. And if you’re in the process of eviction, you may not want to accept a partial payment and re-establish the tenancy. Does PayNearMe have a specific amount you can bill the tenant or could they end up paying a different amount?

  13. I’m with Gerald. I use ChaseQuickPay. I don’t have a Chase account and neither do my tenants. Chase is free. They are the cutout. We transact and don’t know each other’s accounts. Quite frankly, I can’t believe some people here charge their tenants for transactions like that. Dawn is quite right. You should provide them with free service for making payments to you. You should be ashamed of yourself if you think otherwise.

    You have tenants without bank accounts or checking? How do they get paid? I guess you don’t do any credit checks on them either? If you treated your people with more respect they wouldn’t be lying to you about the rent payment. It shows you’re not doing a good job of screening tenants in the first place.

    • Brandon Turner

      Hey Patrick,

      I agree, the Chase thing seems interesting, if you happen to have a Chase bank in your town. I had not even heard of this service until a few days ago. That said, I think it’s rather elitist to assume all good tenants have checking accounts. 25% of Americans don’t have checking accounts – largely the low income folks like most of my tenants. I rent in a heavily Hispanic area and for a variety of reasons, nearly all my tenants prefer to conduct all transactions in cash. As for how they get paid – there are 13,000 check cashing businesses in the US, plus every wal-mart cashes checks as well.

      Sometimes investors live in such a bubble and forget how the rest of the world lives. A lack of checking accounts has absolutely nothing to do with the quality of a tenant. If you want to know how I screen tenants, here’s 5000 words on the subject! https://www.biggerpockets.com/renewsblog/2013/01/27/tenant-screening/

      Thanks for reading and commenting!

      • Thanks Brandon:

        I live in Japan and there are no Chase banks within 6,000 miles but all or most of my U.S. tenants pay their rent using ChaseQuickPay (don’t want to sound like a commercial). They set up automatic payments with their bank accounts. So it is a free option. I think Wells Fargo may have a similar payment service.

        In Japan there are no checking accounts. People do bank transfers and wires from their savings accounts. These payments can be conducted from ATMs and sometimes convenience stores can act as collection agents; the consumer can pay tenants, utilities, even their real estate taxes in cash. For my Japanese tenants, I use a property manager for collections and pay that company a 5% fee from the rent.

        Regarding screening tenants, I do check for income, employment, ability to pay. If I rent to college students, I seek a guarantee from parents. I haven’t encountered a tenant with no bank accounts in the U.S. or Japan. I would think that would be challenging from your perspective. I am grateful for your articles and the podcast. I have learned a lot from you and many others on BP. Thanks for sharing your experience and Best Regards to You and Josh.

  14. It looks like a convenient service but we need the ability to reject payments when we desire to do so. If we are in the middle of an eviction and the tenant can prove they paid anything, even $1, we have to cancel the case and start all over. Denver…

      • Actually, Chase Quickpay adds an additional step in there allowing you to accept or decline taking the payment. You wouldn’t want someone to force a payment on you during an evicton resulting in re-establishing a tenancy. If you received a check in the mail, you could always send it back or not deposit it. So the question is, does PayNearMe allow you to reject a payment that is the incorrect amount or completely when in the process of an eviction?

      • Good to know. Thanks for checking into that and letting us know. It’s nice to have options. There’s another service out there called Williampaid. I’ve never used it, but it looks like a tenant can pay rent by cash, check, debit, or credit card. I would think, in time, these things will become more and more common with all the banks.

    • It is very common. I rent to an elderly lady who closed every bank account after her husband died. She said things have gotten to technical for her and she would rather not deal with some person over a table clickety clacking on “them computers” and “somebody always telling (her) what to do with (her) money.”
      She pays her rent on time. In fact she’s waiting in the window for me and steps out to meet me with her rent payment. I never have to track her down.

  15. I accept a lot of cash. At least my managers do. Then they go deposit it. I follow every penny with my computerized ledgers.

