How can I collect rent weekly with autopayment?

[Andrew W.]

Does anyone know of a tool that will allow my tenant to setup a weekly automatic payment? 

Hello fellow landlords! I have a tenant who tries to pay on time but sometimes struggles to budget correctly. He gets paid every week and asked if he can pay rent weekly instead of monthly. I am ok with that if he can do it automatically since I don't want to deal with checking each week whether he has done it. Any ideas? I checked Cozy and they only support monthly automatic payments. 

[Matt A.]

@Yengkong Sayaovong - you've got guts using erent.... look a little deeper on this forum and see what happened to them a couple years back. While Im sure they have changed, I personally wouldn't trust them to handle my money (again). 

@Andrew W., Ive used cozy for almost a year, not bad and your tenant can pay weekly / bi weekly... I dont know that they can setup that way however without being reminded. 

I switched to RentecDirect almost 18 months ago... you can setup (manually though) weekly and bi-weekly payments... Ive got one doing exactly what your describing. Although not 100% on the reporting side (Rentec has to show the lease at the reduced amount), it does work and my tenant that uses bi-weekly has been on track for almost a year now without a single late payment! (The downside, Im missing out on a BUNCH of late payments... however my books are very clean now). I do like the option as Im not in this business to fleece our tenants, rather provide them with a great product at a fair price. The extra cash was great for returns, but having them happy and not being stretched too thin is far more important to me... turn costs are a killer if they decided to move.

Good luck!