Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As a tenant, I paid by check for years. My bank scanned the checks and that served as my receipt. My current landlord (renting a room) at first claimed to accept a check but now wants cash only and refuses to issue a receipt. This issue has caused friction.
Does your 'landlord' own the property? I've rented my last two rooms from individuals who did not own the property - they rented the house from an absentee landlord, and then covered the house rent by renting out rooms at a higher price, and living for free.
Online is cool. I have also had landlords give me the option to go into their bank and make a deposit directly into their account. I wouldn't mind the option to wire the money from my account to their bank. Currently I get a money order and make it out to the landlord's company.
My 25 tenants pay in various ways. Whatever is the most convenient. None have requested to pay online, via a direct debit.
Rent boxes and personal checks are the bulk of them.
PayPal, the free option
BillPay
USPS snail mail
Cash picked up and receipt given.
Directly depositing into my special rental account with a deposit slip.
I don't really care as long as it is on time. I do offer credit card and other online options but no one ever does them because of the fees, I would never PayPal though. Most of them snail mail a check either personally or through their banks bill pay. I did have one tenant who paid their last month with a credit card. Two months after they left they attempted to contest the charge and I billed them a few more bucks for that nonsense, I was already planning to take them to court so that got tacked on too.
Question: What is the best way to collect rent online?
I don't want to use a 3rd party since they charge fees. But if you guys have experience with one, let me know.
I have the same question. I just received a wire transfer from one of my tenants and the bank charged me $15 . I am sure the tenant must have got hit with a fee too. This is insane. There has to be a normal bill pay or other electronic option available which charges minimal fee.
I have the same question. I just received a wire transfer from one of my tenants and the bank charged me $15 . I am sure the tenant must have got hit with a fee too. This is insane. There has to be a normal bill pay or other electronic option available which charges minimal fee.
Wire Transfer is one of the most expensive ways to do electronic payments. Unless your doing a transfer where funds must be absolute, Wire Transfers are not for ordinary electronic payments.
Wire Transfer is one of the most expensive ways to do electronic payments. Unless your doing a transfer where funds must be absolute, Wire Transfers are not for ordinary electronic payments.
Yes. Usually banks have different routing number for ACH vs wire. I was wondering if rent can be deposited as ACH instead of wire if the tenant and landlord have different banks?
I have also had landlords give me the option to go into their bank and make a deposit directly into their account.
That is my arrangement. I don't care if they drop in my bank and give the teller a check (I furnish tenants with a PDF deposit slip, trim along the line and push that across the counter with your check).
If they can arrange automatic transfers, all the better. IMO that's the only smart way to do it.
I have in my lease contracts a wire transfer fee (I forgot how much) because my bank charges for incoming wire transfer fees.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
