Rent collection software?

[Zachary Buschmann]

What programs or websites are good for collecting rent online from tenants? I'm looking for something cost effective that tenants can log into and pay through an online portal. 

[Nathan Miller]

Quote from @Zachary Buschmann:

What programs or websites are good for collecting rent online from tenants? I'm looking for something cost effective that tenants can log into and pay through an online portal. 

 @Zachary Buschmann you'll get a wide variety of opinions up here because there are a lot of excellent programs available for online rent collection.

Here's some software options that you commonly see recommended on BiggerPockets.

The more mature platforms that are designed for landlords include Rentec Direct, Buildium, Appfolio, Propertyware, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.

There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments.com (formerly Cozy), and TenantCloud.

I would recommend to never using p2p apps like Venmo.  Incoming ACH payments is free via some of the solutions I mentioned, so there's no need to risk using a p2p payment app.  If you are busted using those personal payment services for a business payment they will take 3% of your rent in processing fees.  They can go back and do it retroactively as well and that's a huge expense.  Also, by giving your tenant an open door to pay you any amount they wish by venmo etc it makes it possible that a tenant can pay you $1 which can stall an eviction and cost you months extra lost rents.  Using true ACH platform through real property management software is going to give you the option to restrict payments to only the full rent amount or full balance.  Plus added options like letting your tenants pay with cash at 711 or Walmarts..