    To let my managers deposit money into the property’s checking account, I supply them with an endorsement stamp. They endorse each check or MO ( for those tenants who pay with such instruments ) with the stamp. Then the manager goes to the bank with all the stamped checks and cash, and deposits it into the account. They ( the managers ) don’t even have an ATM card.

    One problem I see with accepting any form of electronic payment is that the manager can not refuse it. Why would you want your manager to refuse a payment? One word: EVICTION. When you file an eviction, you MUST NOT accept any payment – not even a dime – from that particular tenant. If you do, that eviction is toast. What’s to stop Deadbeat Dan from electronically sending you ten bucks to blow a $2000 eviction?

    • You can suspend or close a tenant’s account. You are not forced to take partial payments or any payment. So far, this company is very responsive. You can send them an email and they will respond very quickly. If you see a problem or have a reservation about their service just ask them.

  16. I have been having an issue getting it set up. My houses are in my personal name and I have tenants make checks out to me. I am trying to set up paynearme in my personal name and so far has been unsuccessful. They have been requesting articles of incorporation and business name. I’ve been trying to work with their email support but its been slow.

      • Sorry for the late reply. yes their support has been really good. Initially I wasn’t feeling too impressed since they just had email support for my level, but they have been very responsive..and I’ve received a few phone call follow up as well. I didn’t think my scenario would be that off the wall, but they got it worked out. I’m set up now and good to go for options on a January test if tenants want to.

  17. Thanks for posting this! I have a new tenant who is blaming the postal system for late checks so I will look into this and what others have suggested as an alternative if it is available in my area. Thanks for mentioning when you had people deposit a check at your bank that they found out the balance, that would be a nightmare so I definitely NOT doing that.

    • WRT the postal system: Save the envelope and inspect the postmark. If the postmark is
      after the due date, the tenant is lying. Generally, the postmark is a reasonably accurate reflection of the date that the person actually mailed the letter.

  18. Brandon,
    I listened to a recent podcast and when I heard about paynearme I went nuts. This is exactly what we are looking for. We manage over 700 low income properties in Memphis, TN. Ninety percent of our tenants don’t have bank accounts.

    Paynearme is actually integrating has integrated with appFolio and is looking at Propertyware integration next year.

    This service will change the way we collect rents. Excited to try it out!!

  19. That’s great! It’s very comfortable way to pay rent to your landlord. But you know, tastes differ, and what can be comfortable for one, won’t be appropriate for the other. I agree with Ric McGuire who says that the more ways any business allows their customers to pay for their goods or services, the better. Also we should mention that the methods for paying your rent are clearly outlined in your lease agreement. I have heard that some landlords might insist on certain types of payments that you should do (they are more comfortable for him, this way tenant should follow his instructions). If you are paying your rent by cash or money order, always get a receipt from your landlord the moment you turn the money over, to protect yourself. Paying rent by personal check provides you with proof of payment once the check is cashed by your bank. You can also make your rent payment the high-tech way by banking online (work with your bank to set up an electronic transfer directly to your landlord’s bank account). I think that more renters are taking advantage of account perks by arranging to pay rent via credit card.

  20. Sounds like a cool system.
    As others have said it is good to have other options.
    Since BP has been savvy enough to get us the setup for free not much reason not to look at it. If I were a tenant I can’t see paying the fee, but I have a few that pay with a MO every month so it isn’t going to cost them anymore.

    I still like the setup I have in one of my markets. Have a main business checking account and then a linked sub account for each door and have the tenants directly deposit cash into it at any branch. It is nice since I don’t have to give out my main bank account number to them, if a bank employee does something stupid there is no money in the account since the only transactions is they deposit and I sweep to my main account, no wondering who did and didn’t pay if you have units with the exact same rent and while this hasn’t come up yet, if I was doing an eviction I could just close their units account and they would have no way to try to send me a partial payment to stop an eviction.

    Now this system can only work if 2 very important things are true. For the landlord the bank has to let you have unlimited accounts for no fees. Much less appealing if you are paying a monthly fee on each account. The other factor is that their has to be tons of local branches. Not reasonable to have the tenants have to go 15 miles out of their way to make a deposit for the rent.

