Online rent payments

[Lisa Montana]

Has anyone tried any of the online rent payment tools listed on this page: https://www.biggerpockets.com/rei/pay-rent-online-...

What do you recommend in terms of low cost and security? Some people recommend Venmo.

GooglePay just cancelled the account I was using to collect rent payments. Apparently, the P2P feature only supports individuals and sole proprietorships that are designated as such, and my sole proprietorship is an LLC.

Thanks!

[Joe Splitrock]

@Lisa Montana I use Cozy and I am happy with the service. It is an ACH service so is governed by ACH rules, which makes it secure. It is a free service for landlord and tenant. Tenant links their bank account using a secure method and so does landlord. Landlord sets up a lease, so payment shows due every month and tenant gets e-mail reminders from Cozy to pay. Landlord can apply manual payments if the tenant paid in person that month and landlord can add late fees or other one time charges. Cozy gives tenants the option to let them report to credit agencies. I tell my tenants by paying rent on time they can build their credit and people seem to like that too. The difference between Cozy and Venmo or Google Pay is that Cozy is designed specifically for rent payment. Cozy has other services such as application and credit checks, so after I approve an applicant, I can move them right over to start a lease and collect rent.