Best Way to Collect Rent Electronically?

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joer1212
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Best Way to Collect Rent Electronically?

Post by joer1212 »

- Cozy is no longer accepting landlord accounts.

- AppFolio charges a whopping $250/month for their property management software.

- Zelle, Paypal, Venmo, etc. have low limits on how much you can transfer at a time (plus other bad features). Since I currently have 10 rental units in 4 properties (7 of which are rented and pay the first of each month), these are useless to me.

- Tellus seems to be designed for mobile devices, and I don't do official business on anything but my desktop computer.

These properties are out of state (about 3 hrs away).

I'll elaborate as the questions and comments come in.

Thanks
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Sandtrap
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Re: Best Way to Collect Rent Electronically?

Post by Sandtrap »

joer1212 wrote: Sat Dec 26, 2020 5:15 pm - Cozy is no longer accepting landlord accounts.

- AppFolio charges a whopping $250/month for their property management software.

- Zelle, Paypal, Venmo, etc. have low limits on how much you can transfer at a time (plus other bad features). Since I currently have 10 rental units in 4 properties (7 of which are rented and pay the first of each month), these are useless to me.

- Tellus seems to be designed for mobile devices, and I don't do official business on anything but my desktop computer.

These properties are out of state (about 3 hrs away).

I'll elaborate as the questions and comments come in.

Thanks
I have a business account at a local bank that sets up a single account for each rental unit. No limit on number of rental units/accounts.
There is a single account number assigned to each rental unit address. So, the tenant just needs to deposit to that.

Tenants can either electronically transfer funds into their assigned account or go to any of the bank branches and make a physical deposit.

Are you self managing your units?
j :D
Last edited by Sandtrap on Sat Dec 26, 2020 6:10 pm, edited 2 times in total.
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AerialWombat
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Re: Best Way to Collect Rent Electronically?

Post by AerialWombat »

Let your property manager deal with it. They then deposit funds to you.

For out of state rentals, I'm a huge advocate for hiring a property manager. I choose to use one for even my local properties, too.
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alexp
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Re: Best Way to Collect Rent Electronically?

Post by alexp »

Rentler has been working pretty well for me since last couple of years.

-Alex
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JoMoney
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Re: Best Way to Collect Rent Electronically?

Post by JoMoney »

*Shrug* I'm not a landlord, but several apartment complexes in my area seem to go through
https://www.rentcafe.com/
To setup a web site, integrated with applications and screening and payment processing through "Yardi"
https://www.yardi.com/products/yardi-vo ... sidential/
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
ohboy!
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Re: Best Way to Collect Rent Electronically?

Post by ohboy! »

I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
Mrxyz
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Re: Best Way to Collect Rent Electronically?

Post by Mrxyz »

Apartment.com has 'taken over' cozy and they have free online payments - which uses Plaid in background.
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Watty
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Re: Best Way to Collect Rent Electronically?

Post by Watty »

Be sure to check the leases to make sure that you can change how you require people to pay. You may need to make any changes the next time the lease is renewed.
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Abe
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Re: Best Way to Collect Rent Electronically?

Post by Abe »

This is what I do. My bank has a branch in the area where my rentals are located. The tenants just deposit their rent in my account at this branch. There is a memo on the deposit slip with their name or property address so I will know who made that particular deposit. This has worked well for me. I don't have to wait on a check in the mail. I can just check my bank account online to see if the deposit has been made. I quit trying to run tenants down a long time ago.
Watty wrote: Sat Dec 26, 2020 5:55 pm Be sure to check the leases to make sure that you can change how you require people to pay. You may need to make any changes the next time the lease is renewed.
I didn't change anything in my rental agreements. I just tell my tenants that this is an option for them. They all seem to like it.
Slow and steady wins the race.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

ohboy! wrote: Sat Dec 26, 2020 5:35 pm I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
I don't want to conduct my business on a smartphone.
manatee2005
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Re: Best Way to Collect Rent Electronically?

Post by manatee2005 »

joer1212 wrote: Sat Dec 26, 2020 8:38 pm
ohboy! wrote: Sat Dec 26, 2020 5:35 pm I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
I don't want to conduct my business on a smartphone.
Why not? It's almost 2021.
pasadena
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Re: Best Way to Collect Rent Electronically?

