Receiving rent every month remotetly

[Horacio Gutierrez]

Hello,

What kind online software or services do you recommend using for tenants who want deposit the rent if they want to pay cash or transfer rent money to an account?

[Justin Kane]

cozy

[John Underwood]

ACH, Zelle or my favorite deposit it directly into my bank account.

[Alex S.]

https://www.avail.co/i/Nezd

I’ve been using Avail for a while, very reliable service and tons of useful information. Free stuff like reports etc... once in a while. Highly recommended.

[Horacio Gutierrez]

What about if they want to pay cash how can I get than money without going to the property any suggestions?

[Brian Hamel]

@Horacio Gutierrez

CVS has an option for paying rent at any of their locations. It’s called pay near me. I have not tried it but sounds good.

[Alex S.]

Why would you want cash? Don’t you want a paper trail?

[Bob B.]

Never go to a property and collect cash.  The power company and the cable company do not collect cash.  Use one of the above suggestions.  Keep it simple.

[Theresa Harris]

I get a set of post dated cheques at the time they renew their lease or they do a monthly etransfer.

[Ned J.]

Zelle, Venmo, ACH or direct cash deposit into my account....I don't EVER go collect rent from tenants..... they deliver it to my bank account

[Jessica Tomlinson]

@Horacio Gutierrez Cozy.co is free to collect rent, easy to set up and invite tenants to join. Cozy also offers expenses tracking services and a maintenance request portal as well.

[Irina Belkofer]

Originally posted by @Horacio Gutierrez:

What about if they want to pay cash how can I get than money without going to the property any suggestions?

 Set up special checking account, connected to your business account, give them acc # and they will deposit Rent in a branch. I choose banks which have branches in grocery stores - they are open late and 7 days/week.

[Account Closed]

@Horacio Gutierrez there's a new startup property management app called Tellus App..using it for my property I just purchased. 100% free and has the features Cozy and Avail has for premium.

[Robert Shedden]

@Horacio Gutierrez thanks for asking this question. I have a few tenants that do not have checking accounts so they are sending certified funds in the mail or I am going to the building to pick them up each month. The service called Pay Near Me that allows tenants to pay cash, credit card, or check at any CVS or Casey's gas station. I have been meaning to do this for months. I will set it up this weekend and report back. Thanks for the motivation!

There is a $4.99 fee for each payment over $500, I think. So I cannot force them to use it. However, I will no longer be going to the building to help them pay on time. They'll be subject to late fees and eviction notices if they can't pay on time.

[Wesley W.]

Some of you folks are working too hard.  

As a few have suggested, have them deposit money into a predesignated checking account.  They can do this via wire, ACH, cash, check, wampum, etc.  There is no "middle man" to pay fees to or delay payment, and you have the coveted paper trail you desire.  They do not need a bank account to do most of the aforementioned options.

If you are nervous about tenants having your bank account (you shouldn't, because every time you write a check to someone, your account number is on the bottom for them to see) you can always "sweep" the money into a new account after the first of the month.

My bank sends me an email each time a deposit is made, so it helps me with my bookkeeping.

[Scott Rubzin]

@Horacio Gutierrez i highly recommend TenantCloud

They have a few different options on how your tenants can pay

[Ted Klein]

@Horacio Gutierrez I use ACH transfers. I setup a separate account for each property and this is their deposit account. As @Wesley W. Mentioned I sweep the money out of the account as soon as I get the text from my bank. The tenants should be responsible for ensuring that their rent is paid on time. The CVS option sounds viable if there are no fees involved.

[Account Closed]

Originally posted by @Theresa Harris:

I get a set of post dated cheques at the time they renew their lease or they do a monthly etransfer.

 Not only is this illegal on the banking side, it's probably against landlord tenant laws as well. *sigh*

[Theresa Harris]

Originally posted by @Account Closed:

Originally posted by @Theresa Harris:

I get a set of post dated cheques at the time they renew their lease or they do a monthly etransfer.

 Not only is this illegal on the banking side, it's probably against landlord tenant laws as well. *sigh*

 Where I am it is legal and the tenant/landlord laws specifically list this as an option for rent.  You can only request cheque for the term of the lease and have to return any unused cheques.

[Jessica Bridges]

Zelle, Venmo, ACH and Cozy all work well.

[Taylor Roeling]

@Horacio Gutierrez Like some mentioned, using Venmo is a very popular and secure way for people to transfer money instantly on their phones. There is a limit to how much $ you can Venmo someone at once though so be aware of that. More info here: https://help.venmo.com/hc/en-us/articles/221010968-Payment-Limits.