Which Online Rent Collection service do you recommend?

Question

Hi All,

We currently manage over 100 units and it we really need to transition to an "online rent collection" service.

There are so many to choose from.

Would love to hear anyone's experiences with these online companies and how you have been able to transition tenants over to this option.

Thanks!

Liz Faircloth

Account Closed · Answer

@Kirk R.

You'll get alot more detail if you go to their website, which I believe is ipn.intuit.com.

The basics though, you link your bank account to your username/password on their site.  You can have a link sent to the tenant by email.  He clicks on the link, basically enters his email and his bank account and the amount.  When he pays you'll get an email saying he paid.  Two days later the money is in your account.  The tenant can set up a recurring payment if he wishes, or he can do it one month at a time.  If you have a website, you can put their button on your website, and someone could click the button and pay rent.  You could also insert a payment link on your invoice which you email.  This all syncs with QuickBooks.  I'm just doing the basics on it right now.

For what it's worth, you can also pay your own stuff via this site.  The only thing is the recipient pays a $.50 fee.

You can also receive credit cards...they charge charge 3.25% for that which makes it unattractive to me.

There's no set-up fee or cancellation fee, or any monthly fee other than $.50 per transaction.  I've had no trouble at all.  And the tenants like it, think it's easy.  I don't have to take the money to the bank anymore....it works for me.

Account Closed · Answer

@Susan M.

Now that you mention it I do recall that being a "business" was a requirement.  For what it's worth, I applied as an individual and they accepted it.  Where they asked for company/organization on their application, I put in my name and my wifes.  I recall now wondering if they would accept me.  They did.

I think Square Cash sounds good too.  The only thing I didn't care for with it was that you had to have a debit card to play the game.  I don't have a debit card personally.  But it's hard to beat that price.  Let us know how it works out.

Bill P. · Answer

I use Rentmatic. Although they charge $3.50 per unit, they allow me to direct the payment to whatever bank account I want. This adds value to me since my units are held in different LLCs but the parent company self manages.  Some other places make you apply for each bank account at $99/ea. Rentmatic allows the tenant to pay as you go OR have an auto-debit each month from the tenant's bank. There are cheaper alternatives as well but I don't know if they would allow me to have multiple bank accounts. Very happy for 8 years.

Account Closed · Answer

I haven't tried Sparkrent.  I do use Intuit IPN.  I pay $.50 for each transfer, rather than $1 at Sparkrent.  IPN works well.  I read some reviews on the internet, people having problems with Sparkrent.

Michael Seeker · Answer

I've been using IPN for a couple years now and it's great!  I've got a button set up on my website, but primarily set up recurring requests for each tenant and have had no problems with it whatsoever.  With 100 units, I'd start looking at sites like AppFolio ($1/unit/mo, minimum of $200/mo).  I believe that include rent collection, but they also have a TON of other features that would be worth it at or above 100 units.

I also use Google Wallet and Chase QuickPay which work similarly to IPN but are free.

Susan M. · Answer

I just wanted to report back that IPN did approve me to receive payments just by entering my personal information in the business name area. So if any other individual wants to use it, it's no problem, you don't have to be a business.

Kirk R. · Answer

Account Closed Thank you.  Best way I have heard of so far.  .50 per is bout the same as a stamp. & if I drive to drop off a check... Do you have a way to avoid accepting a partial payment?

Kirk R. · Answer

Account Closed Can you elaborate little on IPN on how it works? .50 per seems very attractive

Account Closed · Answer

When you send an email request (either monthly or as a recurring request), it specifies the amount.  So far I haven't had anyone try to make a partial payment, but my belief is that the system won't accept it.

What I've found is that my best tenants almost all are using this.  I'm getting most of their rent payments either on the first, or a couple of days early.  The other tenants (the ones that might make a partial payment) have not signed up.  I've only been using IPN now for about 4 months.  Prior to this I used Paypal.  It worked OK, but when they paid, then I had to go into Paypal and transfer the money to my bank account, which took another 4 days usually.

Back to the partial payment thing:  even if I were to receive a partial payment I can still file an eviction in the county I'm in without problem.

Kevin Dickson · Answer

Chase Quick Pay works really great.  Free.

It's worth an extra 10 or 20 minutes at lease signing to help them set it up right there.

Which Online Rent Collection service do you recommend?

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