    • If you don’t mind, what is the bank that you use. I have asked three of my local banks, none of them have this set up (main account with sub accounts). I would have to actually open a new account for each “door”. So far the only bank that I have heard doing this is BofA, there isn’t one local, so wouldn’t be convenient for the tenants.

      • It is PNC.

        Technically it is a separate account for each door and I could choose to use them as a business checking account. Since they are all opened by the same entity they are all linked automatically so that is how I use them. I can link ones from other entities too, just have to fill out a request form.
        I DO have more useless monthly statements than I really want. I have on my todo list when a day all of a sudden has 30+ hours, to try to just get eStatements for some accounts but still get my hard copy of the one account I actually do stuff with. 🙂

  21. This website has an error. I typed in a large and elaborate – and valuable! answer to this thread. I forgot to type in my name and email at the top. To which the website responded

    ERROR: please fill the required fields (name, email).
    and LOST MY ANSWER. That error message is an error. It should ask for the missing information without losing the (laboriously typed in) answer.

  22. Hey Brandon,
    I just saw the roll out of PayNearMe at Family Dollars which now opens up a dozen retailers in my area and was thinking of signing up.

    Any updates on Pay Near Me? Have you been using them since December? If so, how are you liking it? Any feedback from tenants?

    Thanks!

    Andrew

    • I’m not Brandon but I’ll give you my opinion. I gave a tenant the option to use it and she has not gone away from it since. She started in December which is NOT a long time ago, but so far it is very convenient. I have some applicants use it to deposit money for application fees as well. I tried it once just so I could get the experience and I was in an out of 7-11 in just a few minutes. Hand the 7-11 person your phone or print out, it has a bar code, they scan it, you pay, and you are gone. Less than 10 minutes later I got an email that a payment had been received. It goes into your account in a few days.

      the only issue I have had with it is that your tenant has to keep that text or print out. I talked to the Pay Near Me support about it and they are moving to a system that can send them that same email/txt every month so they can’t say they lost it.

      • Thanks Shawn. Great to hear that it is working out well so far.

        A fair amount of my lower income tenants don’t have a computer and printer let alone internet at their home, so I was wondering about what would happen if they loose the print it. Sounds like if they can get a text every month that would help.

    • Hey Andrew,

      My company is using paynearme and we have seen some results. There is a 3.99 service fee for tenants using the service. Convenience and gas saver should be highlighted if tenants argue about the fee.
      Do you have a property management software? Paynearme is integrated with app folio but no property ware.
      Do your tenants pay in cash? Do they live far from you?
      Paynearme is soon to integrate with Propertyware; i hope. Secondly, it costs nothing to get this process going because Paynearme gives a $500 discount for signing with Paynearme if you are a BP member.
      The only problem is if your software isn’t integrated with Paynearme then you have to upload or manually add your contacts to the list. That’s a big problem when you have 800 units and turnover is high in Memphis, TN.

      Hope this helps!

  23. Pyrrha Rivers

    Hello Brandon,
    I am with Andrew in wanting to hear from you about the Paynearme experience in the year since you decided to try it. I am very happy to have found this thread as I’ve been looking for payment options to offer my tenants. I only have one rental at the time so the set-up fee I saw on the web site was a big deterrent, but thanks to BP I am now encouraged to take advantage of the free sign up.
    I would, however love to hear back from your experience.

    Thanks!

    • Pyrrha Rivers

      Sorry for the double post but I forgot to add that I too live in Japan like PATRICK C. As I mentioned, I’m just starting but I’m super excited about offering this option to my tenants as in Japan it is the way to pay bills. I use 7-11 or any other convenience store to pay my utility bills. There is no extra fee and it is very convenient as I can pay a bill nationwide near or far from home as all bills have a barcode.

  24. Curt Smith

    No Family Dollar or 7-11 by my rentals, all Dollar General. Anyone know what cash rent payment system works at Dollar General or Walmarts?

    Popcash etc are on my investigate list.

