How do I set up electronic rent payments?

[Ryan Tuleja]

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?

[Bryan O.]

@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