Post by pasadena »

Abe wrote: Sat Dec 26, 2020 5:56 pm The tenants just deposit their rent in my account at this branch.
How do they deposit the money? Do they have to go in person to the bank every month?
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AerialWombat
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Re: Best Way to Collect Rent Electronically?

Post by AerialWombat »

manatee2005 wrote: Sat Dec 26, 2020 8:40 pm
joer1212 wrote: Sat Dec 26, 2020 8:38 pm
ohboy! wrote: Sat Dec 26, 2020 5:35 pm I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
I don't want to conduct my business on a smartphone.
Why not? It's almost 2021.
The opium of the masses is not necessarily the path to prosperity.
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slidecreek
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Re: Best Way to Collect Rent Electronically?

Post by slidecreek »

As a former landlord, I found all these services/apps to be too complicated, expensive or had too much potential for fraud/chargebacks.

I accepted checks only, with the lease requiring cashiers checks going forward if there was ever an issue with a personal check.

If I had to take electronic payments, it would be Bitcoin or wire transfers only.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

AerialWombat wrote: Sat Dec 26, 2020 8:47 pm
manatee2005 wrote: Sat Dec 26, 2020 8:40 pm
joer1212 wrote: Sat Dec 26, 2020 8:38 pm
ohboy! wrote: Sat Dec 26, 2020 5:35 pm I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
I don't want to conduct my business on a smartphone.
Why not? It's almost 2021.
The opium of the masses is not necessarily the path to prosperity.
Why would I want to use a dinky, little smartphone screen to do my business (which can also get lost, btw), when I have a 20-inch monitor, a proper keyboard, and a mouse on top of a comfortable 48-inch-wide desk to do it on?
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

ohboy! wrote: Sat Dec 26, 2020 5:35 pm I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
alexp wrote: Sat Dec 26, 2020 5:25 pm Rentler has been working pretty well for me since last couple of years.

-Alex
JoMoney wrote: Sat Dec 26, 2020 5:31 pm *Shrug* I'm not a landlord, but several apartment complexes in my area seem to go through
https://www.rentcafe.com/
To setup a web site, integrated with applications and screening and payment processing through "Yardi"
https://www.yardi.com/products/yardi-vo ... sidential/
Do these have low limits on how much they can transfer at once?
I'm soon going to have 10 tenants all paying on the first of the month. I can't afford bottlenecks.

Also, can I stop payment from a tenant with these services, should I need to evict him? I've read that some of these services don't allow you to do that.

There are laws that allow tenants to prolong the eviction process as long as they make a deposit of as little as $1 into a landlord's account. It counts as a 'good faith' attempt to pay rent. I want to avoid this by blocking a tenant from depositing partial payments during an eviction. If it weren't for this, I would have simply instructed my tenants to deposit their rent directly into my bank account, either in person, or through their 'bill pay' option in their online bank accounts. The purpose of a 'middle man', like these rent collection services, is to create a barrier between your tenant and your bank account.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

slidecreek wrote: Sat Dec 26, 2020 8:50 pm As a former landlord, I found all these services/apps to be too complicated, expensive or had too much potential for fraud/chargebacks.

I accepted checks only, with the lease requiring cashiers checks going forward if there was ever an issue with a personal check.

If I had to take electronic payments, it would be Bitcoin or wire transfers only.
The only other option is to have checks mailed to me. That can get slow and runs the risk of them getting lost in the mail. I receive mail addressed to other people all the time.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

ohboy! wrote: Sat Dec 26, 2020 5:35 pm I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
I assume I'd be forced to use my smartphone for this? No, thanks.
justglassin
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Re: Best Way to Collect Rent Electronically?

Post by justglassin »

Seriously consider CashApp. There is no limit to inbound/receipt of cash from other users, zero transaction fees, and you can "cash out" to your checking or other linked bank account instantly.

The "smartphone...ick!" factor aside, it's about as friction-free a transaction as I can think of. I wasn't a fan of the app until I started using it in lieu of a credit card for cash-back rewards (on CashApp they're mostly targeted discounts, aka "boosts") about a month ago. They've won me over by their innovation in this regard, the cleanness of the design and the simple ease of use.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

justglassin wrote: Sat Dec 26, 2020 9:27 pm Seriously consider CashApp. There is no limit to inbound/receipt of cash from other users, zero transaction fees, and you can "cash out" to your checking or other linked bank account instantly.