    I also need a way to easily pay contractors remotely in rural GA settings. The opposite problem of taking rent in cash.

    • Jerome Kaidor

      I pay everybody – EVERYBODY – with my bank’s billpay feature. If they don’t have an electronic relationship with that particular payee, they cut a paper check and send it out. If your relationship with the bank is large enough ( which mine definitely is ) the service is free.

      It saves me a great deal of time. Pointing and clicking is much faster than
      printing a check – printing an extra copy of the invoice to send with the check – addressing an envelope – stuffing the check & invoice into the envelope – and walking it down to the mailbox.

      • Curt Smith

        Hi Jerome, You need to do 5 rehabs a hear and work with 5×4 contractors per year. You’ll understand my problem a bit more. I do rural / small town rehabs. 90% of those contrators do not have a bank account. 100% do not want their payment for doing your rehab mailed to them. You need to work with these type of folks, look them in the eye on Fridays. They are out of cash! They HAVE to get paid in a form that the local check cashing place will cash. They won’t cash my internet bank checks, the checks from my SD-IRA (out of state and weird looking). Paying contractors is a real problem. I wish the solution was as easy as “move to a higher level contractor” because in rural areas you can’t find the big name GC’s and I can’t aford to double or tripple my rehab costs anyway. Folks need to do flips or rental rehabs first hand (rural or not) to truly understand this problem.

        • Curt Smith

          Best I’ve found is Walmart’s walmart to walmart cash. It’s a pain for me, but so far the least amount of pain. I see a remote rehabs pictures they send me, I then work of a punch list with a fee per line item. I pay after fact very little up front. I go to a walmart financial center, stand in line. Fill out a form to send up to $900 cash to another walmart. I txt the code number to the contractor. They go to the local warlmart and walk out with up to $900 cash. This makes me get in a car and stand in line. Walmarts internet version of this doesn’t work for my internet bank accounts and the service org who supports walmart’s web version of this just doen’t have a motivation to help me fix the problem. Walmart really wants you in the store…. Oh well, it’s one solution.

  25. Jerome Kaidor

    How about asking them ( Walmart ) which bank their internet service DOES work with, and get an account at that bank? It looks like Walmart’s money sending service has only been up & running for a year or so – maybe they’re still working out the kinks.

    I have a special reason why going to the Walmart to pay somebody wouldn’t work well for me. Actually two reasons. A pair of 22-month-old twins. I have the duty pretty much all day. And getting two toddlers out of the house is – a project. A half hour to get them ready, a half hour to drive somewhere, a half hour to drive back – PLUS whatever time I actually spend at wherever we went. So a Walmart excursion would cost me at least two hours.

    The babies have forced me to slim down my operation and work on my procedures. I no longer have access to my “real” office which has actual file cabinets. So I have gone to a paperless office. Everything gets scanned and discarded, with very few exceptions. Exceptions include tax returns, notarized documents, & pink slips for cars.

    To support my paperless office, I do obsessive and paranoid backups. I have a second “hot backup” fileserver that gets synced to my main fileserver, a NAS box with 7 backups “Mon”, “Tue” etc, and a remote system in my shed. I also use an Internet-based backup service called “tarsnap”, just in case the house burns down.

  26. Curt Smith

    Jerome, how do you send / recieve cash?

    I just re-learned why so many blue collar folks don’t get bank accounts. Many have creditors who have judgments against them including the IRS. I do rent to own and require renters to get a bank account. I just heard from a new renter that the IRS siezed $1100 from her bank account. As a landlord with a few judgements I wish I could figure out how to find dead beat’s bank accounts like the IRS and big creditors!!

    So this is the reality of alot of our country can’t get a bank account. I do alot of credit checks and hear alot of stories about bad landlords, credit card companies and especially cell phone companies who slap a big bill in collections when they paid it off prior to leaving. Yes some is bad debt, some also is bad creditor behavior taking advantage of blue collar.

    I’m still searching for a way for renters to easily pay cash and have it end up in my bank account.

    I keep hearing of popmoney.com working for this. Renters pay cash that ends up in your checking account

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