Getting PAID

[Jim Sestito]

Hi BP,

Looking for opinion of the best online resource to collect money from your tenants.  I've narrowed it down to;

1. Dwolla

2. Venmo

3. Paypal

Any insight/ experience appreciated.  

[Doug McLeod]

I recently started using eRentpayment (the owner is a BPer).  It's $3 per transaction (don't do small transactions - only use for rent and security deposits).  You can elect to have tenant pay, you pay, or even split the fee I think.  Also, they can send reminders and late notices for you - no additional fee for that.  They allow manual and scheduled payments.

I've been using it since May - no problems. BUT - Money does not move instantly - it takes 3-5 days from the electronic payment date for the rent to hit my bank.  So don't try to time your mortgage and bill payments precisely around it.