The "smartphone...ick!" factor aside, it's about as friction-free a transaction as I can think of. I wasn't a fan of the app until I started using it in lieu of a credit card for cash-back rewards (on CashApp they're mostly targeted discounts, aka "boosts") about a month ago. They've won me over by their innovation in this regard, the cleanness of the design and the simple ease of use.
I just can't accept the idea of managing my rental payments for years to come on a clumsy device like a phone.
Not only that, but can CashApp be trusted? It's not exactly Chase or Bank of America.
TallBoy29er
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Re: Best Way to Collect Rent Electronically?

Post by TallBoy29er »

I pay rent to my LL through Venmo. No fees for either of us.
Topic Author
joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

TallBoy29er wrote: Sat Dec 26, 2020 9:43 pm I pay rent to my LL through Venmo. No fees for either of us.
I own 4 rental properties, for a total of 10 units. I am considered a 'business' according to Venmo, so they'll charge me a 3% fee.
Cruise
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Re: Best Way to Collect Rent Electronically?

Post by Cruise »

In a similar situation, I required that payment be electronically deposited in a Fidelity account specifically created for such receipts. If there was a concern that a charge would be levied, I suggested they open up a Fidelity account so there would be no fees involved.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

Cruise wrote: Sat Dec 26, 2020 10:00 pm In a similar situation, I required that payment be electronically deposited in a Fidelity account specifically created for such receipts. If there was a concern that a charge would be levied, I suggested they open up a Fidelity account so there would be no fees involved.
I honestly thought that collecting the rent would be the easiest aspect of rental property management. I did not expect this to become a major sticking point at all. Can't believe that the industry hasn't yet sorted this out.

Are you at all concerned about the issues this method of receiving payment can cause in the event that you need to evict a tenant? Not many people are aware of this.
slidecreek
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Re: Best Way to Collect Rent Electronically?

Post by slidecreek »

joer1212 wrote: Sat Dec 26, 2020 9:23 pm
slidecreek wrote: Sat Dec 26, 2020 8:50 pm As a former landlord, I found all these services/apps to be too complicated, expensive or had too much potential for fraud/chargebacks.

I accepted checks only, with the lease requiring cashiers checks going forward if there was ever an issue with a personal check.

If I had to take electronic payments, it would be Bitcoin or wire transfers only.
The only other option is to have checks mailed to me. That can get slow and runs the risk of them getting lost in the mail. I receive mail addressed to other people all the time.

I was totally okay with that risk compared to the terms and conditions of every electronic service I considered. Plus, checks and lost mail are well understand concepts. I did not want to explain how 'xyz payment app' works to an eviction judge.
manatee2005
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Re: Best Way to Collect Rent Electronically?

Post by manatee2005 »

joer1212 wrote: Sat Dec 26, 2020 9:40 pm
justglassin wrote: Sat Dec 26, 2020 9:27 pm Seriously consider CashApp. There is no limit to inbound/receipt of cash from other users, zero transaction fees, and you can "cash out" to your checking or other linked bank account instantly.

The "smartphone...ick!" factor aside, it's about as friction-free a transaction as I can think of. I wasn't a fan of the app until I started using it in lieu of a credit card for cash-back rewards (on CashApp they're mostly targeted discounts, aka "boosts") about a month ago. They've won me over by their innovation in this regard, the cleanness of the design and the simple ease of use.
I just can't accept the idea of managing my rental payments for years to come on a clumsy device like a phone.
Not only that, but can CashApp be trusted? It's not exactly Chase or Bank of America.
Cash app is owned by Square which was founded by the same guy 10 years ago who founded Twitter. They have a 100 billion dollar market cap.

People in this thread are trying to help you and you are refusing.
Last edited by manatee2005 on Sat Dec 26, 2020 10:09 pm, edited 1 time in total.
ohboy!
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Re: Best Way to Collect Rent Electronically?

Post by ohboy! »

joer1212 wrote: Sat Dec 26, 2020 9:40 pm
justglassin wrote: Sat Dec 26, 2020 9:27 pm Seriously consider CashApp. There is no limit to inbound/receipt of cash from other users, zero transaction fees, and you can "cash out" to your checking or other linked bank account instantly.

