Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

98
Posts
36
Votes
Ryan Tuleja
  • Redmond, OR
36
Votes |
98
Posts

How do I set up electronic rent payments?

Ryan Tuleja
  • Redmond, OR
Posted

A little back story- It has come to my attention that my renter, who is on SSI/disability, goes through a silly/expensive process to pay her rent and other bills. Her monthly payment comes to her via a debit card. She goes to an ATM and pulls cash. Due to the amount, she has to do this in two separate transactions, each of which costs a fee. Then she has to get money orders which also cost a fee so she can mail the check. I figure she pays somewhere between 5 and 10% of her total bills just in fees to pay her bills.

I would like to setup electronic bill pay. This will allow her to pay her rent without fees and assure I collect rent on time without delay, but am unsure of the process. Can anyone walk me through what that takes?

  • Ryan Tuleja
  • Most Popular Reply

    User Stats

    1,981
    Posts
    1,198
    Votes
    Bryan O.
    • Specialist
    • Lakewood, CO
    1,198
    Votes |
    1,981
    Posts
    Bryan O.
    • Specialist
    • Lakewood, CO
    Replied

    @Ryan Tuleja there are tons of online products that do this. Here is what I have found to be easiest (all of my tenants use Cozy now):

    * Automatic ACH transfer. This would be set up from her bank to deposit into your account. Usually free

    * Automatic check writing. The bank sends a check to you. Some banks do it, some banks charge for it

    * Online product. I use cozy.co. This allows you to set up an account and tie your bank to it. Your tenant sets up an account and ties their bank to it. They can then pay their payment manually, or set it up automatically

    Loading replies...