Electronic payment methods for collecting rent?

Electronic payment methods for collecting rent? by Anonymous on May 23, 2012 @18:48

I'm currently collecting rent by check in the mail and want to move to electronic payments. I'd prefer to not deal with setting up a direct deposit account. Any recommendations?

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Re: Electronic payment methods for collecting rent? by Anonymous on May 23, 2012 @22:09	[ Reply ]

Most banks (all of them?) nowadays have bill pay functions they can use to transfer funds from their bank directly to yours. Raise your rent $25, then offer them a $25 discount for direct deposit. That way is on them to it figure out and they are happy to do so.

Re: Electronic payment methods for collecting rent? by NYC Landlord (NY) on May 24, 2012 @09:54	[ Reply ]

I set up a checking account at Citibank ($1,500 min balance) and told my tenants the account number so they can make deposits at the branch every month. It has been working fabulously so far.

Re: Electronic payment methods for collecting rent? by Anonymous on May 24, 2012 @11:35	[ Reply ]

I've been using the erentpayment service on this year's lease and so far it's been perfect for me. My tenant is on a monthly recurring payment plan which thy have set up to initiate the day before the due date. The service emails me when the whole thing is kicked off each month and the funds are in my account in four days everytime. It costs me $3 per payment. It was super easy to setup and I like the numerous controls such as to automatically charge late fee, not accept partial payments, bill the fee to my account, etc... When I mentioned to my tenants that this was my payment method, they were happy and stated that they prefer to do payments online so it's been a real win-win for all of us.

Re: Electronic payment methods for collecting rent? by Stephen (WA) on May 24, 2012 @12:06	[ Reply ]

I have offered (although no one has taken me up on it) to use Chase Bank's Quick Pay. Tenant doesn't need a Chase account. They set up QuickPay info/account as to what bank/credit card account the money is coming from and they may send me rent using only my email address (they don't get my account info). Also, I have to 'accept' the payment before it goes into my account so they couldn't drop $5 in to stop an eviction.

Re: Electronic payment methods for collecting rent? by P-Bone in WNY (NY) on May 24, 2012 @12:34	[ Reply ]

I have heard that Amazon has it's own payment function now that allows individuals to transfer up to $1,000 to each other, per month, free. I actually have a co-worker who does with $1,000 a month back and forth with a friend for credit card points. You can send the money with a payment by the credit card and get the points, then have the friend send you the money back and pay off the card.