Comments on: Electronic Payment Methods For Tenants

By: ZenDarb

ZenDarb — Sun, 11 Apr 2010 17:13:36 +0000

I have one account set up for each property (accounts are free after all). On the Bank’s website I give the account a ‘nickname’ that is the same as the property’s address (ex. “123 Anystreet”). The lease has the account number and the tenant has to deposit the rent into the account.

Once the rent is paid, it automatically (through scheduled transfers) transfers to my Operating account.

I wrote an article (Automate Your Rent Collection) about this technique:

http://rentalsdoneright.com/2010/02/automate-your-rent-collection/

I don’t have to give out deposit slips.
I don’t have to worry about “checks in the mail”
I know exactly when the rent is paid

Works like magic!

By: NewLandlord

NewLandlord — Wed, 07 Apr 2010 07:00:15 +0000

Has anybody tried clearnow.com? They only charge $14.95 per month which seems pretty reasonable to me but I haven’t been able to find many reviews for them yet…

By: CB

CB — Sat, 16 Jan 2010 13:24:54 +0000

I like the idea of giving tenants the actual deposit slips… think I will try it. Thanks!

By: usalandlord

usalandlord — Sun, 25 Oct 2009 05:50:04 +0000

I have 80 units and thought that the autopayment option would offer a convenient method of pmt for my tenants. So far a few of the more progressive ones are taking advantage of it but the majority are “old school” and are somewhat leery of internet security and privacy issues. I will keep trying.

By: Review of Buildium Property Management Solutions

Review of Buildium Property Management Solutions — Thu, 05 Jul 2007 11:17:00 +0000

[...] I was introduced to Buildium while searching for a method to accept electronic rent payments from my tenants. I signed up for the 15-day free trial and here is my [...]

By: Bruce

Bruce — Fri, 25 May 2007 14:40:16 +0000

Cliff,
Will do. At this point, so many people have commented about this, I think that I will do a new post on it as soon as I get all the information.

By: Clifford

Clifford — Fri, 25 May 2007 14:13:06 +0000

Bruce!

Please report back what you find out. I would love for my tenants to pay electronically. I did some preliminary research but found services that wanted to charge between 5 and 8%. That type of sacrifice is too much for me to handle.

By: Bruce

Bruce — Fri, 25 May 2007 03:01:04 +0000

Chris,
Also a great suggestion!
Thanks so much for your comment.

By: Christopher Smith

Christopher Smith — Fri, 25 May 2007 02:57:12 +0000

I send my tenants directly to the bank every month. With a one-year lease I hand them a book of coupons and instruct them to make a deposit directly to a bank account that I’ve established specifically for that purpose.

I use Bank of America ’cause there’s one on every corner here in Houston. And I have the address and/or unit written on each slip. When I check online from the comfort of my home computer I can see the scanned slips w/ each deposit, I know who has paid and who hasn’t, and with a mouse click I move the funds into my “real” account….so that the account that the tenants have the number to remains at a zero balance.

Easy peasy.

By: Bruce

Bruce — Thu, 24 May 2007 18:57:19 +0000

Bryce,
Good idea. I’ll have to look into that if and when this gets set up.

Shaun,
Welcome and thanks for the link. Yours are also good ideas. Thanks so much for the input.