Good idea to create direct deposit account for rent payments?

[Mark Hu]

I've been thinking about a creating a direct deposit account to accept rent directly from tenant checking accounts to mine. I would have to give those tenants using direct deposit the account number. It would save everyone a great deal of time.

The bank says the arrangement is reasonably safe. Have any of you guys done this, and what are your experiences?

Thanks

[Aly W.]

I've been using www.erentpayments.com for years, as have others on this site. Very safe, it's a double blind system that debits the tenant's account and deposits it into my business account. $3 per transaction, no contracts, no monthly minimums or set up fees.

I have 2 tenants that deposit their rent directly into my business account at the bank. Not through an ACH - they physically go to the bank and make a deposit. The business account is a deposit-only account. The tenant gets a receipt for the deposit but it does not show the balance in the account, only what they put in. No withdrawals. Been working perfectly fine for 6 years.