Electronic Payments for Rent ....Pro's / Con's

[Vince Futia]

Hello BP Community;

I'm ready to go on "live" with my first property, my niche' is student housing. I was wondering if anyone has electronic payments set up with their tenants. I was looking for a system which I could involve the tenant or have the system do it automatically. If I needed to change the dollar amount I could. Also maybe have within the system know when the payment wasn't received and the automatic late fee would be added with maybe a new involve sent??

Would like to hear from anyone who is doing it currently, the pro's / con's and the name of your program you are using.

I don't think I'll be using one in which all tenants need to have an account from the same bank, that seems difficult. I just want to keep it as simple as possible but be able to paid electronically.

Thanks to all