What is your preferred way to collect rent?

[Rene Hosman]

What forms of payment do you accept from tenants? 

Collecting rent is something we don't talk about much unless it's not happening but I wanted to start a conversation about what methods of payments you accept and why. Options like our partner Baeslane’s free online rent collection platforms, payment apps, and ACH transfers are convenient for both parties, but traditional methods like checks or cash are still widely used.

I’d love to hear about your experiences:

• What rent collection method do you prefer and why?
• Do you think certain methods help reduce late payments?
• Have you tried different late fee structures or flex rent (allow tenants to pay weekly or biweekly instead of monthly)?

I'll start: I use an online rent collection platform that allows tenants to schedule auto-pay via ACH transfer, or my tenants can drop a check off directly at my bank.  I don't accept venmo, paypal, or zelle because of the fees and having to set up a business account. I like the auto-pay option as I get a notification when rent is paid and when the deposit has hit my account. I only allow tenants to pay on the 1st of the month but I would consider alternate payment schedules dependent on the situation and tenant if they asked. My rentals are in Denver which has strict late payment laws and I was able to customize the late payment options to automatically apply in the right timeframe to abide by the laws and also not accept partial payments which I very much appreciate.

And if you’re curious about Baselane’s 2-day quick pay features or have questions, feel free to ask!