Collecting rent online vs in person

[Nikolas Ferreira]

Hey Everyone!

so we are considering the idea of collecting rent online using one of the various available websites out there. 

my questions are 

1 - do you collect electronically or in person?

2 - if electronically what service are you using?

3 - why this method pros - cons based on your experiences. 

fyi - this is for single family properties, not multi. 
any feedback is greatly appreciated!! 

Thanks,
Nick

[Michaael Carpenter]

This is how we accept payments. It works flawlessly. We give this letter to all new tenants. Our local small town bank does not even charge us for the service.

In order to provide all our tenants with the best options to make delivering rent payments easier, we have partnered with our local bank to provide a system that will allow you, as the tenant, to choose the method easiest for you, as well as protect your handling of money and ensure a record of the transaction.

All rent payments are to be made directly to our account at Citizen’s State Bank. Rent is not to be paid through lockbox, personally to owners, or at our personal address. Tenants have four different convenient options to choose from:

• 1)Pay in person
• a.Take your check or cash in person to the Citizen’s State Bank branch locations in Moundridge (201 S. Christian Ave.) or Hesston (201 N. Main St.).
• b.Inform teller that you are making your rent payment to Carpenter Rentals, Inc. You will need to tell them your name as well as your residency address.
• c.They will record your rent payment on a deposit slip and give you a receipt for your records.
• 2)Mail your payment
• a.All Mailed payments must be made to the Moundridge branch. Mail your payment (please no cash via mail) to: Citizen’s State Bank
• PO Box 110
• Moundridge, KS 67107
• b.Place a note inside your envelope with the instructions that the payment is for rent due to Carpenter Rentals, Inc. along with your name and residency address clearly noted.
• 3)Night Drop Box
• a.Both Moundridge and Hesston branch locations make it convenient for you to make payments after hours if you are not able to make it to a branch during regular business hours.
• b.Place a note inside your envelope with the instructions that the payment is for rent due to Carpenter Rentals, Inc. along with your name and residency address clearly noted.
• 4)For tenants who currently hold accounts at Citizen’s State Bank you may make a transfer over the phone.
• a.Call the Moundridge branch at xxx-xxx-xxxx.
• b.Let them know your personal account number and then let them know that you are making your rent payment to Carpenter Rentals, Inc. You will need to tell them your name as well as your residency address.

This system is in place to protect you when handling money as well as to give you more convenient options to make your payments. Rent is due on the 1st of each month. Rent payments will be monitored by online banking and any payments made after the 5th of the month will incur a $25.00 late fee. Any checks returned due to insufficient funds will incur a $30.00 fee.