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Updated about 3 years ago on . Most recent reply

User Stats

60
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13
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Geri May
  • Rental Property Investor
  • Boise, ID
13
Votes |
60
Posts

Best way to collect rent

Geri May
  • Rental Property Investor
  • Boise, ID
Posted

We are currently using Venmo, Zelle, and bank deposit to collect rent; I have heard that this is not the best tool to use to collect rent. What are you all using? I did some research on Aparments.com and RentRedi, they both seem like great tools, I am leaning towards apartments.com. 

Most Popular Reply

User Stats

518
Posts
354
Votes
Jennifer Rysdam
  • Rental Property Investor
  • Cleveland, MN
354
Votes |
518
Posts
Jennifer Rysdam
  • Rental Property Investor
  • Cleveland, MN
Replied

I use Quickbooks to do my bookkeeping. I have invoices set up to automatically go out on the 24th each month. They get an email with the invoice and can just click and pay. It has worked great! However, this last year they started charging 1% for payments. In my one building the rents are $520, so I get charged $5.20 for each payment they process. That adds up for 8 units. 
The ones that don't pay online will either put cash in the bank or drop a check in the slot for my onsite guy to deposit with the laundry coin and his rent.
I'm going to look into apts.com and see if that may be a better solution. I hate to change things though because right now it works so smoothly as it is.

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