Rent Payment via ACH transfer downside?

[John T.]

Hello BP!

I currently have two rental properties and both tenants pay their rent via ACH transfer into my bank account.  It's pretty much a bank account to bank account transfer.

Are there any downsides to electronically collecting rent THIS way?  I've read about other e-methods (sites) to use on BP.

Thanks!

[John T.]

@Jordan Moorhead and @Mike S. Thanks.  That makes sense - protecting the information.  I guess it's just the norm in my market.  Cozy is definitely something I'll look into.

@Andrew B. That is crazy.  You're right - not worth the risk.

@AK Fowler Thanks and np.  Do you see the transaction in your account as pending though?  My tenants directly send ACH on the first and I usually get it by the 3rd or 4th.  If it takes 5 days to clear with Cozy, how do you handle or determine late fees?