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

[Chris Simmons]

Don't do it.  I have done everything from Chase Quick Pay, ClearXchange, WilliamPaid and RentPost.  They all equally rob me of the pleasure of chasing down rent by driving to each of my properties after I don't get the rent in the mail.  I used to be so excited near the first of each month.  I would go to the mail box wondering what I would find.  Sometimes rent would even come early...BOOO!   Sometimes it wouldn't come at all and that is when I really got to have fun and drive all over town tracking tenants down.  

Now, it's all on autopilot.  All I get in the mail are bills.  I have all this extra time now to waste sleeping or if absolutely necessary looking for new deals.  Oh the horror.  Be careful!  Once you let the cat out of the bag, you can't get it back in.  Oh how I have tried.  

Curse you technology!  Curse you!