Best way to collect rent? Cash? Mail a Check? Direct deposit?

[Todd Moriarty]

How are you fellow landlords currently using today's technology to collect tenant's monthly rent?  I proposed years ago to my tenant to do an electronic funds transfer from his bank to mine.  But he didn't want to and just snail mails me a check each month.  How are you guys doing it nowadays? 

[Jennifer L.]

I use Cozy.co.  It is free for both the tenant and the landlord.  Funds make it into my account in 5 business days.  You can elect to pay $3 and get the funds two days earlier. Other people here use Buildium and erentpayment.

By law in my state, I have to give my tenants an option that isn't cash or EFT, so if they wanted to pay by check, that would be fine. However, because I want my tenants to use Cozy, I have prospective tenants apply and get screened through them so they are used to and comfortable with the website by the time they sign the lease.