Using erentpayment.com for the deposit to hold and move-in costs.

[Nick Brubaker]

Hello all,

I setup an account with erentpayment.com today. It seems like a good service. However, my only issue is with the deposit to hold payments and the initial move-in payments. I would like to have tenants pay the deposit to hold, first month’s rent, and security deposit through erentpayment.com 1) because I would like to have the tenant set up with erentpayment straightaway and 2) because I’m hoping to do my lease signing electronically (not having to meet in person). The issue with this though is the delay in verifying the account and then confirming payment. I can stipulate that the keys will not be turned over until these first payments are received, but it could take up to 4 business days after signing the lease to actually receive the payment. Should I abandon this idea and have the first payment done in person by certified check?  Should I use a second service like Venmo for these initial payments (seems too complicated and there seem to be issues with Venmo http://time.com/money/4036511/venmo-more-check-than-cash/).  Should I turn over the keys after receiving notification of payment submission and before actually seeing the money in my account (seems risky)?

I’m curious what others who use services like erentpayment.com, cozy.co, etc. do for these initial payments.  

[Jeff Gates]

I would not use electronic payments on the initial deposit with a new tenant. That money should be in your bank account with no claw-back options. Electronic payments are not as secure as money in the bank. For ongoing rent payments most are fine. It is the initial payment of the deposit that is worrisome.