The "smartphone...ick!" factor aside, it's about as friction-free a transaction as I can think of. I wasn't a fan of the app until I started using it in lieu of a credit card for cash-back rewards (on CashApp they're mostly targeted discounts, aka "boosts") about a month ago. They've won me over by their innovation in this regard, the cleanness of the design and the simple ease of use.
I just can't accept the idea of managing my rental payments for years to come on a clumsy device like a phone.
Not only that, but can CashApp be trusted? It's not exactly Chase or Bank of America.
A clumsy phone? My iphone is a technological marvel.

Cash app appears to be Lincoln Savings, FDIC. I have used their website as well in the past. And hey you can even accept rent in Bitcoin! I used Square to receive rents for two units for at least 5 years. Never a problem. Tenants liked it too. You do you. It took my dad years to use a cordless phone. We had rotary forever. He still has a flip phone. Maybe you are similar.
criticalmass
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Re: Best Way to Collect Rent Electronically?

Post by criticalmass »

manatee2005 wrote: Sat Dec 26, 2020 8:40 pm
joer1212 wrote: Sat Dec 26, 2020 8:38 pm
ohboy! wrote: Sat Dec 26, 2020 5:35 pm I have had tenants pay me using Square Cash app in the past. No fees and super easy, connects to debit card.
I don't want to conduct my business on a smartphone.
Why not? It's almost 2021.
All the more reason to avoid doing business, especially financial matters on a mobile device.
bighatnohorse
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Re: Best Way to Collect Rent Electronically?

Post by bighatnohorse »

Zelle:
Receiving limits: We do not limit how much money you can receive with Zelle using your email address or U.S. mobile phone number. However, the sender may be subject to limits on how much they can send you, based on the policies of their financial institution or payment network.
You might need more than one receiving account if your bank has a daily recieving limit. Or stagger the "rent due date" with tenants next lease renewal.
Seems like a minor problem.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

ohboy! wrote: Sat Dec 26, 2020 10:09 pm
joer1212 wrote: Sat Dec 26, 2020 9:40 pm
justglassin wrote: Sat Dec 26, 2020 9:27 pm Seriously consider CashApp. There is no limit to inbound/receipt of cash from other users, zero transaction fees, and you can "cash out" to your checking or other linked bank account instantly.

The "smartphone...ick!" factor aside, it's about as friction-free a transaction as I can think of. I wasn't a fan of the app until I started using it in lieu of a credit card for cash-back rewards (on CashApp they're mostly targeted discounts, aka "boosts") about a month ago. They've won me over by their innovation in this regard, the cleanness of the design and the simple ease of use.
I just can't accept the idea of managing my rental payments for years to come on a clumsy device like a phone.
Not only that, but can CashApp be trusted? It's not exactly Chase or Bank of America.
A clumsy phone? My iphone is a technological marvel.

Cash app appears to be Lincoln Savings, FDIC. I have used their website as well in the past. And hey you can even accept rent in Bitcoin! I used Square to receive rents for two units for at least 5 years. Never a problem. Tenants liked it too. You do you. It took my dad years to use a cordless phone. We had rotary forever. He still has a flip phone. Maybe you are similar.
I have a Samsung smartphone, but I almost never do business on it, unless I'm forced to. I much prefer my comfortable, intuitive and reliable desktop. No comparison at all.

Just checked out if CashApp has a desktop version, and they don't. Not only that, but it operates using "QR" codes. Yuck! Reminds me of all the glitches and hassles I have to endure whenever I want to transfer my cryptocurrencies. One account with that is enough.

Thanks for the suggestion, though. I think I may just take a chance and tell my tenants to deposit the rent directly into my bank account. The only issue is I only want to give them the last 4 digits of my account, plus my routing number. But, I don't think they can deposit electronically without the entire number, and my bank manager suggested I don't give it to them, as she's seen many cases of fraud.
Last edited by joer1212 on Sat Dec 26, 2020 10:37 pm, edited 2 times in total.
criticalmass
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Re: Best Way to Collect Rent Electronically?

Post by criticalmass »

Cruise wrote: Sat Dec 26, 2020 10:00 pm In a similar situation, I required that payment be electronically deposited in a Fidelity account specifically created for such receipts. If there was a concern that a charge would be levied, I suggested they open up a Fidelity account so there would be no fees involved.
Does your state allow landlords to require rent sent electronically? Putting barriers on payment methods would be an expensive mistake for oblivious landlords of many states. Payment options beyond checks should be mutually accepted by both landlord and tenant.

