rent collection system based on least likely to loose my rent?

[Curt Smith]

Some here may have read the Erentpayments blow up thread here.

https://www.biggerpockets.com/forums/52/topics/499...

I'm suggesting discussing a better / best rent processor be its own thread.  Other threads here focused on cheapest,,, today cheap no longer interests me.  LOL

To how to choose a new processor that for me now places at the TOP of the criteria list:

- lease likely to loose the rent taken from the tenants bank,,, but doesn't make it to my bank.?   (the erent scenario)

More discussion:

- I need a list of the B-I-G-E-S-T rent processors by transactions and by dollar volume?

- How do I ask for their insurance policy for such events?

- How do I ask them to show their disaster plan should an erent event happen?

- What is their cash flight time, min, typical and max?

- who owns the company if its owned by a larger co. What will they do in the case of a huge blow up and cash short fall?

- At this point you noticed I didn't even ask about fees. IMHO at $10k loss I've discovered that it doesn't mater what a service costs, its what it will cost you in the event of a failure. I care more about avoiding the loss then focusing on transaction fee comparison.

The rent collection processors can seize this once in a life time op and offer a service with a fee based guarrantee of no lost funds (an insurance premium in effect), I'd pay that fee and not even ask how much. I'm not in the least interested in free, I want zero losses,,, and a distant second fast xfer time (sub 3 day)!

IMHO Erent has foist a new litmus test on rent collection services:

- How will the providor prevent any lost funds?

- When (not if) there's a system failure how fast will I get the stuck funds?

- Do they have plan B (deep pockets / reserves)?

- Do they have plan C an effective insurance to cover losses even if there's fraud somewhere in the cash path? This a bigger issue than we all would have guesses in my view.

Answers to my questions?   What have you done and why?

[Michael Plante]

Originally posted by @Curt Smith:

Some here may have read the Erentpayments blow up thread here.

https://www.biggerpockets.com/forums/52/topics/499...

I'm suggesting discussing a better / best rent processor be its own thread.  Other threads here focused on cheapest,,, today cheap no longer interests me.  LOL

To how to choose a new processor that for me now places at the TOP of the criteria list:

- lease likely to loose the rent taken from the tenants bank,,, but doesn't make it to my bank.?   (the erent scenario)

More discussion:

- I need a list of the B-I-G-E-S-T rent processors by transactions and by dollar volume?

- How do I ask for their insurance policy for such events?

- How do I ask them to show their disaster plan should an erent event happen?

- What is their cash flight time, min, typical and max?

- who owns the company if its owned by a larger co. What will they do in the case of a huge blow up and cash short fall?

- At this point you noticed I didn't even ask about fees. IMHO at $10k loss I've discovered that it doesn't mater what a service costs, its what it will cost you in the event of a failure. I care more about avoiding the loss then focusing on transaction fee comparison.

The rent collection processors can seize this once in a life time op and offer a service with a fee based guarrantee of no lost funds (an insurance premium in effect), I'd pay that fee and not even ask how much. I'm not in the least interested in free, I want zero losses,,, and a distant second fast xfer time (sub 3 day)!

IMHO Erent has foist a new litmus test on rent collection services:

- How will the providor prevent any lost funds?

- When (not if) there's a system failure how fast will I get the stuck funds?

- Do they have plan B (deep pockets / reserves)?

- Do they have plan C an effective insurance to cover losses even if there's fraud somewhere in the cash path? This a bigger issue than we all would have guesses in my view.

Answers to my questions?   What have you done and why?

 Personally I would think about a money sending system used by actual banks, not some company created to collect rent

Zelle?