Monthly rental payment collection

[Edwin Gutierrez]

I'm a landlord in New York City with 4 units and wanted to know how landlords in NYC collect monthly payments from their tenants other than by mailing a check?

[Dana Dunford]

@Edwin Gutierrez - Here are ways to collect rent, as well as my opinion on each. I definitely recommend online rent collection:

Not my preferred methods: Cash prone to theft difficult to track Personal checks can bounce must manually track Direct deposit you have to give your account & routing # to tenants tenants choose how much and when to pay (difficult when late fees & evictions are involved) Paypal difficult to automate monthly clawback (Paypal takes tenants' side) irregular fees if tenant selects wrong option (pay via credit, not friends and family, etc.) My preferred methods: Money order not likely to bounce difficult to cancel (although many have limits) Online rent collection easy to track auto-pay to reduce late payments Direct ACH transfer into your bank account