Anyone have their tenants using "Bill Pay" to electronically pay rent?

[Mark Updegraff]

My tenant recently requested my bank info so he can do an electronic rent payment. I'm guessing he will need my routing number / account number. I'm hesitant to give it out without first consulting here. Anyone know the pro's & potential con's of this?

Thanks,
Mark

[Marc Freislinger]

I pay some owners this way. They usually set up a deposit only account. Once the money hits the account, it's automatically transferred to their account.

The benefit of this is your tenants don't get your actual account number, in case they do decide to get froggy.