Rent collection websites

[Denise Pauzano]

I'm having issues with a couple tenants paying late. Reasons include forgetting or banks closing before work shifts end (I have my tenants deposit into my business account). I found Rentpayments.com. Does anyone have experience with this site? Fees, pros, cons? I feel like having this option may be a win-win for everyone. Also any sites that do direct withdrawal from tenants bank account? Even bigger win-win. Thanks in advance.

[Jennifer L.]

Baley Whary I started using Cozy.co last month for rent collection when my new tenant requested an online payment option. The good: it works and it is absolutely free. Also, it is automatic, so your tenants will pay regularly. The bad: the first month was slow. ACH transactions take 4-6 business days to complete. Because of the 4th of July 3 day weekend, my payment arrived in my bank account on the 9th. This month, the first was on a Saturday. So today is day 3, and I will get my payment by tomorrow at the earliest, Monday at the latest. Currently, there isn't an option to initiate payments before the first. I think that may be in the works. Their business model is based on getting money from credit reports and background checks. So assuming that landlords sign up for free collections, they are hoping that the landlord will stick with them to do the background checks.