Methods of payment Beyond Checks

[Ralph Miller]

I feel like the technology we have today should allow our tenants to pay using online methods. However, all the rental properties in my area still only allow check, direct deposit or a credit card with a service fee. What are your thoughts about letting tenants pay with some online app like Venmo or PayPal? I feel like tenants would appreciate that convenience. Let me know whether this is a bad practice or not! If so, why?

[Account Closed]

I don't collect checks.  In fact, if you send me a check, I will charge you $25 to deposit it.  I provide deposit slips for all my rentals with the address of the home and the tenants deposits it straight into the bank.  They can also send it via bill pay as well.  I do not deal with rent.  Period.  They can even put it in the night deposit box so there is ZERO excuse to not pay your rent.  I have heard of other banks being able to provide an ATM deposit card to your tenants.  Of course, sites like Cozy can take credit cards and ACH on behalf of you.  I have 7 rentals and pretty soon, we may have to go to one of these sites to manage our portfolio.