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Just placed my first tenant that actually is <60, has online acess, and has a bank account. I'd like to utilize online rent payment for this tenant. There are so many services out there, so it's tough to sort out which one to choose.
Those of you with personal experience - Who have you used? What are the pros/cons of the service? Which service would you reccomend?
I'm pretty small time with only two properties, and my other tenant won't pay with anything other than cash
If you allow them to pay with credit/debit cards expect to have them or you pay a fee, up to 4%, for processing. Otherwise just let them send checks through their online bill pay. There is a service that is a couple years old from landlordology, I forget its name, that will let your tenants setup automatic payments. It takes about 5 banking days to process and deposit into your account which isn't bad but it is automatic and most people don't want their biggest expense to come out automatically.
Personally I take checks or certified funds, no cash because I don't have an office or staff to take the cash and write receipts.
I give the option
Send check
Give account number set up direct pay
Cash
Money order
Cashiers check
I dont much care how I get the money. As long as I get it and it's not late
Most of my tenants pay by cash check and online. 1/3-1/3-1/3 ratios. I'm trying to streamline and go online banking but I'm not forcing it. I would just prefer it.
Just placed my first tenant that actually is <60, has online acess, and has a bank account. I'd like to utilize online rent payment for this tenant. There are so many services out there, so it's tough to sort out which one to choose.
Those of you with personal experience - Who have you used? What are the pros/cons of the service? Which service would you reccomend?
I'm pretty small time with only two properties, and my other tenant won't pay with anything other than cash
I pay my rent through my online banking account. My bank mails my rent check to my LL. No fees for either the LL or me. Your tenant should check with his/her own bank.
I've used Paypal to pay other people for various things (not ebay purchases), no fees either end.
Your bank can accept checks mailed directly to it, check w/your bank to see how they want it done.
We offer no on-line payment options. The tenant is free to set up whatever they have available to them to send us the payment but it is them who are sending it versus us collecting it from them. We do this because if we are initiating an electronic transaction (pulling payment) and the payment is delayed, we have little legal recourse to hold the tenant responsible. But if the tenant is sending us the payment (pushing payment) they are fully responsible to ensure it arrives when due how due.
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