I'm always happy to help tenants be aware of their rights and connect them with tenant rights' groups or state/local government offices that support tenants. It's extremely rewarding to assist a tenant receive their triple damages due for landlord shenanigans.
Morgan22
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Re: Best Way to Collect Rent Electronically?

Post by Morgan22 »

I pay my Landlord via Zelle every month. He's very happy that I suggested it. The money hits his account immediately. Within a minute of me sending the payment he always lets me know he received it.
UpperNwGuy
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Re: Best Way to Collect Rent Electronically?

Post by UpperNwGuy »

Wait! You're willing to own cryptocurrencies but not willing to do business on a smartphone? You're making my head hurt....
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Re: Best Way to Collect Rent Electronically?

Post by geerhardusvos »

ZillowRent
VTSAX and chill
niceguy7376
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Re: Best Way to Collect Rent Electronically?

Post by niceguy7376 »

I dont think there is any method where you can limit what is sent to you OP. You mention that you dont want to receive anything less than the full rent. I do not remember any method (including checks) where you can make a decision to accept the payment or not.
RyeBourbon
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Re: Best Way to Collect Rent Electronically?

Post by RyeBourbon »

My landscaper uses Quickbooks to bill me and I pay electronically through it (ACH from checking account).

I don't know what the fees would be for you. It doesn't cost me anything.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

UpperNwGuy wrote: Sat Dec 26, 2020 10:42 pm Wait! You're willing to own cryptocurrencies but not willing to do business on a smartphone? You're making my head hurt....
I seldom manage my cryptocurrency holdings. I haven't touched mine in years.
Rental payments, on the other hand, I will have to deal with on an ongoing basis. Every month. Big difference.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

RyeBourbon wrote: Sat Dec 26, 2020 10:47 pm My landscaper uses Quickbooks to bill me and I pay electronically through it (ACH from checking account).

I don't know what the fees would be for you. It doesn't cost me anything.
Thanks. Will check it out.
Bobby206
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Re: Best Way to Collect Rent Electronically?

Post by Bobby206 »

One tenant pays by Facebook. It's funny as he says he can't use PayPal but he can use Facebook for free. It comes through Facebook and goes to my Paypal account without any fees. I have another tenant that pays by Zelle. Another mails a check. It's all good.
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joer1212
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Re: Best Way to Collect Rent Electronically?

Post by joer1212 »

Bobby206 wrote: Sat Dec 26, 2020 10:54 pm One tenant pays by Facebook. It's funny as he says he can't use PayPal but he can use Facebook for free. It comes through Facebook and goes to my Paypal account without any fees. I have another tenant that pays by Zelle. Another mails a check. It's all good.
I'm curious; what do professional property managers use to collect rent from tenants? I doubt they go knocking on doors asking for it.
CurlyDave
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Re: Best Way to Collect Rent Electronically?

Post by CurlyDave »

joer1212 wrote: Sat Dec 26, 2020 10:16 pm
...Thanks for the suggestion, though. I think I may just take a chance and tell my tenants to deposit the rent directly into my bank account. The only issue is I only want to give them the last 4 digits of my account, plus my routing number. But, I don't think they can deposit electronically without the entire number, and my bank manager suggested I don't give it to them, as she's seen many cases of fraud.
I am not so certain about this.

It has been many a long year since we got physical checks returned in our statements, but when I look at the electronic images of checks paid from my account, the account number of the receiving account is usually printed on the back. All they have to do is pay you once by check and they will have the account number you deposited the check into. There is very little way of keeping that number secret from anyone who routinely writes checks to you.

* * * * * * * * * * * * * * *

We handle collecting rents by taking checks or money orders. No payment services. About 1/3 of our tenants have checking accounts and pay that way, a few get bank checks and about half use money orders. You must have more economically advantaged tenants.

For a long time we just rented a mail box at a local mailboxes etc. type business and the tenants dropped rent checks there. Several years ago we gave that up for a sturdy, locking metal drop box that I mounted just outside our resident manager's unit. This has worked out well for the past few years.

Our manager has a rubber stamp for our checking account and can make deposits if necessary, but she stamps all checks when she receives them, to prevent theft.
pasadena
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Re: Best Way to Collect Rent Electronically?

