Streamlining Rent Collection

[Vitaliy Volpov]

Hey guys!  

I am looking for some advice and suggestions on streamlining my rent collection efforts.  I currently own and manage 9 rental units.  In any given month, 5 out of 9 mail me checks while the others pay me in cash which I end up collecting by physically going to the properties.  Sometimes I end up making several trips to the same building because not all of the tenants pay on the same day or at the same time (I have a 5-day grace period during which I don't charge a late fee).  As I am sure you can all agree, this is extremely inefficient.  (Not to mention, that some of the ones who mail their rent invariably use the check is "in the mail" excuse for why their rent was late).

I remember reading or hearing Brandon Turner talk about companies out there that provide rent payment options to landlords and tenants.  Does anyone have any recommendations based on their own positive experience with such companies?  Ideally, I would like to set up a process where the tenants deposit the rent with the company through some electronic means and the company transfers the funds into my bank account.  One other wrinkle in all of this is that some of my tenants may not even own bank accounts as they have always paid me rent in cash.  Are there solutions for those tenants as well?  

Any advice you can provide will be greatly appreciated.  Thanks in advance.

Vitaliy Volpov