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Updated almost 7 years ago on . Most recent reply
Setting up an ACH with tenant
Hi All,
What is the safest and easiest way to set up an ACH with a tenant? I'm concerned about giving them a bank account and routing number.. Any suggestions?? Thanks!
Most Popular Reply
You can set it up where the tenant provides you with their routing and account number via an ACH direct debit authorization form. Then it would be you initiating the transaction each month. Most banks will charge a fee for this service. I use TenantCloud which is a free Property Management software for landlords with under 50 units. It is around $9 per month to utilize their online payment system with Dwolla. This has been working well as it is easy for the tenants to pay online and I receive notifications when they pay. It does take several days for the funds to settle in my account though.