Post by pasadena »

Morgan22 wrote: Sat Dec 26, 2020 10:41 pm I pay my Landlord via Zelle every month. He's very happy that I suggested it. The money hits his account immediately. Within a minute of me sending the payment he always lets me know he received it.
Same for me. He told me that since he discovered the service, after I suggested it, he's proposing it to all of his tenants. I also like that it's a service proposed by my bank.

As a tenant, a landlord requiring physical checks (or money orders!) would be a deal breaker for me.
ohboy!
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Re: Best Way to Collect Rent Electronically?

Post by ohboy! »

joer1212 wrote: Sat Dec 26, 2020 10:16 pm
ohboy! wrote: Sat Dec 26, 2020 10:09 pm
joer1212 wrote: Sat Dec 26, 2020 9:40 pm
justglassin wrote: Sat Dec 26, 2020 9:27 pm Seriously consider CashApp. There is no limit to inbound/receipt of cash from other users, zero transaction fees, and you can "cash out" to your checking or other linked bank account instantly.

The "smartphone...ick!" factor aside, it's about as friction-free a transaction as I can think of. I wasn't a fan of the app until I started using it in lieu of a credit card for cash-back rewards (on CashApp they're mostly targeted discounts, aka "boosts") about a month ago. They've won me over by their innovation in this regard, the cleanness of the design and the simple ease of use.
I just can't accept the idea of managing my rental payments for years to come on a clumsy device like a phone.
Not only that, but can CashApp be trusted? It's not exactly Chase or Bank of America.
A clumsy phone? My iphone is a technological marvel.

Cash app appears to be Lincoln Savings, FDIC. I have used their website as well in the past. And hey you can even accept rent in Bitcoin! I used Square to receive rents for two units for at least 5 years. Never a problem. Tenants liked it too. You do you. It took my dad years to use a cordless phone. We had rotary forever. He still has a flip phone. Maybe you are similar.
I have a Samsung smartphone, but I almost never do business on it, unless I'm forced to. I much prefer my comfortable, intuitive and reliable desktop. No comparison at all.

Just checked out if CashApp has a desktop version, and they don't. Not only that, but it operates using "QR" codes. Yuck! Reminds me of all the glitches and hassles I have to endure whenever I want to transfer my cryptocurrencies. One account with that is enough.

Thanks for the suggestion, though. I think I may just take a chance and tell my tenants to deposit the rent directly into my bank account. The only issue is I only want to give them the last 4 digits of my account, plus my routing number. But, I don't think they can deposit electronically without the entire number, and my bank manager suggested I don't give it to them, as she's seen many cases of fraud.
cash.app is the website. Works fine I just checked. Very simple. Can send by email address or cash tag which is like $joer1212. I've never used a QR code. I also looked around bigger pockets (where this question might be better served) and there was a thread where almost unanimously folks were saying to use Square Cash.
Godot
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Re: Best Way to Collect Rent Electronically?

Post by Godot »

justglassin wrote: Sat Dec 26, 2020 9:27 pm Seriously consider CashApp. There is no limit to inbound/receipt of cash from other users, zero transaction fees, and you can "cash out" to your checking or other linked bank account instantly.

The "smartphone...ick!" factor aside, it's about as friction-free a transaction as I can think of. I wasn't a fan of the app until I started using it in lieu of a credit card for cash-back rewards (on CashApp they're mostly targeted discounts, aka "boosts") about a month ago. They've won me over by their innovation in this regard, the cleanness of the design and the simple ease of use.
+1
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denovo
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Re: Best Way to Collect Rent Electronically?

Post by denovo »

joer1212 wrote: Sat Dec 26, 2020 5:15 pm - Cozy is no longer accepting landlord accounts.

- AppFolio charges a whopping $250/month for their property management software.

- Zelle, Paypal, Venmo, etc. have low limits on how much you can transfer at a time (plus other bad features). Since I currently have 10 rental units in 4 properties (7 of which are rented and pay the first of each month), these are useless to me.

- Tellus seems to be designed for mobile devices, and I don't do official business on anything but my desktop computer.

These properties are out of state (about 3 hrs away).

I'll elaborate as the questions and comments come in.

Thanks
Why don't you like Zelle?
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BogleFan510
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Re: Best Way to Collect Rent Electronically?

Post by BogleFan510 »

pasadena wrote: Sat Dec 26, 2020 11:45 pm
Morgan22 wrote: Sat Dec 26, 2020 10:41 pm I pay my Landlord via Zelle every month. He's very happy that I suggested it. The money hits his account immediately. Within a minute of me sending the payment he always lets me know he received it.
Same for me. He told me that since he discovered the service, after I suggested it, he's proposing it to all of his tenants. I also like that it's a service proposed by my bank.

As a tenant, a landlord requiring physical checks (or money orders!) would be a deal breaker for me.
Zelle is what we switched to when the US mail took 45 then 50 days to deliver checks 60 miles during election month 'enhancements'. Must be because I live in a blue area. Did not need to give tenant my bank acct number for us to link via phone numbers. OP mentioned a huge eviction concern so he must be renting to lower income, which research shows tend to be bankless more often than phoneless. Accepting mobile payments lowers costs for tenants = good will.

Really the objection to using a secure phone to transact is very odd to me, but enough trolling. Let the OP simmer and complain that no perfect thing exists exactly as he wants it. I used to participate in the payment industry at a level where the big payment brands called on me to present their innovations, and also sat on industry event panels to discuss mobile payments. Payments on phones are among the most secure against fraud possible and much more likely to be identity authentic.
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Silly Wabbit
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Re: Best Way to Collect Rent Electronically?

Post by Silly Wabbit »

I primarily use Zelle to receive rent.

I have separate accounts per-property. How do other users of Zelle control the account transfers go into?
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Silly Wabbit
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Re: Best Way to Collect Rent Electronically?

Post by Silly Wabbit »

BogleFan510 wrote: Sun Dec 27, 2020 12:02 am
pasadena wrote: Sat Dec 26, 2020 11:45 pm
Morgan22 wrote: Sat Dec 26, 2020 10:41 pm I pay my Landlord via Zelle every month. He's very happy that I suggested it. The money hits his account immediately. Within a minute of me sending the payment he always lets me know he received it.
Same for me. He told me that since he discovered the service, after I suggested it, he's proposing it to all of his tenants. I also like that it's a service proposed by my bank.

As a tenant, a landlord requiring physical checks (or money orders!) would be a deal breaker for me.
Zelle is what we switched to when the US mail took 45 then 50 days to deliver checks 60 miles during election month 'enhancements'. Must be because I live in a blue area. Did not need to give tenant my bank acct number for us to link via phone numbers. OP mentioned a huge eviction concern so he must be renting to lower income, which research shows tend to be bankless more often than phoneless. Accepting mobile payments lowers costs for tenants = good will.

Really the objection to using a secure phone to transact is very odd to me, but enough trolling. Let the OP simmer and complain that no perfect thing exists exactly as he wants it. I used to participate in the payment industry at a level where the big payment brands called on me to present their innovations, and also sat on industry event panels to discuss mobile payments. Payments on phones are among the most secure against fraud possible and much more likely to be identity authentic.
I don't think the OP is bothered with whether the senders use a phone or not, but whether they have to use a phone to look at payments received, reports, etc.
golfer292
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Re: Best Way to Collect Rent Electronically?

Post by golfer292 »

joer1212 wrote: Sat Dec 26, 2020 5:15 pm - Cozy is no longer accepting landlord accounts.

Do you have more info about Cozy not accepting Landlord accounts? Did not find anything about it online. I have been using Cozy for about one year as Landlord with one rental and find it a great tool. This is the video intro from Cozy website as of today. I hope I don't loose use of Cozy.
https://helpdocs.cozy.co/article/286-intro-to-cozy
Last edited by golfer292 on Sun Dec 27, 2020 12:13 am, edited 1 time in total.
2tall4economy
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Re: Best Way to Collect Rent Electronically?

Post by 2tall4economy »

For the last 12 years I’ve required remnants to make rent payments electronically (written into the lease) via wire or ach.

I have an account set up per property for rent to come in and expenses to go out.

Some would say don’t do that because you have to give out your bank touting and and least one account number. But I don’t get why that’s a problem since they can’t take money without my bank confirming it. And in 12 years I’ve never had a problem.

Obviously none of the deposit accounts are my personal or main business account. I transfer from the seaport accounts to those accounts.

If that isn’t your cup of tea I recently read that avail.co sold itself to realtor.com or Zillow.com or something and tried them out.

Not for me but they seem to have the features you might be looking for.
You can do anything you want in life. The rub is that there are consequences.
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